Dealing with taxes is a standard necessity for landlords and property investors. It can be a tedious exercise. With the right preparation, however, you can minimize both the time and the expense involved. If you are a landlord If you are a landlord, you are directly investing in property. If […]
Property owners become landlords for a variety of reasons but one thing that they all have in common is the desire to maximise rental income profits and/or capital growth from their property investment. A common mistake is to think that the only way that this can be achieved is by […]
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 […]
Over the past few weeks we’ve been thinking about how to structure our property businesses and this week we’re going to think about whether we should separate our activities into different companies and why. I’m often asked by investors if they should have just one company and within that company […]
Since Section 24 (which you can read about here), the UK tax landscape has changed. Following George Osborne’s decision to stop investors and landlords from offsetting mortgage interest when calculating the profit made from buy to let properties, the panorama has shifted. Whereas before it was considered tax efficient to […]
In my last blog post here I was thinking about how our property strategy and aspirations affect our tax bill and this week, I’m going to look at how our tax bill has changed since the amendments to Section 24. To start off, let’s set the scene by looking at […]
Sarah Bradford explores the tax reliefs on offer when renovating a buy-to-let property. Buying a property to renovate and then let out, can be an attractive proposition, particularly where the buyer has the skills to undertake a lot of the work him or herself. However, while the aim is to […]
Mark McLaughlin looks at furnished holiday lettings in the context of inheritance tax business property relief. Business property relief (BPR) is a valuable inheritance tax (IHT) relief, which is available to business owners if certain conditions are satisfied. The relief applies to ‘relevant business property’, including a business or interest […]
Mark McLaughlin highlights a tax case in which HMRC estimated a taxpayer’s property rental business expenses in the absence of sufficient records. Keeping full and proper records of property rental business expenses is an important task for landlords. For example, HM Revenue and Customs (HMRC) could seek to disallow such […]
Despite being designed to attract investment from overseas investors over 50 years ago, a tax policy is set to be withdrawn following the announcements within the recent budget. Creating widespread disapproval, the Chancellor has revealed that non-UK residents will be subject to UK tax charges when selling their residential and […]
