HMRC Admin 17 Response
Joined: 1/20/2021
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RE: Reverse VAT Charge for under £135 & Over £135
Hi,
If you are on the Flat Rate Scheme then you would not declare the purchase because you are unable to reclaim VAT on FRS so it would be correct in this case for the purchase to not appear on the VAT Return.
However, which code you would need to use on your accounting software in order for this to happen is something that we cannot advise on.
Thank you. -
RE: Rental income transfer to my wife
Thank you for your question.
As your wife is not listed on the title deed of the rental properties, a Form 17 would not be appropriate for your situation, however, a valid declaration of trust would suffice to transfer beneficial interests in terms of rental income and expenses.
Thanks -
RE: buy to let Application costs from previous years
Hi,
Thank you for your question.
Usually, the rental business does not begin until the first property is let.
Any expenses incurred before the first let must be solely for the rental business and must not be capital expenditure.
Any qualifying pre-letting expenses are treated as incurred on the day the rental business commences,
which to confirm, is usually the day the property is first let.
For further information, please see:
PIM2505 - Beginning and end of a rental business: commencement .
EPC, gas and electrical expenses are tax-deductible.
For a list of what you can, and cannot, claim as expenses, please see the guidance at:
Work out your rental income when you let property .
Thank you . -
RE: VAT on General Expenses recharged to a client
Hi.
We can't dictate to a company what value they charge as a supply.
We can only dictate that the VAT is charged on their supply but the value of this supply is their own decision.
Thank you . -
RE: vat repayment
Hi,
Please contact the Helpline on 03002003700 so that we can open up your account and see what the position is in regards to the repayment.
It's not unusual to see a repayment on the account for £0.00 while the repayment is being processed but this should
change to the true repayment amount once we release the repayment .
Thank you.
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RE: Carrying forward a property loss
Hi,
Thank you for your question.
On the online SA form under Property income, on the page headed Profits & losses From other property income there are various boxes including Loss brought forward used against this year's profit.
There is also a box titled Loss set-off against 2022-23 total income (this will be unusual) then at the bottom of the page there is a box to include Loss to carry forward to following year, including unused losses brought forward:
If this is not clear I suggest you contact SA helpline on 0300 200 3310 to discuss this further with an advisor.
Thank you.