Personal tax - your thoughts?

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  • GGG
    GGG Registered Posts: 11 New contributor 🐸
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    As for confidentialy question I personaly said I wouldn't pass the info as all the client's info is confidential. However, i was happy to get my cousin phone number for her and she could call him. Also i said that if she wants me to pass her phone numebr I would need proper letter of authorisation to file with all my documents just in case. Anyone agree?
  • chrislloyd
    chrislloyd Registered Posts: 24 New contributor 🐸
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    Ive totally mucked up on capital gains on section2 i think

    1. got 70000 for bungalow
    2. around £154000 for land


    are these wrong?
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    For the rental question I had 9 months @ £800 & 1 month @ £8000 = £8000. The figures may be wrong as cannot remember! I then took off £1600 as bad debt, and then calculated the 6% on the 10 months that the property was let.

    For the other one I took off the WTA of 10% which was the rental income less the council/water rates of £1400.
  • mrspnut
    mrspnut Registered Posts: 70 Regular contributor ⭐
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    Cyfarthfa wrote: »
    Yeah I did that, but what did you calculate the 6% commission on??

    I calculated it on the actual rent that should have been received and then took off the irrecoverable rent after I'd calculated it.
  • Cyfarthfa
    Cyfarthfa Registered Posts: 62 Regular contributor ⭐
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    I did it on rental income, but put a note on bottom saying it was calculated on that as wasn't sure if he wanted it empty for jan and feb or just couldn't find any tenants.
  • Jointy
    Jointy Registered Posts: 78 Regular contributor ⭐
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    dobbieobby wrote: »
    I did it on rent x 12 x 6% =

    Anyone else??

    me to wasnt sure if to do it on net rent after bad debts but decided to do it on gross got £432.
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    chrislloyd wrote: »
    Ive totally mucked up on capital gains on section2 i think

    1. got 70000 for bungalow
    2. around £154000 for land


    are these wrong?

    Chris,

    I got £70,000 for the bungalow too. As he never let it out I treated it as a straight chargeable gains questions - proceeds minus cost = £70,000 : )
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    Jointy wrote: »
    me to wasnt sure if to do it on net rent after bad debts but decided to do it on gross got £432.

    reconise these figures
  • Cyfarthfa
    Cyfarthfa Registered Posts: 62 Regular contributor ⭐
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    lewpylew wrote: »
    For the rental question I had 9 months @ £800 & 1 month @ £8000 = £8000. The figures may be wrong as cannot remember! I then took off £1600 as bad debt, and then calculated the 6% on the 10 months that the property was let.

    For the other one I took off the WTA of 10% which was the rental income less the council/water rates of £1400.

    Oh no - not another mess up - did the rent change from £800 to £8000?
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    lewpylew wrote: »
    Chris,

    I got £70,000 for the bungalow too. As he never let it out I treated it as a straight chargeable gains questions - proceeds minus cost = £70,000 : )

    ooo another i got the same
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    Cyfarthfa wrote: »
    I did it on rental income, but put a note on bottom saying it was calculated on that as wasn't sure if he wanted it empty for jan and feb or just couldn't find any tenants.


    See I thought this as it did not specify how the commission was paid! Should have written a note and a smiley face like I normally do!!
  • Claire321
    Claire321 Registered Posts: 209 Dedicated contributor 🦉
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    dobbieobby wrote: »
    I did it on rent x 12 x 6% =

    Anyone else??

    I did it on rent x 8 months x 6
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    Cyfarthfa wrote: »
    Oh no - not another mess up - did the rent change from £800 to £8000?


    No sorry that's my dumpy fingers - think £8k was the total for 10 months! Sorry x
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    i also missed putting the 31st jan and relised just as i walked out of the room, they hid that well in a question
  • Sally
    Sally Registered Posts: 69 Regular contributor ⭐
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    Cyfarthfa wrote: »
    I did it on rental income, but put a note on bottom saying it was calculated on that as wasn't sure if he wanted it empty for jan and feb or just couldn't find any tenants.

    So you did get 12months rental income and 2 of these as irrecoverable then.. thank goodness. I calculated the 6% commission on the 12 months rent he/she had received although as property vacant for 2 months not sure!?
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    What did you do re accommodation benefit in 1.1?

    I think I took annual value then worked out £125,000-£75,000X6.25% and added them together. Took off the contribution costs....! I hate that formula and literally read it as I left home to walk to college!
  • Claire321
    Claire321 Registered Posts: 209 Dedicated contributor 🦉
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    Sally wrote: »
    So you did get 12months rental income and 2 of these as irrecoverable then.. thank goodness. I calculated the 6% commission on the 12 months rent he/she had received although as property vacant for 2 months not sure!?

