Expensive Property Tax Return Mistakes Made By Taxpayers and Accountants Should you use a limited company for property investments? www.optimiseaccountants.co.uk/what-is-a-uk-property-investment-company/ Need a buy to let mortgage? survey.zohopublic.com/zs/GuCCYx
I have some comments / questions about the what is being portrayed as acceptable (provable) in this video: 1. Why does paying cash automatically mean the person your paying is avoiding tax (if they give you a reciept)? My local phone repair shop insists on cash - should I report them to HMRC? 2. With regards to the comment about 'B & Q receipts not being acceptable' (because you can't prove it was for that purpose) @ 2:30 in - I genuinely use B & Q to buy things to refurb my rental property, and keep the reciepts, so I cannot see why this is not acceptable? And if it isn't, then what is acceptable when buying things such as paint, light fittings etc for a rental property? 3. In the same vein of providing 'proof of claim' - ref. the comment about (@4:30) claiming mileage for traveling costs to and from the property - how do you prove that this claim is valid?
It’s all evidence based. A receipt backed up by a works schedule is sufficient. Mileage details with a log book of why you travelled is sufficient that show dates, locations, mileage and reason
You can expense travel cost against your property if you purchase it. If you do not buy property and Hmrc are quite rightly see this is nothing more than a holiday cost
Expensive Property Tax Return Mistakes Made By Taxpayers and Accountants Should you use a limited company for property investments? www.optimiseaccountants.co.uk/what-is-a-uk-property-investment-company/ Need a buy to let mortgage? survey.zohopublic.com/zs/GuCCYx
I have some comments / questions about the what is being portrayed as acceptable (provable) in this video:
1. Why does paying cash automatically mean the person your paying is avoiding tax (if they give you a reciept)? My local phone repair shop insists on cash - should I report them to HMRC?
2. With regards to the comment about 'B & Q receipts not being acceptable' (because you can't prove it was for that purpose) @ 2:30 in - I genuinely use B & Q to buy things to refurb my rental property, and keep the reciepts, so I cannot see why this is not acceptable? And if it isn't, then what is acceptable when buying things such as paint, light fittings etc for a rental property?
3. In the same vein of providing 'proof of claim' - ref. the comment about (@4:30) claiming mileage for traveling costs to and from the property - how do you prove that this claim is valid?
It’s all evidence based. A receipt backed up by a works schedule is sufficient.
Mileage details with a log book of why you travelled is sufficient that show dates, locations, mileage and reason
If I intend to buy property overseas either in person or via a UK company, are the travel/hotel costs deductible?
You can expense travel cost against your property if you purchase it. If you do not buy property and Hmrc are quite rightly see this is nothing more than a holiday cost
Thank you for a really helpful video.
Thank you 🙏 I am pleased it helped 👍