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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a UK domiciled non-resident and not ordinarily resident.

Resolved Question:

I am a UK domiciled non-resident and not ordinarily resident. My main source of income in the UK is let property and state and company pensions, the latter exempt due to US-UK double taxation agreement. My net income from the let property (#38) is GBP19138. I had a loss of 2015 carried over from last year. The tax calculation shows my profit from UK land and property as GBP 37549. Am I missing anything?
Submitted: 11 months ago.
Category: Tax
Expert:  TonyTax replied 11 months ago.
Hi. What was the gross income from land and property in 2014/15? How much were the deductible expenses?
Customer: replied 11 months ago.
Gross Income: 51145
Expenses: 32007, broken down below
Rents/Rates/Insurance: 11024
Financial Charges/Fees: 12201
Management Fees: 4627
Other allowable expenses: 2867
Maintenance and repairs: 1288
Customer: replied 11 months ago.
Please acknowledge receipt of my answer.
Expert:  TonyTax replied 11 months ago.
You aren't missing anything. Assuming all the expenses are allowable, you should have a taxable profit of £17,123. I can only surmise that you have made an error when completing the data entry. You may have two sets of rental income figures. Have you accidentally disallowed some expenses or deleted them? I use the HMRC software for my own tax return and sometimes, you just have to go back to the start and go though each section again. I assume that you have not included your pensions. I hope this helps but let me know if you have any further questions.
Customer: replied 11 months ago.
I am using the ftax software. I've gone over the form at least twice and I don't seem to have done anything wrong. I did not include my pensions. It's a mystery to me.
Expert:  TonyTax replied 11 months ago.
I have received your post.
Expert:  TonyTax replied 11 months ago.
Does that software allow you to look at the SA105 rental income pages?
Expert:  TonyTax replied 11 months ago.
I don't use that software but the principles are the same. You have either deleted some expenses or disallowed them or created more than one set of rental figures. If you can see a summary of your entries on a plain screen as to via the data entry screens, that might help isolate the error. Other than that, it can only be a software error.
Customer: replied 11 months ago.
I am able to review the SA 105 rental income pages. In the software's automatic calculation it comes up with the correct income of 19138 before deducting the 2125 unused loss carried over from last year.
Expert:  TonyTax replied 11 months ago.
But not in the tax calculation? If that's the case, it's a software error.
Customer: replied 11 months ago.
I have sent an e-mail to ftax and I await their answer. Thanks for your help.
Expert:  TonyTax replied 11 months ago.
Thanks. I'd be surprised if you get an answer before Monday by which time you will have missed the submission deadline. Would you mind rating my answer before you leave the site please.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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