Allocating income for tax when property is jointly owned
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax
A landlord will normally take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property
Most people do not expect to pay capital gains tax when they sell their only or main home, particularly if the property has been their
As part of the Chancellor’s Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax Payment on Account instalment until
The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free
In his Economic statement on 8 July 2020, Chancellor Rishi Sunak highlighted that property transactions fell by more than 50% in May, while house prices
During the Covid-19 pandemic, landlords may have periods when their properties have been empty. Landlords letting furnished holiday lettings were particularly badly affected due the
Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as
Buying a property to let – the importance of keeping records from day one For tax purposes, good record keeping is essential. Without complete and
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