Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
3
Users
0
Reactions
1,182
Views
Topic starter
07/12/2020 8:30 pm
Hi all,
I need some advice...
I entered a Protected Trust Deed March 2018. My husband and I both did that year. We have a buy to let property which we let out too. My husband works full time, but I don’t work at all due to health reasons (Multiple sclerosis). I am on benefits. My question is about self-assessment tax returns.
It seems that my husbands trustee has taken over the tax and dealt with this for the first three years (2016 – 2017 / 2017 – 2018 / 2018 – 2019) and now we must complete it on our own (2019/2020 and onwards) . Is this true for us both when we entered into our Trust Deed? I have spoken to the HMRC personally over the past year and been honest about everything, but they have said that because I don’t work and don’t earn a lot of money then I don’t have to send one in. I have a high personal allowance that would cover my share of the tax. Does this sound right? They have set me up to now submit an online self-assessment for the years 2019/2020 and onwards. Does this sound right?
Everything has been fine, but I am worried about the HMRC.
Many thanks,
Kirsty
08/12/2020 9:49 am
Hi BMC.
I'm not a tax adviser or expert so I can only offer you an informal view.
However, if you've taken and followed guidance from HMRC then it seems unlikely that there's going to be any kind of problem here.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
08/12/2020 9:59 am
Hi TDA,
Thank you very for getting back to me. I really appreciate this.
Kindest regards,
Kirsty
Topic starter
19/02/2021 1:02 pm
Thank you for your advice. I am still a little confused about the Trust Deed concerning tax etc though. I feel the HMRC had a bigger paper trail in regards to outstanding tax owed with my husband than i did strangely. He works full time and obviously I dont. I understand that the TD will work with three years before the date the TD was signed but you have to carry on from there after. Is that true?
19/02/2021 10:06 pm
Hi BMC,
Apologies, but I'm not totally sure what you mean here.
Your trust deeds should cover any tax owed at the point that the trust deeds were signed though.
After your trust deeds were signed you'd be responsible for submitting the usual tax information and any tax liability that flows from that.
Does this help to answer your question?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
22/02/2021 11:39 am
Hello BMC
If you have rental properties, you must complete a tax return each year to declare the rental income.
Not wanting to complicate matters but your tax return should follow this calculation.
Rental Income for the year less interest payments to mortgage (only interest deductions permitted) and then you apply your Tax code. Some deductions are permitted.
If you haven't used your personal allowance then yes, it is possible no tax will be due.
You should speak to an accountant or go on a tax calculation website.
Hope this helps.
Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
