HMRC have the power to “enquire” into any tax return from a company, a partnership, or an individual. They do not have to give a reason for the enquiry. Anyone in the property business may face an Enquiry – a certain number of random Enquiries are opened every year. Enquiries come in different forms:
This post outlines a number of additional reliefs that are available, which can help to reduce the CGT liability further in certain scenarios. Please Note: From April 2015 the rules applying when a non UK resident sells a UK residential property, and the rules for UK capital gains tax when he does so, have changed.
Tax Tips Q&A is a brand new monthly blog series. In this series, we will be sharing property questions and answers from ‘247 Property Tax Questions Answered’. In this guide Arthur Weller answers tax questions on Capital Gains Tax, Buy-to-let Tax, Inheritance Tax, Gifting Tax and so much more. This week’s Q&A tax tips are […]
Anyone wishing to run a business in the UK has a wide choice of ways to organise it. Each possible structure has its own advantages and disadvantages. This post gives an overview of the three basic types of business structure that are commonly used.
The UK’s tax system is currently based on “Self-Assessment”. People who have untaxed income (such as rents from property or income from self-employment), or who have high incomes generally, are sent an annual Self-Assessment Return for each tax year, shortly after the end of that year on 5 April.
This is a special type of furnished letting, and it enjoys a number of tax advantages over the ordinary letting of furnished or unfurnished residential accommodation. We will look in detail at the advantages and the rules, but in summary, the advantages are:
No one likes property taxes but there are legitimate ways to reduce taxes and sometimes even avoid them altogether. At Landlord Vision we build property tax into everything we do because the software has to be able to help landlords manage their finances and fill in their tax returns. But we’re also experts as well…
Deposits From Tenants It is common practice for a landlord to take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property by the tenant. A deposit of this nature may be referred to as a security deposit, a damage deposit or a rental deposit. […]
Our sister site Tax Insider helps landlords and other taxpayers to understand taxation matters and to reduce their tax burdens. In this guest post they explain Private Residence Relief and what you need to know about it.
Our sister site Tax Insider helps landlords and other taxpayers to understand taxation matters and to reduce their tax burdens. In this guest post they explore personal and company ownership and look at the pros and cons of each ownership model.
Many a property developer has spotted the potential of buying a large property and converting it into flats in order to maximise profit, and landlords can do this with their properties too.
What is Legal Ownership? Legal ownership reflects who is responsible for the land/property. The parties registered under the Land Registry are the legal owners. Under English law, no more than four persons can be formally registered as the legal owners of a parcel of land/property. Those (up to) four persons are essentially equal.
This is the third part of a series which has looked at the different methods of accounting landlords can use and what the pros and cons are taking into account the current Covid pandemic.
Our sister site Tax Insider helps landlords and other taxpayers to understand taxation matters and to reduce their tax burdens. In this second of three guest posts from Tax Insider you can learn how Coronavirus has impacted landlords using the Accrual Basis.
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