soconfused

Hi I acquired a BTL property in 2022/23 tax year and made a loss and also have unused finance costs as I didn't have any other income apart from small dividends and bank interest during the tax year. When completing and submitting SA online, the loss to carry forward is automatically populated in box 43. My questions are: 1, When it comes time to submit the 2023/24 SA return online, will the loss from the previous tax year be automatically offset against 2023/24 year's profit or will I have to do it manually? 2. When submitting the 2023/24 SA return online, will the Unused residential property finance costs brought forward be automatically populated in box 45? Thank you.

Hi Thank you for your reply. I have seen another post on this forum where HRMC states it is fairly common to transfer beneficial ownership via a declaration of trust whilst keeping legal ownership and this would be sufficient for tax purposes so that answers my initial query. With regard to the declaration of trust, does it need to be drafted by a solicitor or can my sister and I sign a "DIY agreement" between ourselves detailing the terms of the transfer of beneficial ownership and does the agreement require a witness to sign also? I understand that we don't have to submit the declaration but retain it if needed in the future. Thank You

Hi My sister and myself have a BTL property and we are tenants in common and have a 50/50 ownership split as stated on form TR1. However I receive all the rental income and pay all the expenses including the mortgage. Will I be liable to pay all the income tax on the rental profits or is she liable to pay 50% of the tax? thanks

Hi HMRC I purchased a Buy To Let property in November 2022 and I was charged a mortgage product fee by the mortgage provider which was added to the total sum advanced and also separately a mortgage valuation fee, Also, there was a fee charged by the mortgage broker. Are these costs entered in box 27 Legal, Management and other professional fees? I am aware that mortgage interest costs are entered in box 44 Residential property finance costs. Thank You