With higher costs and therefore restricted margins, confusion around VAT status could be putting off property investors from capitalising on a less optimistic market – but ‘alt-fi’ can remove worries about that potential extra 20%, says Freddie Digby, CCO of Adsum. Commercial property has always been a wise, if turbulent, […]
The Property Tax Insider team explains how landlords can obtain tax relief when replacing certain domestic appliances. Where a landlord lets a property, domestic items may be provided as part of the let. Where the let is unfurnished, this may only include curtains and minimal white goods, whereas in a […]
Here we look at the rules for claiming tax relief on expenses incurred before you first let a property. Landlords know that the easiest time to update a property is before it is first let. But, however necessary the work, will HMRC say it is capital expenditure that cannot be […]
Mark McLaughlin looks at a private residence relief case involving an individual’s delay moving into a dwelling whilst it was being built. The extent to which capital gains tax (CGT) principal private residence (PPR) relief is available on the disposal of an individual’s only or main residence is straightforward to […]
Lindsey Wicks examines the tax treatment for landlords of security deposits. The tax treatment of security deposits received by landlords has been thrown into the spotlight by the consultation on the cash basis becoming the default method of taxation for eligible unincorporated property businesses, which was expected to be introduced […]
HMRC have recently published a series of case studies which aim to help landlords avoid common mistakes when working out and reporting income and profit from renting out property. Some of the situations covered by the case studies are explored below. The case studies are taken from HMRC’s guidance. Remortgaging […]
In September 2013, HM Revenue & Customs (HMRC) announced a new nationwide campaign, targeting residential property landlords who were not declaring their rental income to the taxman. This is probably the largest (and longest) onshore campaign that HMRC has launched to date and it is likely to affect many thousands […]
The capital gains tax (CGT) legislation which provides for relief on the disposal of a private residence includes a provision (in TCGA 1992, s 224(3)) which appears to deny the normal exemption for capital gains on a ‘main residence’ if you hoped to sell it at a profit when you […]
