Pro-Taxman

Property letting

Letting a property at less than market rent

This year has been difficult for many and landlords may not have been able to secure the full market rent for a property. Landlords may have reduced the rent charged to long-standing tenants struggling as a result of the pandemic. Alternatively, they may have allowed family or friends to occupy the property, either rent-free or …

Letting a property at less than market rent Read More »

Using your own car in your property business

A landlord running an incorporated business is likely to need to use their own car for the purposes of the business. Where this is the case, what can they claim by way of expenses? Two options Costs incurred wholly and exclusively for business purposes can be deducted when working out the profits of a property …

Using your own car in your property business Read More »

Lockdown 2.0 – Can your holiday let still count as a FHL?

Hard on the heels of a series of local lockdowns, England entered into a second national lockdown from 5 November 2020 to 2 December 2020. Separate restrictions applied to Scotland, Wales and Northern Ireland. The restrictions dealt a further blow to the hospitality and leisure industry and landlords letting holiday cottages were once again faced …

Lockdown 2.0 – Can your holiday let still count as a FHL? Read More »

Claiming a deduction for pre-letting expenses

For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some expenses prior to that date in getting the property ready to let and in finding a tenant and agreeing the let. Once the letting has commenced, expenses incurred in relation …

Claiming a deduction for pre-letting expenses Read More »