HMRC Admin 10 Response

Hello
With regards registering a limited company that would be dealt with by Companies House not HMRC.  
There are no specific timescales for registering for VAT, the majority are actioned within 30 days.

Hi
Please refer to the bottom paragrah in section 5.3
Introduction and context

Hello
If your direct debit was set up on time the direct debit will collect 3 working days after the 7th.
If you do receive a late penalty you can appeal.
With regards changing to cash accounting, you can amend thisy, you do not need to notify HMRC.
Guidance regarding the scheme is here at section 3:
Starting to use the Cash Accounting Scheme

Hi
Please refer your supplier to link here section 4 so that they can amend:
VAT invoices - the basics

Hi
Thank you for your question.
Firstly, your understanding is correct, you may claim interest paid on a mortgage at the restricted rate of basic rate, so in your case, 20% of the £7,668.00, which you have stated totals £1533.60.
The information inputted into your Tax Return will determine how much relief is given against any property income profits for that given year.
It appears in your case that a large enough profit was not made during the 2022/2023 tax year to use said relief against, for example a loss has been made.
I would advise that you would have to carry forward the unused finance costs to a future year.
The following link gives further information when no tax reduction will be given or it is reduced.
Tax relief for residential landlords: how it's worked out
If you think your calculation should have included a tax reduction in respect of your finance charges then please phone us to discuss.
Self Assessment: general enquiries

Hi
Thank you for your question.
As you do not receive any income from your property, you do not have to report this to HMRC.
However, should you sell the property , any profit made will be subject to Capital Gains Tax.

Hi
Thank you for your question.
You can claim 20% of the mortgage interest against the 20% rental income you will receive.
This is held within the savings and investment manual reference 10030.
Relief for interest paid: general conditions: the claimant

Hi
Thank you for your question.
If you are joint owners of a mortgage then you will be entitled to claim joint interest mortgage relief based on your own relevant beneficial ownership.
For example 99% of the mortgage interest for your wife and 1% of your share of the mortgage interest relief.
This is held within the savings and investment manual reference 10030.
Relief for interest paid: general conditions

Hi
Thank you for your question.
As you can claim 20% of the mortgage interest against the 20% rental income you will receive.
I have attached guidance for you to consider.
Relief for interest paid: general conditions: the claimant

Hi
Thank you for your question.
As your property is shared 50/50 you will need to submit a form 17 with a valid declaration of trust.
You will both need to declare  the property income separately on your own self assessment tax return.
If your wifes total income is under the UK personal allowance of £12570 then the income will not chargeable to tax.
​​​​​​​ Property held jointly by married couples or civil partners