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Student Finance / Property Income

Student Finance / Property Income

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We have two clients who jointly own properties, some with mortgages. They need to complete a claim for their daughter to claim a finance grant, but...

Should the net income be declared or net income less the tax deduction amount of the restricted interest?

We believe the first is correct  

Any comments would be appreciated please?

Replies (8)

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By johngroganjga
03rd Mar 2020 09:40

Does the form not explain? What does it ask for? Actual income or tax adjusted income?

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BirdnCo
By BirdnCo
03rd Mar 2020 09:43

Thanks, but I haven’t actually seen the form do don’t know the actual wording.

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Replying to BirdnCo:
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By Accountant A
15th Jun 2020 20:44

-oj

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Replying to Accountant A:
BirdnCo
By BirdnCo
03rd Mar 2020 11:11

I gave my opinion and asked for comments, so please no insults!!

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By SXGuy
03rd Mar 2020 10:15

Im gonna go with net income. Ive never known anything to ask for income less tax relief unless it was something like a capital allowance reducing the assessable.

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BirdnCo
By BirdnCo
03rd Mar 2020 13:13

I have a copy of the form. All it asks is:
“Tell is the total income from uk property?
You can find this amount you should declare on your self assessment return:
Online tax return - refer to this online tax return for this figure.
Paper tax return - SA105 add together boxes 15 and 38
SA106 form - box 25
SA200 form - box 6.3”

I’m currently in Tenerife at the moment, so any help would be appreciated.

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By Tax Dragon
03rd Mar 2020 13:26

Put "SA105" (etc) into a search engine.

It worked for me.

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By WhichTyler
03rd Mar 2020 14:16

BirdnCo wrote:

I’m currently in Tenerife at the moment

That's nice, hope the weather's better than here...

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