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
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
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
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
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
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