From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional
In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain
First-time buyer relief may reduce the stamp duty land tax (SDLT) that a first-time buyer pays when they buy their first home in England or
The rent-a-room scheme allows people to earn rental income tax-free when they let out a furnished room in their own home. You do not have
The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC
Of the sectors of the UK economy affected by the pandemic, it has been the travel and tourism sector that has been hit most. One
Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
If you already own at least one property and you buy a residential property in England orNorthern Ireland, you may have to pay the stamp
When it comes to let properties, furnished holiday lettings (FHL) are a special case andbenefit from a number of concessions not available to standard lets.
Where a chargeable gain arises in respect of a UK residential property, since April 2020, thegain must be reported to HMRC and a payment made
A SIC code stands for Standard Industrial Classification code and classifies your business activity at Companies House. SIC code for a company can be changed
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