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…

Continue Reading 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!

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 type finance costs that are…

Continue Reading This blog explains what qualifies for relief for finance costs, the limit on eligible borrowings, and how capital repayments work with a quick example.

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 late filing penalty is to…

Continue Reading 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:

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…

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

If you use the property rental toolkit, do you think it’s useful?

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 property income. The toolkit can…

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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…

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

Make the most of your allowances

The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take…

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