Thanks again your videos are just great. Section 24 could I claim my mortgage interest cost as an expense. My accountant indicated that there is no relief on a buy to let. I shall be in a big financial disaster as my tenant is not paying the rent
Hi Simon I am looking to invest in a holiday let property in Croatia. I am travelling out to view properties for 2 days. However I am then going to stay for an additional 5 days as a holiday. Can I claim some of these costs against my tax return. Also if I was investigated what evidence would I need to show to HMRC in relation to the property enquires I have made whilst out there? Regards,
It is possible to claim travel costs against your business activities. However, you need to be careful that the business travel does not look like your expense in your holiday against your business income. You need to evidence that you have undertaken the business activities on your journey. You can only claim a proportion amount of the expenditure to get your business for the time you actually spend time on your business
excellent talk. can you still claim tax relief for mortgage interest and refinance even if it’s a residential type mortgage rather that buy to let mortgage for that rental property ?
Hi Simon, brilliant video. I am purchasing a commercial property. To make the purchase I have borrowed the full cost of the commercial property against my own home (further advance) Is the interest payments on the further advance tax deductible as the borrowing is not against the commercial property? Thank you.
Hi Simon, I used an accountant for tax calculations on previous year but not really satisfied with them and they didn’t seems to know what they are doing so this year I am planning to do myself but I need a little bit your help to do it.
Sounds as though you probably need to speak to your accountant about how you accounts for your income and your costs. Hopefully you’ll have a good conversation and give you comfort on your approach
Thank you for the excellent video! Much appreciated! One question, can I put down 100% loan interest for the 2019-2020 tax return? This video seems to be about the 2020-2021 tax return.
You are allowed to deduct 25% and the 75% that is not allowed gets a 20% income tax deduction. Please read: www.optimiseaccountants.co.uk/knwbase/how-section-24mortgage-interest-relief-will-affect-uk-landlords/
Hi this video was really good and useful. Just one question! I am filling out my tax return for my landord buy to let property, which is all fine, but I also have a FHL which I have not completed the accounts for yet or finished the book keeping. Can I still complete and submit the landlord tax return and come back before the 31st Jan to update and file the FHL on the same return?
As a private landlord, this year do i need to just fill out my personal tax return as i have always done in other years or is it now, this year i just need to fill in this new property tax return? Or do you now need to do both?
great tip! may I ask if you just start your side business in January the 7th and only have expenses for a few months, then properly launch your business may be in summer. But in January you invested in the business already quite a lot but of course, didn't do the tax return as was too late, can you claim those items back next year? I might again as this is the first proper year now still not sure if I earn above 1 k, but I guess I should register anyway with hmrc before the 5th October in case ill make more than 1 k, and even if not so I can take the losses over to next year to save more tax. But can I take the losses I made within January the year before over too?
@@UK-Property-Tax-Accountants oh really? thanks for the tip! How do I do that? Is there a section in the self-assessment, for taking over losses from last year, even if you say it's the first you fill out self-assessment? And do I give them a different date on the section until where the books are made up to instead of the 05 April, as I had an earlier start day? soz!
And this is where a conversation is probably required with your local accountant. Someone like tax assist may be able to help you with this type of query
Hi - Thanks for the video, they have proven to be a big help. Can I please ask, on the 20/21 self assessment, which box do I enter the 20% tax relief on mortgage interest please? Also, if my interest paid is for example £1000, do I put that £1000 in there or the 20% value of £200? Thank you.
You would now enter the interest in the disallowed finance and interest costs. In the tax calculation this would then take 20% of this cost as a tax credit. This tax credit would then reduce your tax liability
@@UK-Property-Tax-Accountants Hi Simon, great video. The advice you have given above - has this changed again now to the box 'Residential property finance costs: (optional)' - Thanks!
@@UK-Property-Tax-Accountants great video as always. I support your view that most accountants are generic and do now have the expertise with specialised areas such as property. I've been the victim of bad accountants who charge alot and advertise they save the client alot of money but do the complete opposite. I would recommend anyone get a specialised accountant / tax advisor such as Optimise.
Another useful video as ever Simon. I tried to follow your advise to convert my 'joint tenant' ownership to 'tenant in common' to split the 99/1% however HMRC agent told me that no CGT payable bcz you are transferring share to wife however I need to pay 3% SDLC surcharge on second home. I am confused and no solicitor gives me good advise. What do you suggest pls?
