Private residence relief removes the charge to capital gains tax on the taxpayer’s only or main residence. For the purposes of the relief, a taxpayer
With property prices varying wildly here’s what you need to know about selling a property under probate
Selling at property at below the probate value The property market is often volatile but throw a Coronavirus pandemic and a stamp duty holiday into
Special stamp duty land tax (SDLT) rules apply where there are multiple sales or transfers between the same buyer and seller. Linked transactions Where two
Selling the buy-to-let property at a loss The Covid-19 pandemic has caused financial hardship for many and the need to release funds may lead to
Temporary cut in SDLT – Who benefits? To boost confidence in the property market and to maintain the momentum that has been gained since the
It is easy to fall into the trap of assuming that legal and professional costs can be computed in calculating taxable profits if they are incurred wholly and exclusively for the purposes of the business; however this is only part of the story.
Legal and professional fees – Capital or revenue? At some point, a landlord is likely to incur legal and professional fees in connection with the
In essence, it’s all about the ‘wholly and exclusively’ test – could it be time to invest in some branded sweatshirts?
Dual purpose expenditure – can landlords claim a deduction? Landlords are able to claim tax relief for expenses that are incurred wholly and exclusively for
In this blog we set out the three conditions property must meet to be considered a furnished holiday let and to access all the advantages they bring, and top tip – letting to family or friends at a reduced rate doesn’t count!
Many Airbnb lets are used as holiday accommodation. From a tax perspective, furnished holiday lettings enjoy some tax advantages over other lets. So, is it
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
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
Joint tenants v tenants in common – Which you choose will depend on whether you’d like flexibility in allocating property income, and how you want your property to be passed on.
Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as
Today’s blog covers the serious curtailment to letting relief for landlords coming April 2020 – read more here.
Curtailment of letting relief Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating.
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
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