HMRC Admin 8 Response

Hi,
It depends on whether or  not the future trades were 'closed out'.
To enable you to make an informed decision, please refer to the guidance at CG56063 - Futures: market practices: contracts closed out before maturity
CG56079 - Futures: closed out before maturity: CG treatment  and CG56081 - Futures: contracts not closed out.
Thankyou. 
 

Hi,
Yes it does, as long as you the employer are satisfied that the Bank Statement is detailed enough. 
Thankyou.

Hi,
You have taken the correct steps to correct our records to show that you are still entitled to claim the Employment Allowance.
If you have sent the submission on 19th January 2024 for Month 9 then it will not update until the 22nd January 2024 at the earliest.
This should then apply the credit back to your acount.
If after the 22nd of the month you see no change to your online account then please call the Employer Helpline on 03002003200.
Thankyou.

Hi,
This may now show as a credit on your account, if you contact us on 0300 200 3200 you may be able to request this is refunded.
Thankyou.

Hi,
Rent a room relief is a flat £3750 for jointly owned property regardless of the split.
However you can choose not to claim this relief instead claiming under method A which is a simple profit less expenses.
You mention that your friend receives the rental 100%.
If you want to use this method you will need to declare the beneficial split to HMRC.
You should complete a form 17 as the property is jointly owned and attach a declaration of trust.
You can appoint a solicitor for this legal document:
TSEM9860
Thankyou.

Hi,
Please use box 44 ‘Residential property finance costs’ on page 2 of SA105 UK property page to include the amount of any costs, interest and alternative finance payments.
The UK property notes at SA105 refer.  Please note that box 43 is for losses to carry forward to a following year.
Thankyou.

Hi,
Property Income Manual PIM4702  which advises the profits or losses for an overseas property are computed in the same way as a UK rental business.
You can deduct expenses from your rental property as long as they are wholly and exclusively for the purposes of renting out the property:
Work out your rental income when you let property and PIM1900 this doesn’t include the depreciation of the actual property.  
Repairs or improvements to it may be depending on the nature of these:
PIM2030 refers.
Thankyou.

Hi,
As you have stated the rental business ceases when all activities giving rise to receipts from land and property ends.
You can claim expenses up until the last payment was received; for any expense to be allowable it has to meet the wholly and exclusively test.
See PIM2068  for types of expense and we would refer you to PIM3000  and BIM9000 for post cessation expenses.
Council tax isn’t usually an allowable deduction when computing rental profits so please consider the above guidance.
Thankyou.

Hi,
Please refer to the UK property notes:
Self Assessment: UK property (SA105) which advises to use box 45 to include unused residential property finance costs from the property from an earlier year.
Any balance of residential finance costs which are still unrelieved may be carried forward to future years of the same property business.
More information can be found at:
Tax relief for residential landlords: how it's worked out
Thankyou.

Hi,
The costs and expenses associated with the purchase of the property cannot be set against rental income.  
Guidance is available on our website at:
PIM2120
For guidance on specific deductions relating to repairs and renewals please refer to guidance at:
BIM46901
Corporation Tax is a regime based on self-assessment, it is for the company and its advisers to determine the appropriate tax treatment of the expenditure.
Thankyou.