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
During the Covid-19 pandemic, landlords may have periods when their properties have been empty. Landlords letting furnished holiday lettings were particularly badly affected due the
Are you a buy-to-let landlord who’s decided to take a mortgage payment holiday? We explain the impact on this on tax relief for interest payments in today’s blog.
Mortgage payment holidays and interest relief for landlords In March, the Government announced that homeowners struggling to pay their mortgages due to Coronavirus would be
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
For landlords, the impact that unpaid or late paid rent has on the calculation of taxable profits depends on whether you prepare accounts on the cash basis or under the accruals basis. We go through some case studies in today’s blog
Late or unpaid rent – Impact on the calculation of a landlord’s taxable profits As with other sectors, landlords may be adversely affected by the
Not putting a property in joint names prior to selling is an easily avoided mistake – read our blog to see if this would benefit you.
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
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
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
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
HMRC have given new guidance on how stamp duty is applied to residential property which has land. Take a look at our short blog if you’re thinking of purchasing a property that has features such as farmland, stables or orchards.
Grounds and gardens for SDLT Stamp duty land tax (SDLT) on residential property also applies to land that form the garden or grounds of the
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.
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
Managing a rental business from home A landlord will often manage their property rental business from home, and in doing so will incur additional household
Today’s blog covers taxing rental deposits – what’s the most you’ve spent repairing after a tenant has moved out?
Rental deposits A landlord will usually take a deposit from a tenant when letting a property to cover the cost of any damage caused to