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Business Rates are based on the rateable value of the property, which therefore has a relationship to its rental value. This rateable value can be challenged by occupiers and owners if they feel it is incorrect by way of a Rating Appeal.
Capital Allowances are tax deductible amounts to compensate or give relief for the diminution over time in the value of an asset. This article explains the different elements of capital allowances which affect landlords.
New updates for Furnished Holiday lettings (FHL)
Capital Gains are made when an asset (such as an investment property) is sold for more than it cost. Capital Losses are made when an asset is sold for less than it cost. This article explains capital gains tax, the changes made by the budget and how you can calculate capital gains and losses on the disposal of investment property.
Each local authority maintains a list of all the domestic property in its area. Each property is given a valuation as at 6th April 1991. It is important for a landlord to understand council tax when running their business.
This article highlights the deductible expenditures that landlords face, including repairs to let properties, loan interest, management expenses, letting fees, tax, travelling expenses, advertising expenses and expense of providing a service.
This FHL helpsheet is designed to help you fill in the UK Property pages of the Self Assessment Tax Return, where you think you may have income from a furnished holiday letting (FHL). This could be either in the UK or the EEA.
A letting is regarded as a furnished holiday letting where the property is furnished and the letting needs to meet specific qualifying tests. This article explains the changes in legislation and how to keep accounts.
Liability to UK Income tax on income received from sources outside the UK is determined by an individual’s residence and domicile. For individuals who are both resident and domiciled within the UK all worldwide income must be declared but credit may be given for any foreign tax paid.
This article outlines Inheritance Tax, the rates charged and potential exempts available.
Some landlords who do not use a landlords' accounting service believe that if the mortgage payments for the property exceed the rental income received, they will not be required to declare the income as they are not making a profit, but this is not true and it is important to understand what the implications are. This article highlights both popular misconceptions and overlooked deductible expenses.
Rent-a-room relief provides a favourable tax regime if you satisfy certain criteria. This article looks at the rent a room scheme and explains the pro and cons that landlords face.
An individual’s residence and domicile are vital to identifying what income is to be charged to tax and so is an important issue for Landlords to understand.
With self-assessment it is up to you to notify HMRC of how much tax you owe by completing a self assessment tax return with details of your income and gains. This article discusses tax records, collection through PAYE and the deadlines for tax returns.
The new penalty regime will apply to returns submitted after 1st April 2009, so the new penalties will apply to the returns of individuals for the current tax year. For companies it will apply to returns of profits of accounting periods commencing on or after 1st April 2008. This article also explains disclosures, inaccuracies and the penalties that landlords can face.
Property Investment and Renting (landlording) is normally a long-term project, so there are long-term implications for your property's income and capital gains taxation. To make the most of your investment as a landlord and property investor you need to be aware of all the tax implications and keep abreast of these as time goes by.
Tax is charged on the annual profits or gains arising from any business carried on in order to obtain rents or other receipts from any property in the UK. This article explains many topics landlords need to be aware of including the basis of assessment, accruals, Income chargeable, allowable deductions, capital allowances and carrying losses forward.
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