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Letting questions
phill8282
Posts: 22 Forumite
Having Just Bought A House Which I Will Be Letting Out. I Wonderd If You Could Answer Me A Few Questions. (posted on tax cutting but know you guys are better at replying)
1, How Much Can You Claim On Mileage (per Mile) And Phone Calls Per Minute To A Mobile For Example
2. I Think If I Still Live With My Parents When I Sell The Property I Will Still Have To Pay Capital Gains. Is This True.
3 There Is A Leaking Wooden Gutter Which Needs To Be Fixed Sap As Its Penetrating Through. Can I Claim This As An Repair, Or Should I Wait Till I Get A Tennant In
4. How Do Register All The Tax , I Have Seen Adverts For Tax Returns In September And January I Think, What Dose This Mean And When Do I Fill Them In And Get The Tax Forms From
Any Answers Would Be Really Grateful
1, How Much Can You Claim On Mileage (per Mile) And Phone Calls Per Minute To A Mobile For Example
2. I Think If I Still Live With My Parents When I Sell The Property I Will Still Have To Pay Capital Gains. Is This True.
3 There Is A Leaking Wooden Gutter Which Needs To Be Fixed Sap As Its Penetrating Through. Can I Claim This As An Repair, Or Should I Wait Till I Get A Tennant In
4. How Do Register All The Tax , I Have Seen Adverts For Tax Returns In September And January I Think, What Dose This Mean And When Do I Fill Them In And Get The Tax Forms From
Any Answers Would Be Really Grateful
0
Comments
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1. not at all.
2. Yes you will have to pay CGT as the property is classed as an investment unless you bought it with you living in it. If you are not registered at that address you will have to pay CGT.
3. You can do it now before a tennant is in it.
4. you do it in September or April (forget which one) when you do your tax return.
Best ask an accountant or buy yourself a book for landlords. All info you need is in there and the book can be offset on your tax.0 -
1. If it's wholly for the purpose of the letting then the going rate for the mileage and the cost of the phone call.
2. Where you live is only relevant if you live at the house. CGT is likely to be payable and will have to be accounted for.
3. If you do it now it's a capital expense, if you do it when there's a tenant in, it could be a repair.
4. I think you have to tell the taxman within 3 months of starting. You will then get a tax form for the year in which you start and you account for everything on that.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Ooh cross posted and a difference of opinion there :eek:A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
the inland revenue run free courses for folks who are starting out in business, and they help you with the tax return form. you have a legal obligation to inform them you are starting a business.0
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thanks all
can anyone confirm the difference of opinion above0
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