thank you for your spread sheet. i have sold my first property which i ended up renting, your video and your spread sheet saved me so much internal stress trying to work it all out. it was well worth the money. thank you.
That is great news and we would welcome an introductory video conference call with you to understand your needs. Please head over to www.Optimise Accountants.co.uk for more details
I have just found this channel and I have to say it looks like a great find! The videos I have watched so far seem excellent and I will certainly be watching more in the days to come. This is probably a dumb question, but how do you complete the Total taxable income field part way through a tax year? If I sell a buy to let tomorrow I am in the 2020 / 2021 tax year, but I do not know what my earned income for the year will be (as my compensation is heavily bonus driven). But, my CGT return is due in within 30 days of the sale, so I wil not know what to put at that time. If I use last year's figure that could be much too much (this year has been bad due to Covid). So what figure do I use? Many thanks in advance.
Rental Inkom will always need to be included in your personal self-assessment tax return. The financials recorded in your text turn is from the 6th of April to the following fifth of April. The capital gains tax go today reporting needs to be a very good estimate. Any modifications and amendments need to be reflected in your self-assessment tax return at the end of the 31st of January following year
Great stuff.. I think if i sell my 2nd property( that use to live in) I'll sign up.. Is the Deed of Trust specifically for married couples or do long term cohabitants (man & wife) who have 2 children fall under this umbrella? Thanks neil
I have sold my flat and have to pay CGT as I rented it out for several years. However I paid £18,000 to extend the lease before sale - how do I offset my CGT bill using this purchase?
What is the treatment of PPR under a deed of trust where ownership is split 50/50? Do each individuals receive the total amount of PPR in their CGT returns or does this also get split 50/50? Note that they have both lived in it at the same time for the same period (plus the final 9 months that can be claimed) - the deed of trust was only entered prior to sale, before that it was 100% owned by one of them.
Hi can you please help with my question. I had one house got devorsed gave house to x as settlement. I also owned a rental property which I now live in. The rental cost £150k in 2000. I have lived there for 4 years now what will my capital gain be on it or is there any way to avoid the tax as it’s my only property now. It’s currently valued at £350k
You will get Private residence relief on the time you lived in the property. Be sure to use our CGT calculator www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/
Does anybody know how to pay the tax return for the capital gain from CFD trading？ I cannot find the right position to fill in self assessment file and capital gain summary file？
@@UK-Property-Tax-Accountants thank you for the clarification. This means I can convert my BTL from joint tenants to tenant in common without SDLC and CGT.
Per my previous comments please do take some time to speak with your accountant to go through all these matters. It is dangerous to take free advice when we do not know your full story
Bought the spreadshseet but keep getting a #NAME? error in the "lived in" cell when I enter the purchase date. No way of figuring out where its coming from but I think its from the days count sheet. Can this be corrected please or a refund issued?
Ordinarily yes. However, we now have the SDLT holiday period until 1st April 2021. Therefore, no SDLT will be charged where mortgage values are less than £500,000
Use our new free Capital Gains Tax Calculator here: www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/
thank you for your spread sheet. i have sold my first property which i ended up renting, your video and your spread sheet saved me so much internal stress trying to work it all out.
it was well worth the money. thank you.
Thank you ever so much for the kind words and I am delighted it helped
Deed trust is the wicked great stuff Simon!
You are welcome and I hope it helps you
Thank you for your help
Best of luck and have a good conversation with your accountant
Thanks for this. I’m highly considering signing up to your monthly subscription
That is great news and we would welcome an introductory video conference call with you to understand your needs.
Please head over to www.Optimise Accountants.co.uk for more details
I have just found this channel and I have to say it looks like a great find! The videos I have watched so far seem excellent and I will certainly be watching more in the days to come.
This is probably a dumb question, but how do you complete the Total taxable income field part way through a tax year? If I sell a buy to let tomorrow I am in the 2020 / 2021 tax year, but I do not know what my earned income for the year will be (as my compensation is heavily bonus driven). But, my CGT return is due in within 30 days of the sale, so I wil not know what to put at that time. If I use last year's figure that could be much too much (this year has been bad due to Covid). So what figure do I use?
