Pro-Taxman

Property Taxation

Property repairs and maintenance – what can you deduct?

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 arises as to whether the landlord can deduct the expense in calculating the profits of their property rental business. What is a repair? A distinction is drawn between repairs and …

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Tax implications of student lets

As the new academic year begins, for student starting or returning to university, the 2020/21 academic year looks very different to normal. While many students may opt to stay at home and study online, those studying away will need somewhere to live – for many, this will be in private rental accommodation. The student market …

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Exploiting the staycation trend – Buying a holiday let

Those looking to buy an investment property may wish to consider a holiday let. Not only do the second and subsequent homes benefit from SDLT savings as a result of the temporary increase in the SDLT threshold, they can also benefit from the favourable tax regime for furnished holiday lettings. Tax advantages There are special …

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Buy to let house for sale

Considering selling your buy-to-let property? The late filing penalties for delaying to notify HMRC are no longer paused, read the latest here.

Capital gains tax implications of selling the buy-to-let There may come a time when a landlord no longer wants to hold a buy-to let property and puts the property on the market. When selling an investment property, such as a buy-to-let, it is important to be aware of the capital gains tax implications, and also …

Considering selling your buy-to-let property? The late filing penalties for delaying to notify HMRC are no longer paused, read the latest here. Read More »

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 able to take a three-month mortgage payment holiday. They confirmed that this option would also be available to buy-to-let landlords, who may suffer cashflow difficulties if, as a result of …

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. Read More »

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 academic, from a tax perspective at least, whether a couple own it jointly or it is the one name only. In either case, the relief shelters any gain that arises …

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. Read More »

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 running of their property rental business. It is easy to fall into the trap of assuming that these costs can be computed in calculating taxable profits if they are incurred …

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.   Read More »

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 commercial rate. This may often occur where the property is occupied by a family member in order to provide that person with a cheap home. …

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! Read More »

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 be avoided. Landlords will need to complete the property income pages. Particular care should be taken where the landlord has a loan or a mortgage …

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: Read More »

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught.

Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift, it is important to ascertain …

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught. Read More »