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The dividing line between improvement and repair can be difficult to judge. In cases your case I would think this will be allowed as normal ‘modern equivalent’ of a repair and could deduct all the costs against your rental income.Where there is a significant element of improvement, then at least som...

Re: Using a trust to cut your Inheritance Tax

by Henry ¦ Sun Aug 17, 2014 5:00 am ¦ Forum: INHERITANCE TAXES , TRUSTS, ESTATES ¦ Topic: Using a trust to cut your Inheritance Tax ¦ Replies: 1 ¦ Views: 2208

A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. So, for example, you could put some of your savings aside in a trust for your children An when you put money or property in a trust, you don’t ow...

Re: When do I need to pay Corporation Tax?

by Henry ¦ Sat Aug 16, 2014 6:42 pm ¦ Forum: CORPORATION TAX ¦ Topic: When do I need to pay Corporation Tax? ¦ Replies: 4 ¦ Views: 2807

This is the main problem with Corporation Tax – the payment deadline is different from other major taxes, such as income tax and VAT, and you have to pay corporation tax before you file your company tax return. Invariably, you have to pay your corporation tax within nine months of the end of the acc...

Re: Property rental income & trading income

by Henry ¦ Sat Aug 16, 2014 5:23 am ¦ Forum: PROPERTY ADVICE & PROPERTY TAX ¦ Topic: Property rental income & trading income ¦ Replies: 0 ¦ Views: 1317

If you have income from land and property in the UK you need to tell HMRC about it.The only exception is income of less than £4,250 from a lodger in your own home ; this is covered by the rent-a-room allowance.You are taxed on total amount of rent money you receive from a tenant or a lodger under th...

Re: Tax at pension age

by Henry ¦ Sat Aug 16, 2014 5:21 am ¦ Forum: INDIVIDUAL - PERSONAL INCOME TAX ¦ Topic: Tax at pension age ¦ Replies: 0 ¦ Views: 1324

When you reach State Pension age you no longer pay National Insurance contributions, but you don't automatically stop paying Income Tax. If your taxable income - including your State Pension - is more than your tax-free allowances you'll still have to pay tax. In other words all pensions, including ...

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