VAT » VAT rates if no invoice » Go to message
Sometimes I have to reconcile payments to which I have no invoice or receipt, even though there could be an element of VAT paid. I code these transactions as "NO VAT" in Xero, is there a more correct way to code these transactions without receipts or invoices.
Income from Property » Loss brought forward used against this year's profits » Go to message
Hi, I am trying to fill in my tax returm for this year. I am renting 2 properties, and I had to do some maintenance both this and last year to the properties as I wasn't very lucky with the tenants (and the properties are old so things keep breaking down). I also have large mortgages on both properties. As a result of this, I did not have any profit for the last year but had losses I carried forward. This year, because I can duduct even lesser percentage of the mortgage costs, I again do not have any adjusted profits. But when I was trying to insert my losses from the last year in the "Loss brought forward used against this year's profits" section, I got an error message saying "'Loss brought forward used against this year's profits' must not exceed 'Adjusted profit for the year'. Please amend." - what do I do with this? Is there another way of inserting my losses? I will definitely need them in the following years once the mortgage relief will be gone altogether. Thank you!
Your taxes » Tax year » Go to message
Thanks for the replies. We did register as a partnership and completed he relevant returns in line with this last year. My only concern is that I believe that my partner has been taxed heavily as I suspect that his earnings from March - July 18 (March when he joined me as a partnership - July 18 in line with my tax year) have not been recognised as being from this full period and more 1st march -31st march 18 only .
Industry specific help and support » Support for Foster Carers » Go to message
Hi, can someone out me out on here. Both myself and partner were connected persons foster careers which ended on the 1st April this year, when we decided to go down the SGO route, Do we both have to complete separate tax returns for the fostering money we received in 2018-2019 tax year, and split the income received and qualifying care relief. I have read that we need to form a partnership when completing the tax return, but just want to get this done as quickly and easier as possible and get it out of the way. Thanks
Income from Property » Fileing online SPV company tax return » Go to message
I discovered that I am not able to file joint accounts for HMRC and Companies house. The problem seems to be that if you have rent above £5,200 then you can only file Companies house returns and are directed to purchase commercial software, there is no link to HMRC software although it is mentioned. It appears to me quite rediculous since this means any rent achieved above £433.33' pcm failes the test. Has anyone else had this problem?
Also if you make a loss, say in the first year, you also cannot file and have to have software. I am unsure why this should be unless the form cannot cope with a negative balance as part of the calculation. Comments?

When I tried to file I discovered that the pages are unclear and missing entries so for example there are two entries for depreciation a. Expenses CP28 and Additions CP46. In terms of property, CP46 applies to non-rental property capital depreciation, I assume but what is CP28. depreciation is not an expense but that aside does it apply to replacements that are deemed "improvements" as a pool?
I assume CP8 "cost of sales" means all P&L expenses as part of the total balancing exercise.
Under Expenses there is no repairs renewals or maintenance however there is under Property costs CP24 This makes no sense to me as CP24 should be a line under expenses and in the context of the other entries Property cost refer to running costs of a biulding or office under lease like a shop, office or other commercial unit.
These are a few example that HMRC could answer for me but I am unable to contact them by email. the phone is unanswered over a long period and none of the help publication, PIM, Youtube etc say anything about it. When I filed Self assessment the additionProperty pages where very clear on it. I don't think the Company online filing is fit to accept SVP companies and it is pretty rediculous that it is effectively forcing me to by software or empoy an accountant for a rental income / turnover in excess of £5,200 (majic number??)
Any help of comments greatfully received.
Income from Property » Tax relief on interest for rental propert » Go to message
Hello I know that interest rate tax allowances for individual property rentals are being phased out over the next few years but is it the same treatment for limited companies that own and purchase houses to rent on a mortgage. Can they claim mortgage interest relief?

Many thanks
Making Tax Digital » Client unable to sign up for MTD and VAT returns unavailable on online account » Go to message
My business is registered for Flat Rate scheme and Annual VAT accounting. I have registered for MTD but apparently it is not availbale via QuickBooks for businesses with Annual VAT accounts. Is that correct? Will it ever be?
Income from Property » Non residential landlord - self assessment return » Go to message
You need to use a third party software to submit online.

[Software suggestion removed as HMRC cannot recommend or endorse any one product or service over another - Admin]
Making Tax Digital » Authorising New Client » Go to message
There is apparently a new way of authorising under the Agent Services Account but I've never tried it myself because of how many issues we've had with MTD etc I don't trust anything "new"!. You can still do it the old way.
Industry specific help and support » HMRC Funding to Small Business ?? » Go to message
I very much doubt this.
Your taxes » Property in impact on Student loan and income tax from main employment » Go to message

I have started receiving income from a rental property, will this income affect my pension contribution, income tax from main employment, student loan and NI?

I understand that rental income will be added to my income from employment and I wonder if this could only affect my tax rate and increase income tax or would it increase every contribution?
Making Tax Digital » exempt » Go to message
You do not need to sign up for Making Tax Digital or apply for an exemption if either:
you’re already exempt from filing VAT Returns online
your taxable turnover is below the VAT registration threshold
Your taxes » Expenses against Capital Gains » Go to message
No as they were claimed against your rental income. They could be claimed if the improvements were substantial and could not be claimed as revenue expenses in your letting profit and loss.
Income from Property » Expenses: what do I put in which box? » Go to message
I, as an agent, put service charges under costs of services. There is no need to get hung up on this as it doesn't make any difference. It used to make a difference when there was a deduction for wear and tear. Go by your gut reaction.
Making Tax Digital » exempt » Go to message
No. If you are below the threshold for MTD , you do not need to take any action.