Furnished holiday lets benefit from a number of tax advantages which are not available to landlords of residential lets. One of the main advantages is
Anyone who owns a property will need to carry out repairs and maintenance from time to time. Where the property is let out, the question
Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in
Have you reduced your rent or let family and friends stay in one of your properties during the pandemic?
Tax implications of uncommercial lets There are various circumstances in which a landlord may let a property at rate which is below the current market
Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more…
Reporting expenses and benefits for 2019/20 Employers who provided taxable expenses and benefits to employees in 2019/20 need to tell HMRC about them by 6
If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.
Furnished holiday lettings – What can you do if you fail to meet the occupancy tests due to the Covid-19 pandemic? Lets that qualify as
Pro-taxman in Hounslow strongly advises that you initially need to determine your residency status for the tax year in question. This is decided using the
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
This blog explains what qualifies for relief for finance costs, the limit on eligible borrowings, and how capital repayments work with a quick example.
Allowable finance costs Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the
Landlords – you must file your self-assessment tax return by 31 January 2020 to avoid a late filing penalty. Here’s what you need to know:
The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a
As business owners we all want to make sure our company is a great place to work. Have you considered giving your employees or even their family members educational scholarships?
Partnership rather than a limited company. We explain why in today’s blog. Employer-funded scholarships Special tax rules apply to scholarships, which include exhibitions, bursaries or
It can pay off to keep track of your business mileage you incur for your rental properties – here’s why.
Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do
When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and
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
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
Using the property rental toolkit to avoid common errors in returns HMRC’s property rental toolkit highlights errors commonly found in tax returns in relation to