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Thank you for this. We have got exactly the same situation. Very simple question; where do you actually send the declaration? Is it by post to your local tax office or simply as an attachment to your SA return?
Thank you for this - very helpful. However, I am still not quite clear. You say that if a property is owned jointly, the parties can agree how much income they will declare and this does not have to reflect % ownership. Does this also apply to tenants in common?
Again my apologies, what is IFP? I did a search on the HMRC manual and the property Income Manual but nothing came up.
Two of my family own a rental property as tenants income but one keeps all the income. The part owner who keeps the income pays the mortgage, maintains the property, organises tenants and sorts out problems. I do the bookkeeping at no charge. This has occurred recently and I want to confirm I am recording this correctly for self assessment. Do I calculate the rent received and expenses and enter this on the draft tax return equally for both parties but include a 'management fee' as an extra expense for the part owner receiving no income? This 'management fee' is then recorded as self employed income for the other party. They are both basic rate tax payers.
Thank you. That is very helpful. Following your links, I notice this statement "What is not active for Corporation Tax purposes
There are a number of circumstances where HMRC would generally consider your company or organisation not to be active for Corporation Tax purposes.
HMRC considers that your company or organisation has not yet become active or started trading if it has not yet engaged in any business activity (business activity means carrying on a trade or profession, or buying and selling goods or services with a view to making a profit or surplus).
Since we have not and have no plan to make a business or surplus, I assume we should apply to be dormant?
Thak you again,
We are a not for profit company limited by guarantee and I am trying to find out if we need to submit a CT600. Although we have received some grant funding, we do not trade and grant monies are invested in the project. Volunteer directors are unpaid and receive no income other than expenses. The reason we have not registered as a Charity is that the Charity Commission asked non covid related voluntary organisations not to apply as they were overstretched. Registrations appear to have reopened and we are now applying. I am aware that as a charity a CT600 exemption would be applied. Please could you advise? I did write to HMRC about this but, I expect for covid related problems, we did not get an answer. Can you help?
I've got a similar question . We sold a house and have a capital gains tax amount due but, in the same year, made a capital loss on some bank shares. I can't see where you enter this on the Self-assessment form. I just rang the helpline and they spent a long time looking at it and agreed you could not put it in the income losses box on the CGT page nor did it go in the losses from previous years. Do we put it in 'allowable losses'. This didn't seem right as allowable losses really refer to the sale of the house such as improvements and sale and purchase costs. Can you advise where it goes. Thank you.