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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Again, we spoke a couple of weeks ago about my father

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Hello again, we spoke a couple of weeks ago about my father in law's estate. I'm aware that we we need to do 2 things - a) file the SA900 for both tax years in question (2014/15 and 2015/16 eventually), and b) prepare 'estate accounts'... Please could
you confirm if it would be my wife who files the SA900 (as executor). Our accountant wasn't sure how this actually works, i.e. electronic filing. And in both cases - the SA900 and estate accounts, I wasn't sure what expenditure is meant to be included. Pension
income, and income from property rentals = income, I can understand that side. But, what about expenditure. Would this include mortgage interest on the properties my father in law rented out? And what about the costs of running the estate since he passed away
- bills, accountancy fees, legal fees, even funeral expenses - are they included on the SA900 and estate accounts? Thanks for your help. Again, my own professionals haven't been able to answer these fundamental questions in the way I'd have liked :)
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site.
Thank you for requesting I help you with your question.
I am going to be away from my desk this evening and I will revert to you tomorrow. I hope this is acceptable.
Many thanks
Customer: replied 1 year ago.
Of course, many thanks for your help.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for being considerate..
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your patience.Attached file has my response to points raised by you and links to relevant helpsheets. I hope this is helpful and answers your question.
Customer: replied 1 year ago.
Hello,Many thanks for your help. If you wouldn't mind, would you mind looking at these follow up questions?1) With the property expenses - it makes sense that these are allowable. My father in law had significant property losses on his last SATR when he died. We already filed his 14/15 personal SATR. Can they be carried over to the estate tax return, or is the estate a separate entity from him, as a person?2) The only income my father in law received (from the estate) was property related, and as you can't offset non-property expenses against property income... any other costs/expenses we may have incurred running the estate are irrelevant from a tax point of view. Is this your understanding?Thanks again for your help, James
Customer: replied 1 year ago.
Sorry a correction to Q2) The only income the ESTATE received following my father in law's death... was property related...
Expert:  taxadvisor.uk replied 1 year ago.
James, thanks for your reply.I will revert to you tomorrow. Many thanks.
Expert:  taxadvisor.uk replied 1 year ago.
James, thank you for your patience. [Question]1) With the property expenses - it makes sense that these are allowable. My father in law had significant property losses on his last SATR when he died. We already filed his 14/15 personal SATR. Can they be carried over to the estate tax return, or is the estate a separate entity from him, as a person? [Answer]To the best of my knowledge and understanding of utilisation of property income losses, the chapter is closed when a person dies and these pre-death unutilised losses cannot be carried forward by the estate. 2) The only income the ESTATE received following my father in law's death was property related, and as you can't offset non-property expenses against property income... any other costs/expenses we may have incurred running the estate are irrelevant from a tax point of view. Is this your understanding? [Answer]For tax purposes, only income expenses are allowable as Trust Management Expenses (TMEs). Expenses that are incurred for the benefit of the capital beneficiaries, or for the benefit of both income and capital beneficiaries (‘the whole estate’), are not allowable as TMEs. They cannot be charged to income, and they cannot be apportioned.I hope this is helpful and answers your question.If you are happy and there are no more issues I will appreciate if you would kindly rate my service/accept the service I have provided to ensure I get credited for it by Just Answer.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4803
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Customer: replied 1 year ago.
Hello,Thanks once again. You've really helped sort out some things I've been really concerned about over the last few weeks.Kind regards, James
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Your reward of a generous bonus is greatly appreciated.
Best wishes.

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