HMRC Admin 10

Hi

Thank you for your question.

That’s correct, the tax relief that landlords of residential properties receive for finance costs has been restricted to the basic rate of income tax.

For further information, please see :

Tax relief for residential landlords: how it's worked out

Regards.

Hi

Thank you for your question.

If you have transferred 50% of the beneficial interest to your spouse, you can each claim a 50/50 split of allowable expenses and tax credit for mortgage interest against your share of the rental income.

Regards.

Hi TaxClarifications


Thank you for your question.

The legal title might be in the sole name of one of you.

This is quite usual if the property is mortgaged, if one of you is a higher earner, or perhaps it was owned and occupied by one of you before you met.

It is still possible to declare rental income as belonging to your partner, so as to make use of their personal allowance and marginal tax rates.

The declaration of trust should be signed by both of you and will state that although the legal title is in one partner’s name, they hold the net equity in the property for the benefit of the other partner in whatever shares are agreed.

Any interest relief and allowable expenses are split to reflect the declaration of trust.

Regards.

Hi Steven

Thank you for your question.

The relief against the interest element would be split in accordance with the beneficial interests reflected in the deed of trust.

Regards.

Hi

Thank you for your enquiry.

You can call our employers helpline and register your limited company over the phone by calling 0300 200 3200.

Regards.

Hi

Thank you for your enquiry.

HMRC requires an employer to submit a P46 car for  employees.

Please send this in to us now.

I have attached our webpage relating to this:

Tell HMRC about an employee's company car

Regards.

Hi

Thank you for your enquiry.

If you are paying pensions to employees you can only use the tax code you currently hold.

The individual should contact personal tax (0300 200 3300) to check if you have the correct code in relation to their circumstances and if not personal tax can send you a coding notice.

Regards.

Hi

You can offset this but the payment will be held in the Capital gains system and not the Self Assessment system so you would need to contact us to have this refund transferred to self assessment in order to offset this against income tax.

Self Assessment: general enquiries

Thankyou.

Regards.

Hi

You need to enter the loss in the loss box of the return and not the overall gains.

Please see guidance notes here on the completion of the capital gains section of the return.

Self Assessment: Capital gains summary (SA108)

Thankyou.

Regards.

Hi

Any expense needs to meet the wholly and esclusivley test to be allowable.

Further guidance on this can be found here:

​​​​​​​Wholly and exclusively: contents

Thankyou.

​​​​​​​Regards.