Nothing in this profile is actualy true. Or is it? Who knows, who cares.
Well quite, but its the job of the select committees to take them on, and they can only do that with evidence supplied by us lot.
Thats a very negative attitude Michael.
There are 8 people giving evidence and a 1 hour session, that is the format we have, so by definition I will need to be succinct and to the point, and concentrate on core issues and not extraneous points. I wont be giving a presentation, but answering specific questions.
If you actually look at some of the recorded sessions you will see the Lords are pretty knowledgeable and well read on the subject and taking a very keen interest in matters. This is one of a number of sessions on the topic they have been having. This is one of the few bodies actually taking HMRC to task.
As the other respondents state this is taxable income, albit you will get tax relief for some costs associated with the rentals, such as mortgage interest.
it is imperative that you take proper advice now to allow for any belated planning opportunities that may be open to you, in particular if your second post is correct (rental have not commenced) rather than your first post (rental has commenced) you may have more scope, but this very much depends on your circumstances, your personal set up and ownership of the property.
Hi Robert, I will answer your question if you answer mine
Why would you do this and THEN ask about the tax implication after the event?
There are so so many of them.
Dump em and enjoy your freedom!
I try not to dwell on them
My current one edging out of the door for asking the most tedious questions about the smallest of details. For several years she has demanded a full reconciliation from her workings to the final numbers with every minor category change or addition included, but she has out done herself this year by repeatedly disputing our treatment of the prepaid rents on her two flat as we did a "its about half a month" and she wants it to the pigging day. I really cant be arsed to reissue the return. I am beginning to wish I had as I get daily essays quoting all sorts of stuff she has clearly spend hours researching in the internet, and I keep saying various of "I note your concern, but its not material and it will pop up next time around." I don't say, "albeit some other mug will be filing it". All for about £12 of tax which she will pay next year anyhow.
Poor planning = big tax bill.
Hmm. I think its one of those "announce we are cutting your arm off, so you are pleased when we only cut off your hand" type things.
it also gives plenty of room to backtrack and change before the day
I reckon they will do it, but from 2020.
And I also reckon they will be very disappointed by industries response which is likely to be a shoulder shrug and carry on as before as opposed to the capitulation we saw for the public sector who just put everyone on PAYE until they quit.
No doubt we will lose a few contractors, but I doubt it will be more than 10-20%.
Hi thanks for all your comments which all help in terms of framing my comments.
I should point out I am not invited to the full select committee, this is a private meeting feeding into that process, I don't know exactly what I will be asked about right now.
I do a good line in "please find attached the letter I sent you in August, the details are towards the bottom of page 1"
Not sure how well it goes down at the client end.
However there are rules about work related accommodation which may allow the old property to be his PPR for a while depending on circumstances etc.