    I assumed that the agent would deduct their commission from the rent actually received from the tennants?
  • Sally
    Sally Registered Posts: 69 Regular contributor ⭐
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    Cyfarthfa wrote: »
    I did it on rental income, but put a note on bottom saying it was calculated on that as wasn't sure if he wanted it empty for jan and feb or just couldn't find any tenants.
    Cyfarthfa wrote: »
    Oh no - not another mess up - did the rent change from £800 to £8000?

    No wonder they did a bunk!!!!
  • talinka
    talinka Registered Posts: 45 Regular contributor ⭐
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    Hi, on benefits in kind question how was the amount for the flat calculated? How do you treat the household expenses she paid?
  • Claire321
    Claire321 Registered Posts: 209 Dedicated contributor 🦉
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    lewpylew wrote: »
    What did you do re accommodation benefit in 1.1?

    I think I took annual value then worked out £125,000-£75,000X6.25% and added them together. Took off the contribution costs....! I hate that formula and literally read it as I left home to walk to college!

    I think I had the same but for a moment I couldn't remember if an expensive property was over £75,000 or £175,000 - luckily I went with £75,000!

    Its silly the little things you panic you can't remember
  • Ed1
    Ed1 Registered Posts: 51 Regular contributor ⭐
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    lewpylew wrote: »
    What did you do re accommodation benefit in 1.1?

    I think I took annual value then worked out £125,000-£75,000X6.25% and added them together. Took off the contribution costs....! I hate that formula and literally read it as I left home to walk to college!
    I did that, but also added 20% of the furniture value.
  • Jointy
    Jointy Registered Posts: 78 Regular contributor ⭐
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    lewpylew wrote: »
    No sorry that's my dumpy fingers - think £8k was the total for 10 months! Sorry x

    i think they did a bunk in oct and nov and it was empty dec jan & feb and then new tenants in march

    so i got 9 x 800 = 7200

    bad debt 2 x 800 = -1600

    commision 6% x 7200 = 432
  • Claire321
    Claire321 Registered Posts: 209 Dedicated contributor 🦉
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    Ed1 wrote: »
    I did that, but also added 20% of the furniture value.

    I added that too (forgot about that until you mentioned it)
  • Cyfarthfa
    Cyfarthfa Registered Posts: 62 Regular contributor ⭐
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    Sally wrote: »
    So you did get 12months rental income and 2 of these as irrecoverable then.. thank goodness. I calculated the 6% commission on the 12 months rent he/she had received although as property vacant for 2 months not sure!?

    I put 10 months rent and then as allowabe expenses 2 months bad debt. The other 2 months Jan and Feb it was empty so no rent due.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    talinka wrote: »
    Hi, on benefits in kind question how was the amount for the flat calculated? How do you treat the household expenses she paid?

    i so need to read up missed this also it should have been 20% on annual value or something like that for funiture
  • Claire321
    Claire321 Registered Posts: 209 Dedicated contributor 🦉
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    talinka wrote: »
    Hi, on benefits in kind question how was the amount for the flat calculated? How do you treat the household expenses she paid?

    I added the household expenses to the taxeable benefit but then deducted as she had paid/contributed but not sure if you had to actually show the addition and deduction?
  • GGG
    GGG Registered Posts: 11 New contributor 🐸
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    Jointy wrote: »
    i think they did a bunk in oct and nov and it was empty dec jan & feb and then new tenants in march

    so i got 9 x 800 = 7200

    bad debt 2 x 800 = -1600

    commision 6% x 7200 = 432

    I did the same:
    8*800=6400
    less 2*800=1600
    1*800=800
    less comms (432)
    total:5168
  • talinka
    talinka Registered Posts: 45 Regular contributor ⭐
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    It was 20% on furniture, however she contributed 100 each months towards it, so I deducted that from 20%*cost. But I did ignore the household expenses.
  • Jointy
    Jointy Registered Posts: 78 Regular contributor ⭐
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    I thought the employee contribution was against furniture

    furniture £8000 x 20% = £1600
    employee contn £100 x 12 = -£1200
    benefit £400
  • Sally
    Sally Registered Posts: 69 Regular contributor ⭐
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    Cyfarthfa wrote: »
    I put 10 months rent and then as allowabe expenses 2 months bad debt. The other 2 months Jan and Feb it was empty so no rent due.

    I cant remember now!!! i had to write the months down along the side of the page to count up months of occupancy so if i've got this wrong after that ....i'm rubbish!!

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