HMRC Admin 8
-
Re:Transferring income from property held in a partnership
Hi,
Yes you apportion the income in relation to the start date shown on the declaration of trust.
You will not need to put any partnership income on your tax return if you received no income after that split in the relevant tax year.
However residential finance costs can be different. The interest costs are only allowable on the person who owns the mortgage.
This means that for your wife to claim any interest, the mortgage would need to be joint or in her name.
We have attached some general guidance:
Savings and Investment Manual
Factsheet: beneficial ownership
Partnership Tax Return Guide
Thankyou. -
Re:Finance costs for buy-to-let tax relief
Hi,
In your case it is important that we refer you to BIM45690.
This states that 'when a business is funded using borrowed money and that money is used for business purposes the interest is allowable.against that trade, so long as it is not for private purposes.'
This is then covered under the residential finance costs section - 20% tax relief:
Specific deductions - interest: Funding the business
Thankyou. -
Re:Transferring Rental Income to Wife (Deed of Assignment)
Hi,
We have attached some guidance which may answer your question, however if this does not help then you will need to contact the HMRC stamp duty helpline on 0300 200 3510:
Stamp Duty Land Tax
Stamp Duty Land Tax Manual
Thankyou. -
Re:Property Income over £1,000, Casual income under £1,000
Hi,
Your casual earnings would be classed as self employed income if income tax and national insurance were not deducted at source through PAYE. This means that if it is under the £1000 trading allowance it does not need to be reported to HMRC as it is not considered to be taxable.
We have attached links to help you:
Working for yourself
Trading allowance
We hope that helps
Thank you. -
Re:Residential Finance Cost
Hi,
You are correct, you may choose not to claim property finance costs and carry such amount forward to a future year where it would be more beneficial to yourself.
Thankyou. -
Re:NRL tax claim
Hi,
In terms of the 2021/2022 tax year, as you have stated you have use of the personal allowance and the letting agent deducted tax at source through the NRL scheme.
Upon submitting the 2021/2022 tax return, you would declare both rental income receipts and the tax that was deducted, which in tun would then apply your personal allowance and generate a repayment of tax.
As the tax was deducted in the 2021/2022 tax year, you would not be able to claim a repayment for such year in the 2022/2023 year as these are dealt with in isolation based on level of income, expenses and ta deducted.
Thankyou. -
Re:Exporting Empty IBCs for Filling and Return
Hi,
We cannot offer advise on customs procedure codes, please refer to CDS appendix 1 and 2 for guidance:
Appendix 1: DE 1/10: Requested and Previous Procedure Codes
Appendix 2: DE 1/11: Additional Procedure Codes
Thankyou. -
Re:Inward Processing
Hi,
We would advise contacting the Customs and International trade helpline on 0300 322 9434 if you have any other issues with your query.
Thankyou. -
Re:Inward Processing
Hi,
We would advise contacting the Customs and International trade helpline on 0300 322 9434 if you have any other issues with your query.
Thankyou. -
Re:Inward Processing
Hi,
Please contact the IPR team for more information:
inward-outwardprocessing.citex@hmrc.gov.uk
Thankyou.