I agree.... Just watching these videos I'm learning more and more and becoming more wiser and efficient when it comes to my tax return... Brilliant videos... Yes keep them coming
Hi Simon, is it possible to reclaim property training course costs through a newly formed property ltd company? if so how much can you reclaim? the full costs or a portion of the costs? also your £9.95 monthly subscription, is it possible to offset these costs through a ltd company? if so how much? thanks
Hi, are there any sessions between now and 4 Jan? What are the terms for signing up to the monthly subscription - is there a minimum subscription period? Or can it be cancelled any time? Do members get any discount for consultations when needed?
I would say that’s the answer is yes yes and yes. I run sessions every Wednesday at 7 pm. There is a free 28 day trial. Consultations to my top scores are in the discounted.
Tell us more about your situation here in the comments box below. Feel free to read our article www.optimiseaccountants.co.uk/knwbase/how-much-property-tax-does-a-landlord-pay/. Why not join us at one of our live events? Register here: www.optimiseaccountants.co.uk/monthly-seminars/.
Request a call back: If you are looking for a new US or UK real estate property tax specialists contact us here: survey.zohopublic.com/zs/80zrXp
Thanks again your videos are just great. Section 24 could I claim my mortgage interest cost as an expense. My accountant indicated that there is no relief on a buy to let. I shall be in a big financial disaster as my tenant is not paying the rent
Your accountant is not right. There is a 20% tax relief on mortgage interest cost
Hi Simon I am looking to invest in a holiday let property in Croatia. I am travelling out to view properties for 2 days. However I am then going to stay for an additional 5 days as a holiday. Can I claim some of these costs against my tax return. Also if I was investigated what evidence would I need to show to HMRC in relation to the property enquires I have made whilst out there? Regards,
It is possible to claim travel costs against your business activities. However, you need to be careful that the business travel does not look like your expense in your holiday against your business income. You need to evidence that you have undertaken the business activities on your journey. You can only claim a proportion amount of the expenditure to get your business for the time you actually spend time on your business
excellent talk. can you still claim tax relief for mortgage interest and refinance even if it’s a residential type mortgage rather that buy to let mortgage for that rental property ?
Mortgage interest costs are given tax relief at 20% for all residential buy to let property
Hi Simon, brilliant video. I am purchasing a commercial property. To make the purchase I have borrowed the full cost of the commercial property against my own home (further advance) Is the interest payments on the further advance tax deductible as the borrowing is not against the commercial property? Thank you.
These costs will be fully deductible
That is amazing news…. I will save loads!! Thanks so much 👍🏻
You are very welcome
@@UK-Property-Tax-Accountants Hi Simon are you still going to do that video on tax savings against commercial properties. Thanks.
Hi Simon,
I used an accountant for tax calculations on previous year but not really satisfied with them and they didn’t seems to know what they are doing so this year I am planning to do myself but I need a little bit your help to do it.
I can help non-retained paying clients if you book a tax consultation via our website. Please use the code TH-cam25 to get a 25% discount
An education as usual! Keep them coming.
Thank you, that is most kind
should we include VAT as part of the income?
If you are VAT registered you do not need to account for his income as it sits on your balance sheet
@@UK-Property-Tax-Accountants if 20% NRL is deducted from the rental income, should I deduct it when calculate the adjusted profit?
Sounds as though you probably need to speak to your accountant about how you accounts for your income and your costs. Hopefully you’ll have a good conversation and give you comfort on your approach
Thank you for the excellent video! Much appreciated! One question, can I put down 100% loan interest for the 2019-2020 tax return? This video seems to be about the 2020-2021 tax return.
You are allowed to deduct 25% and the 75% that is not allowed gets a 20% income tax deduction.
Please read: www.optimiseaccountants.co.uk/knwbase/how-section-24mortgage-interest-relief-will-affect-uk-landlords/
Hi this video was really good and useful. Just one question! I am filling out my tax return for my landord buy to let property, which is all fine, but I also have a FHL which I have not completed the accounts for yet or finished the book keeping. Can I still complete and submit the landlord tax return and come back before the 31st Jan to update and file the FHL on the same return?
I would wait until all information is ready before you submit the tax return
As a private landlord, this year do i need to just fill out my personal tax return as i have always done in other years or is it now, this year i just need to fill in this new property tax return? Or do you now need to do both?
You will need to do both
Great video as always Simon. Really enjoy the content. Must be really interesting seeing you fill in your tax return haha! Lots of great tips.
I don’t actually do mine. My team ate better than me by far 😂
great tip! may I ask if you just start your side business in January the 7th and only have expenses for a few months, then properly launch your business may be in summer. But in January you invested in the business already quite a lot but of course, didn't do the tax return as was too late, can you claim those items back next year? I might again as this is the first proper year now still not sure if I earn above 1 k, but I guess I should register anyway with hmrc before the 5th October in case ill make more than 1 k, and even if not so I can take the losses over to next year to save more tax. But can I take the losses I made within January the year before over too?
