HMRC Admin 33

Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances.
You may wish to contact our team for advice
Self Assessment: general enquiries
Alternatively you may want to seek professional advice.
Thank you.

Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances.
You may wish to contact our team for advice
Self Assessment: general enquiries
Alternatively you may want to seek professional advice.
Thank you.
 

Hi,
This forum is for general queries only and is intended to help you self-serve. We are unable to provide specific advice tailored to individual circumstances.
You may wish to contact our team for advice
Self Assessment: general enquiries
Alternatively you may want to seek professional advice.
Thank you.

 

Hi,
Please see the link below
Check how to register for Self Assessment
Thank you.

Hi,
Please refer to HS223:
HS223 Rent a Room Scheme (2024)
You cannot use the rent a room scheme if the accommodation is in your UK home and it is let while you live abroad. For advice on how to declare your UK property income please see the guidance here:
Renting out your property: Paying tax and National Insurance
There is also further guidance on being a non-resident landlord here:
What the Non-resident Landlords Scheme is
Thank you.

Hi,
Thank you for your question. Reading your query, it would be possible to complete a valid declaration of trust to assign beneficial interests of all rental income to your son, however, please be advised that such a transfer of beneficial interests, wihtout changing legal ownership, would mean your son would also have the benefit of expenses incurred at the same percentage.
Thanks

Hi,
Thank you for your question. A rental business cannot deduct the cost of capital expenditure when computing its profit or loss. As per PIM3010, if the unit is a fixed asset, you may not claim the expense incurred. In future, capital allowances may be offset against any capital gains should the property be disposed of.
PIM3010 - Capital allowances
Thanks

Hi,
Thank you for your question. Certain rules must apply for interest on loans to be an allowable expense for rental business. Outlined in PIM2052, PIM2054 & PIM2105, refer that incidental costs in obtaining loan finance are generally deductible if they were wholly and exclusively for the rental business. This means that interest on the personal loan would be allowable if these rules apply. In regard to the Bridging finance, depending on the usage of the finance would determine the eligibility. In terms of re-mortgaging this may also be claimed if used towards the rental business. Please refer to the following guidances for additional information:
PIM2052 - Deductions: interest: overview
PIM2054 - Deductions: interest: restriction for income tax purposes from 2017/18: introduction
PIM2105 - Deductions: main types of expense: fees for loan finance and similar items
Thanks

Hi,
In the case of residential property, HMRC normally accepts the let property itself as the entirety and so replacement of a part of the entirety, for example a boiler would normally be classed as a repair to the entirety. As long as the new boiler is the closest equivalent in capability, then the replacement boiler will be a revenue repair. So provided this is the case, the cost may 
be claimed as allowable maintenance and repairs. In terms of claiming loan interest, this will fall under finance costs and be subject to the finance cost restriction.  Please refer to  
Work out your rental income when you let property
BIM46920 - Specific deductions: repairs and renewals: what is a repair: different materials
BIM46925 - Specific deductions: repairs and renewals: what is a repair: changing technology
PIM2054 - Deductions: interest: restriction for income tax purposes from 2017/18: introduction
Thank you

Hi,
Thank you for your question. Capital gains tax would be liable on the legal owner of the property. Please refer to
Tax when you sell property: What you pay it on
Thank you