LandlordZONE

21

Sep, 2014

Sunday

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  1. I'd be very very surprised if your wife could...

    I'd be very very surprised if your wife could claim PPR for a property she didn't own at the time of living there, and therefore she wouldn't be able to claim lettings relief either.
    ...
  2. No-ones saying you have to rent out your property...

    No-ones saying you have to rent out your property at all, you could live in it or sell it! However if you choose to run a business then only expenses that are 'wholly and exclusively' related to the...
  3. Where did you get the impression from my post...

    Where did you get the impression from my post that there was a 'reasonableness' element to access? The terms 'exclusive occupation' and 'quiet enjoyment' have clear meanings.
  4. Your tenants have 'exclusive occupation' of the...

    Your tenants have 'exclusive occupation' of the property while in a tenancy. They have the right to say who enters their home and prevent access. The LL has the right of access to inspect and perform...
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    As far as i'm aware 'fixtures & fittings' are...

    As far as i'm aware 'fixtures & fittings' are part of the property and can't be separated. Also wouldn't any furniture be paid for separate from the property price, as otherwise the buyer would be...
  6. Just because you don't like what you are told...

    Just because you don't like what you are told doesn't mean you can throw your toys out of your pram. Not everyone on here is a landlord, and if you are then perhaps you should pay attention to the...
  7. Where I work we capitalise property expenditure...

    Where I work we capitalise property expenditure and the definition for doing so isn't just based on adding value. Expenditure must meet one of the three conditions in order to be capitalised:
    1. Add...
  8. The guidance seems clear to me. If you aren't...

    The guidance seems clear to me. If you aren't married you can agree a different division of profit and losses than the share owned in the property. The advice is often given out on other sites and if...
  9. As you are not married to the joint owner of the...

    As you are not married to the joint owner of the property you have the ability to decide the division of profit/losses between you. It might be best to put it in writing what split you both decide...
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    I understand you can incur expenses before the...

    I understand you can incur expenses before the busines begins but I don't know if you can withdraw capital from a business that doesn't yet exist. Therefore I still believe the expense doesn't pass...
  11. People get confused and often don't realise the...

    People get confused and often don't realise the distinctions that make something allowable in one situation but non-allowable in others. For example I know someone that purchased a buy to let by...
  12. As far as I'm aware it isn't income therefore...

    As far as I'm aware it isn't income therefore it's nothing to do with your tax return. Income is something you receive in exchange for providing goods or services. All you have done is release some...
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    If the remortgage was to buy yourself a property...

    If the remortgage was to buy yourself a property for you to live in then I don't believe that is wholly for your rental business. I know it is related as you couldn't have had a rental business if...
  14. Your rent doesn't pass the 'wholly and...

    Your rent doesn't pass the 'wholly and exclusively' test for allowable expenses as it's not purely incurred for your rental business but is for a roof over your own head.
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    Was the early repayment charge wholly and...

    Was the early repayment charge wholly and exclusively a cost of your rental business?
  16. I don't think that's right. As far as I'm aware...

    I don't think that's right. As far as I'm aware you can only claim the mortgage interest on the rental property. However if you borrowed money elsewhere to use in your property business, such as on...
  17. I'm all nostalgic for my study days now. :(happy):

    I'm all nostalgic for my study days now. :(happy):
  18. When working out your tax liability you work out...

    When working out your tax liability you work out your taxable profit. This is different to your cash profit as the allowable and non-allowable expenses differ between the two. For example many people...
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    This link may help you: ...

    This link may help you:

    http://www.hmrc.gov.uk/manuals/pimmanual/pim2020.htm

    Generally decorating is a revenue expense as it maintaining a property and bringing it back to it's original...
  20. As far as I'm aware you cannot use losses on one...

    As far as I'm aware you cannot use losses on one type of tax loss with others. For example you cannot use a property income loss to reduce your income tax liability. Therefore I very much doubt you...
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    The HMRC distinguishes expenditure based on...

    The HMRC distinguishes expenditure based on whether it is capital or revenue. This is not an artificial distinction but based on basic accounting principles. While revenue expenditure can reduce your...
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    1. Yes, you will need to do a paper return by...

    1. Yes, you will need to do a paper return by 31st October 2013 or an online return by 31st January 2014 for income earnt in 2011/12.
    2. If you are married and jointly own a property, you can't...
  23. As far as I'm aware, costs incurred in finding a...

    As far as I'm aware, costs incurred in finding a property that didn't become a rental business are not an allowable expense.
  24. If you look at the bad debt section of the below...

    If you look at the bad debt section of the below link it confirms that you report all income due and then put the bad debt in as an expense.
    http://www.hmrc.gov.uk/manuals/pimmanual/pim1101.htm...
  25. Wouldn't that depend on whether you do your...

    Wouldn't that depend on whether you do your assessments on a cash basis or an accruals basis?
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