You can always group the income and expenses together to ensure the losses are not ignored
@@UK-Property-Tax-Accountants oh really? thanks for the tip! How do I do that? Is there a section in the self-assessment, for taking over losses from last year, even if you say it's the first you fill out self-assessment? And do I give them a different date on the section until where the books are made up to instead of the 05 April, as I had an earlier start day? soz!
And this is where a conversation is probably required with your local accountant. Someone like tax assist may be able to help you with this type of query
Hi - Thanks for the video, they have proven to be a big help. Can I please ask, on the 20/21 self assessment, which box do I enter the 20% tax relief on mortgage interest please? Also, if my interest paid is for example £1000, do I put that £1000 in there or the 20% value of £200? Thank you.
You would now enter the interest in the disallowed finance and interest costs. In the tax calculation this would then take 20% of this cost as a tax credit. This tax credit would then reduce your tax liability
@@UK-Property-Tax-Accountants Great, thanks for the response, much appreciated.
You are welcome and I hope it helps
@@UK-Property-Tax-Accountants Hi Simon, great video. The advice you have given above - has this changed again now to the box 'Residential property finance costs: (optional)' - Thanks!
It is exactly the same 👍
The gov lists me as 'Mrs' even when I select the 'single' option?
I have a residential property in my name only that I let out. Can I split the income between me and my wife so that I can lower my tax liability ?
You sure can. Watch here: th-cam.com/video/2A4T8o6mqxo/w-d-xo.html
@@UK-Property-Tax-Accountants great video as always. I support your view that most accountants are generic and do now have the expertise with specialised areas such as property. I've been the victim of bad accountants who charge alot and advertise they save the client alot of money but do the complete opposite.
I would recommend anyone get a specialised accountant / tax advisor such as Optimise.
Thank you 🙏 that is most kind
Another useful video as ever Simon. I tried to follow your advise to convert my 'joint tenant' ownership to 'tenant in common' to split the 99/1% however HMRC agent told me that no CGT payable bcz you are transferring share to wife however I need to pay 3% SDLC surcharge on second home. I am confused and no solicitor gives me good advise. What do you suggest pls?
Book a paid for tax call and we can discuss and go through the legislation. 30 minute call will do it and use the code TH-cam25
Another great video. Thanks for making this.
Do mortgage product fees get included in the residential finance cost section?
Yes for refinance but not the original purchase
@@UK-Property-Tax-Accountants many thanks for the clarification.
You are very welcome 🙏
Where do the original purchase ones go then, against capital gains?
Yes, correct
It’s a great video.. please can you share links to change from the 50/50 split so 90/10 so I show more income for my partner
Sure thing. Please see here: th-cam.com/video/2A4T8o6mqxo/w-d-xo.html
Thanks for the video. In process of completing tax return nervously. Need a consultation desperately 😫 will call Thanks
We look forward to your call. There are plenty of slots available
I agree.... Just watching these videos I'm learning more and more and becoming more wiser and efficient when it comes to my tax return... Brilliant videos... Yes keep them coming
You are very welcome. Please do share with your network as there may be many other landlords that you know paying far too much tax
Hi Simon, is it possible to reclaim property training course costs through a newly formed property ltd company? if so how much can you reclaim? the full costs or a portion of the costs? also your £9.95 monthly subscription, is it possible to offset these costs through a ltd company? if so how much? thanks
The £9.95 per month costs may be used to reduce your taxable profits. I look forward to seeing you this Wednesday at 7pm 😎
Cracking tips as usual
Thank you ever so much that is most kind
Hi, are there any sessions between now and 4 Jan? What are the terms for signing up to the monthly subscription - is there a minimum subscription period? Or can it be cancelled any time? Do members get any discount for consultations when needed?
I would say that’s the answer is yes yes and yes.
I run sessions every Wednesday at 7 pm. There is a free 28 day trial. Consultations to my top scores are in the discounted.
I swear they make it complicated just to screw you.
main mistake is not hiring an accountant!
Tell us more about your situation here in the comments box below. Feel free to read our article www.optimiseaccountants.co.uk/knwbase/how-much-property-tax-does-a-landlord-pay/. Why not join us at one of our live events? Register here: www.optimiseaccountants.co.uk/monthly-seminars/.
How much income tax will you need to pay: th-cam.com/video/u2YtubPHAWE/w-d-xo.html
👍🏽