Many thanks in advance.
Rental Inkom will always need to be included in your personal self-assessment tax return. The financials recorded in your text turn is from the 6th of April to the following fifth of April.
The capital gains tax go today reporting needs to be a very good estimate. Any modifications and amendments need to be reflected in your self-assessment tax return at the end of the 31st of January following year
Great stuff.. I think if i sell my 2nd property( that use to live in) I'll sign up..
Is the Deed of Trust specifically for married couples or do long term cohabitants (man & wife) who have 2 children fall under this umbrella? Thanks neil
A deed of trust between husband and wife is free from capital gains tax. I would not have the children involved in this process.
I have sold my flat and have to pay CGT as I rented it out for several years. However I paid £18,000 to extend the lease before sale - how do I offset my CGT bill using this purchase?
The cost of lease is added tot he cost of the property to reduce your taxable gain
What is the treatment of PPR under a deed of trust where ownership is split 50/50? Do each individuals receive the total amount of PPR in their CGT returns or does this also get split 50/50?
Note that they have both lived in it at the same time for the same period (plus the final 9 months that can be claimed) - the deed of trust was only entered prior to sale, before that it was 100% owned by one of them.
The deemed private residence relief is passed on to the other spouse. Both parties will get the same tax treatment for private residence relief
So both will have identical relief in their computation? Thanks!
Hi can you please help with my question. I had one house got devorsed gave house to x as settlement. I also owned a rental property which I now live in. The rental cost £150k in 2000. I have lived there for 4 years now what will my capital gain be on it or is there any way to avoid the tax as it’s my only property now. It’s currently valued at £350k
You will get Private residence relief on the time you lived in the property. Be sure to use our CGT calculator www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/
Does anybody know how to pay the tax return for the capital gain from CFD trading？ I cannot find the right position to fill in self assessment file and capital gain summary file？
I am no expert in these sadly but with looking at this www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg56100
Thank you for your reply on SDLC but what about CGT, as my wife will gain more share in the property.
There is no CGT when you transfer assets between married partners. You will need to get tax advice when you sell the asset to a 3rd party.
@@UK-Property-Tax-Accountants thank you for the clarification. This means I can convert my BTL from joint tenants to tenant in common without SDLC and CGT.
Per my previous comments please do take some time to speak with your accountant to go through all these matters. It is dangerous to take free advice when we do not know your full story
@@UK-Property-Tax-Accountants sure. I will seek professional guidance
Great idea and best of luck
Hi Please can you let me know if deed trust could be allocated to a child (adult now) or its only between wife&husband. Thanks
You can do a deed of trust but you need to consider capital gains tax and stamp duty
Bought the spreadshseet but keep getting a #NAME? error in the "lived in" cell when I enter the purchase date. No way of figuring out where its coming from but I think its from the days count sheet. Can this be corrected please or a refund issued?
Please feel free to send us an email and we will refund your money immediately. I’m sorry that the spreadsheet did not work for you as designed
@@UK-Property-Tax-Accountants Many thanks I'll do that
Will deed of trust for tenancy in common invoke SDLC?
Ordinarily yes. However, we now have the SDLT holiday period until 1st April 2021. Therefore, no SDLT will be charged where mortgage values are less than £500,000
Thank you and what about CGT, as my wife will gain additional share of the property? From 50% to 99%.
Please do take some tax advice. It can be dangerous to take my answer here with me knowing the full story. Next stop - speak with your accountant
Hi On line 51, there is an amount of £40k. How is the calculated?
I would not worry about that anymore as this was one component of Lettings relief that is pretty much been scrapped by HMRC
Use our new free Capital Gains Tax Calculator here: www.optimiseaccountants.co.uk/uk-capital-gains-tax-calculator/
CGT 30 days reporting: th-cam.com/video/T4YIvGUCAdI/w-d-xo.html