Tax advise if you please :)

[unclemark123]

I am a self employed sole trader tradesman working almost entierly on cis/utr.

I also have 3 flats let out, all mortgaged.

The flats income is currently assesed as mine only. I am married and my wife only works part time, and is not paying tax as she does not earn enough.

Can I proportion half the profit from the flats to my wife? I know a landlord who tells me he even proportions profit from some of his property to his son/grandson (can't remember which).

I just want to pay as little tax as possible on the flats.

As interest rates are currently so low the return is very good on the letting, as the mortgages are so low (trackers).

Mark

[Eric Mc]

Do you jointly own the flats with your wife. Who's name is on the deeds (NOT the mortgage).

Do you use an accountant?

What were your plans for Capital Gains Tax?

If not, why not?

Why is this question in this forum - since it has nothing to do with Jobs and Employment?

[unclemark123]

Eric Mc said:

Do you jointly own the flats with your wife. Who's name is on the deeds (NOT the mortgage).

Do you use an accountant?

What were your plans for Capital Gains Tax?

If not, why not?

Why is this question in this forum - since it has nothing to do with Jobs and Employment?

Hi Eric.

My name only is on the deeds, although, I know this is the wrong answer...but.... She contributes to the mortgage, and if we were ever to divorce she would be entitled to half anyway. I know in the eyes of the taxman it does not matter, but this surely must be wrong.

I do use an accountant, although he is not the most forthcoming with info, and is expensive, so I am currenly looking for new one. I have no plans for cgt, can you elaborate please.

And yes wrong forum, whoops.

Mark.

[Eric Mc]

unclemark123 said:

Eric Mc said:

Do you jointly own the flats with your wife. Who's name is on the deeds (NOT the mortgage).

Do you use an accountant?

What were your plans for Capital Gains Tax?

If not, why not?

Why is this question in this forum - since it has nothing to do with Jobs and Employment?

Hi Eric.

My name only is on the deeds, although, I know this is the wrong answer...but.... She contributes to the mortgage, and if we were ever to divorce she would be entitled to half anyway. I know in the eyes of the taxman it does not matter, but this surely must be wrong.

I do use an accountant, although he is not the most forthcoming with info, and is expensive, so I am currenly looking for new one. I have no plans for cgt, can you elaborate please.

And yes wrong forum, whoops.

Mark.

I'd see about getting her name on the deeds at the earliest opportunity. Obviously, it would need to be done formally so legal advice is a must.
You can transfer property or a share of property to a spouse with no Inheritance or Gift Tax.

Once the property is jointly owned, then rental income and profits can be split equally between you.

If the property is eventually sold and makes a gain, if it is jointly owned, the gain will be split 50/50 and both of you will be able to claim your individual annual Capital Gains Tax allowances, currently £10.600 each.