Quote request from an individual in Hertfordshire
- Created on
- Sat 11 January 2014 3:33pm
- Region
- Hertfordshire
- Type
- Individual
Current position:
I am not currently employed but my wife is just below the 40% tax threshold. I do not plan to go back to full time work in the short term until my children are through their exams in summer 2014 but this may change. I may well do some part time work or tutoring in the meantime but there is no short or mid term financial pressure to do so.
Immediate question:
I am currently buying a small flat using redundancy money and some savings, which will be let. I want to minimise tax from rental income and also CGT if and when I sell. I understand that to minimise tax on income, the flat will need to be solely in my name. In the event that the flat's value increases significantly, I believe that I can later change to joint ownership (legal fees quoted £400+VAT +disbursements) and that under current tax law my wife and I can both then take advantage of CGT allowance.
I would like to confirm whether this is the case.
Secondary question:
I would like a quote for completing my tax returns from 2014/2015 onwards from when it is likely that I will be renting a couple of properties.
I am not currently employed but my wife is just below the 40% tax threshold. I do not plan to go back to full time work in the short term until my children are through their exams in summer 2014 but this may change. I may well do some part time work or tutoring in the meantime but there is no short or mid term financial pressure to do so.
Immediate question:
I am currently buying a small flat using redundancy money and some savings, which will be let. I want to minimise tax from rental income and also CGT if and when I sell. I understand that to minimise tax on income, the flat will need to be solely in my name. In the event that the flat's value increases significantly, I believe that I can later change to joint ownership (legal fees quoted £400+VAT +disbursements) and that under current tax law my wife and I can both then take advantage of CGT allowance.
I would like to confirm whether this is the case.
Secondary question:
I would like a quote for completing my tax returns from 2014/2015 onwards from when it is likely that I will be renting a couple of properties.
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