Pro-Taxman

Finance & Accounting>Property Partnership

Renting out a property at a rate below the commercial level might sound like a great idea – but it might cost you dearly if you try to seek tax relief for your expenses!

Properties not let at a commercial rent There may be a number of reasons why a property is occupied rent-free or let out at rent that is less than the commercial rate. This may often occur where the property is occupied by a family member in order to provide that person with a cheap home. …

Renting out a property at a rate below the commercial level might sound like a great idea – but it might cost you dearly if you try to seek tax relief for your expenses! Read More »

Do you have a second home? You might want to sell up before April 2020!

Private residence relief and the final period exemption From a capital gains tax perspective, there are significant tax savings to be had if a property has been the owner’s only or main residence. The main gains are where the property has been the only or main residence throughout the whole period of ownership as private …

Do you have a second home? You might want to sell up before April 2020! Read More »

Do you spend more than 6 months of the year outside the UK? Make sure you’re compliant

Non-residents landlord scheme A non-resident landlord is a landlord who lets out property in the UK but spends more than six months in the tax year outside the UK. A special tax scheme – the non-residents landlord scheme – applies to these landlords. Under the scheme, tax must be deducted by a letting agent or …

Do you spend more than 6 months of the year outside the UK? Make sure you’re compliant Read More »

A quick guide to what should be included when calculating the profit or loss for a property rental business.

Property income receipts – what should be included? When calculating the profit or loss for a property rental business, it is important that nothing is overlooked. The receipts which need to be taken into account may include more than simply the rent received from letting out the property. Rent and other receipts Income from a …

A quick guide to what should be included when calculating the profit or loss for a property rental business. Read More »

The letting of a jointly-owned property in itself does not give rise to a partnership, so what does?

Property partnerships A person may own a property jointly that is let out as part of a partnership business. This may arise if the person is a partner of a trading or professional partnership which also lets out some of its land and buildings. A less common situation is where the person is in a …

The letting of a jointly-owned property in itself does not give rise to a partnership, so what does? Read More »