Si1 Posted July 13, 2010 Share Posted July 13, 2010 I am interested in whether your typical landlord jumps thru the necessary loops toi pay income tax on rent received, and CGT on selling. If you cannot answer for yourself answer for your mate, know what I mean. Quote Link to comment Share on other sites More sharing options...
Gman Posted July 13, 2010 Share Posted July 13, 2010 I am interested in whether your typical landlord jumps thru the necessary loops toi pay income tax on rent received, and CGT on selling. If you cannot answer for yourself answer for your mate, know what I mean. So you work for the Inland Revenue right? Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 13, 2010 Author Share Posted July 13, 2010 So you work for the Inland Revenue right? noi I 'm just a nosey opinionated right wing b*stard - as most people guessed already Quote Link to comment Share on other sites More sharing options...
Dorkins Posted July 13, 2010 Share Posted July 13, 2010 So you work for the Inland Revenue right? Do you honestly think the Inland Revenue tracks down tax evaders by posting on forums? Quote Link to comment Share on other sites More sharing options...
exiges Posted July 13, 2010 Share Posted July 13, 2010 I am interested in whether your typical landlord jumps thru the necessary loops toi pay income tax on rent received, and CGT on selling. I declare all my earnings, yes. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted July 13, 2010 Share Posted July 13, 2010 I did the executor paperwork for a BTL'r. The income tax was paid but every possible exemption was included. The capital gains tax was paid, lots of deductions were used. I don't think the beneficiary (not me) has any intention of paying the income tax although there are probably enough deductions to make it zero if it came to it. VMR. Quote Link to comment Share on other sites More sharing options...
mercsl Posted July 13, 2010 Share Posted July 13, 2010 Yes, you get to write off loads of deductions against it anyway so in scheme things not too bad..service charge , 10% pa furniture allowance, etc. CGT...not planning to sell any time soon, what would i do anyway then , buy an annunity with the cash?? You can offset various things to bring cgt down like stamp duty paid , legal fees etc and if a couple a 10k allowance each. If you leave the country and sell the BTLs after five years being away you pay zero CGT so maybe that is an option much later... Quote Link to comment Share on other sites More sharing options...
Gman Posted July 13, 2010 Share Posted July 13, 2010 Do you honestly think the Inland Revenue tracks down tax evaders by posting on forums? Yes. They use all the necessary means now we are in 'The age of austerity' Quote Link to comment Share on other sites More sharing options...
A_Landlord Posted July 13, 2010 Share Posted July 13, 2010 (edited) Yes. My lettings management company declares to the IR my income. I get sent the same letter and I make sure that amount is on my self assesment form. Loads of deductions you can have against the gross income so pretty easy to reduce your tax payments. Mercsi - nice tip on the CGT with living abroad. Edited July 13, 2010 by A_Landlord Quote Link to comment Share on other sites More sharing options...
SarahBell Posted July 13, 2010 Share Posted July 13, 2010 noi I 'm just a nosey opinionated right wing b*stard - as most people guessed already I'm nosey too. I know a local landlord whose business partner has a letting agency and does his rentals through that now... I assume it's to save tax somehow Quote Link to comment Share on other sites More sharing options...
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