 Can you and your spouse claim the same children as dependents if you both provided for them for 2007? |
| My spouse and I are filing 'Married filing Separately' this year and was wondering if we could both claim the children as dependents since he paid for the childcare and some of the clothes ... |
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 Do I have to pay taxes if I have large amount of deposited in Bank of America? |
I have Bank Of America checking account, and I have a large amount of money transfer from my PayPal ( about over $2000/month ). Do I have to pay taxes although it is not my income?
(I will ... |
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 Employer won't send my W2's? |
| I left my last job which I was at for 7 years, I moved, and my employer won't send me my W2's. I am still in contact with a girl who works there still, as a friend & I gave her my ... |
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 Tax refund? |
| as i work for a company, can i claim back money on tools i buy to use for my work or is it only the company that can do ... |
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| Stmlus check? |
| if im getting chek in mail when should i recieve it my last two no.60 they said they started early with getting the direct deposit out will i get my check early when will i get it i hve kids they ... |
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 If i made a donation of 300$ what would i get back since it was tax deductible? PLEASE HELP MEE = D? |
| I made a donation of 300$...it was tax deductible and they gave me recipts to fill out and turn in when i do my taxes...what will i get back...will i get back everything i donated?? just curious and ... |
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 Federal Returns Vs. State Returns. Deposited on separate dates? |
I did my taxes online with turbotax.
Today, I received by state refund in my checking account (direct deposit) but I did not receive my federal return.
Is this normal?... |
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 What happens if you haven't filed a tax return for 6 years? |
| I just found out that my brother hasn't filed a tax return for the last 6 years. I guess it started because he thought he would owe a lot the first missed year but would of gotton a refund the ... |
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 Why don't we replace the income tax with a sales tax? |
| I'm talking on a federal level. A tax of 15-20% would be roughly equal to what the IRS takes in in sales tax. This would be more fair to the people, because it taxes on how much they spend, ... |
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 No stimulus check for me? |
Greetings,
As of today 5/02/08 I have not received a stimulus payment from the government. I did use direct deposit when I filed this year. Is it a logical assumption that I won't be ... |
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 I owe irs am i still eligable to receive stimulus? |
The irs is garnishee my disability checks, Can i still apply for a stimulus check and have that amount deducted from what I owe?
I know I still have until sometime in Oct 2008.
Thanks for ... |
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 Roth IRA question? |
| I want to open a roth IRA, but have no idea where to start, should I open up an IRA in a bank or online somewhere. Also do you have to pay income tax on the interest received every year? What are ... |
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 WHAT DO I DO IF I DIDNT GET MY STIMULUS.... what now? |
| Well simply put i made about 6k last year with my part time job so i do qualify and i am no a dependent by any means as i did file my own tax return. however i still did not get my tax return and ... |
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 McCain's tax return? |
| McCain's wife won't release her tax return as she files separately because she is worth more than 100mil. McCain only claims 405K. Is this the kind of person we want to continue running ... |
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 1099 what happens if you do not include on your taxes? |
| What happens if I do not claim a 1099?What are the chances of being caught.I made about $3000.00.I would like not to claim just found out I am being 1099... |
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9 mth old & another on the way | Renting our UK property out and moving overseas. TAX ? |
Hi my husband and I are moving to Australia in December and we are going to rent out our property we have been told we would have to pay Tax on the rental income.
1. If we only get enough to cover our mortgage, insurance and agency fees. Do we still have to pay tax?
2. How much tax would we have to pay %?
Thanks |
 |
 
sazm82
|
Hi!
You should register to join the NRL scheme with forms NRL1. This allows you to get your rents paid gross to you, so your letting agent will not withhold any tax at source. They are obliged to do this by law but when the NRL1 is prcessed, they get a letter (NRL8) sent to them. If your house is jointly owned, you will both need to do a form.
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
You will more than likely have to do a Self Assessment tax Return at the end of the year. You will have to declare your rental income on it but you can have allowable expenses which can reduce the taxable rental income. You cannot use the mortgage repayments, only the mortgage interest. Agentcy fees and insurance are both deductible too. See the Property Income Manual for the full list of expenses.
http://www.hmrc.gov.uk/manuals/pimmanual/index.htm
The rates of Income Tax are the same so any profit after expenses would be taxable.
If you had employment income aswell as rental income in the year of your departure, you may owe tax for that year, as you only get one personal allowance and it may have been used in your tax code. Your Self Assessment Return will give the overall tax bill at the end of the year. Total income over allowances would be taxed at the 20% and 40% bands.
Sorry it's long but I think it covers everything!!! :o)
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archery_dave
 |
I went overseas for two years, some time ago, and rented out my property. And it was worth it.
Yes, I had to pay tax, but there are certain expenses you can set against that tax. I used an agent, who turned out to be very good. She kept receipts for all necessary repairs, which I was able to use to reduce the tax bill.
We opened a separate bank account, just for the letting, in both the agents name and mine, so that everything was neat and tidy for the Inland Revenue. This also made it easy for her to use my money for essential repairs, etc.
I'm not sure what the tax rate is at present, but it was far better than leaving the property empty for two years! |
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Onestep downfrom God
 |
First, register with HMRC NRLS. (Non Resident Landlords Scheme) in Nottingham.
(form NRL1 can be downloaded from HMRC site)
If you don't do this tax will be deducted from the gross rents before they are sent to you.
The net rents (after interest, expenses etc) are taxabale but you will get a personal allowance against this, so tax due will be minimal.(at 20%) |
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David H
 |
1 No - so long as by "mortgage" you mean only the interest element
2 20% of any profit (assuming you don't make enough to get into the 40% bracket! |
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ian the k
 |
Yes you have to pay tax on the income.However if you were born in Britain you still have your tax allowances to offset against it.
You may also have to declare it as income in Australia even though you have declared it in the UK .I believe you arent taxed twice but you can only reclaim in oz what you have physically paid in cash-so if you have paid nothing in UK they will probably get you in Oz |
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Mark L
|
about20% |
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ANF
|
You can recover some of the tax with allowances for service charges, interest only on the loan, and what is know as dilapidation, these are essential repairs or maintenance required to the property and this includes routine redecorating. Have a word with the tax people and you will find them helpful. They will only tell you what is possible and not possible. They will not rob you. |
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dumplingmuffin
|
yes you do and lots of it,they tax you on the rent you recieve before you pay the mortgage out of it,it isnt really worth it anymore,unless you own a property out right without a mortgage |
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