3.2 C
London, UK
Saturday, November 18, 2017

Tax

Tax Deductions - What deductions and expenses can I claim against my rental income? Taxation of rental income is as investment income taxed at your marginal rate, though because rental income comes under Schedule A you can claim expenses very...
Rent a Room Scheme – I intend to let a room in my home to a lodger. Do I have to declare the income I receive to HMRC and if so how will this be taxed? Any income you receive...
Question: How long should accounts be kept to satisfy the authorities, things like accounting files, invoices and tax records, as a property landlord? Answer: You must keep your records for 6 years after the tax year to which they apply,...

Capital Gains

3028
I understand that Capital Gains Tax (CGT) on property sales has undergone some changes since April 6, 2008. How do I calculate my CGT liability after this date? Calculating Capital Gains Tax – Sales after April 6, 2008 To work out...
Should I buy residential buy-to-lets in my own name or form a company? For most residential buy-to-let investors the answer is a resounding buy in your own name. By buying in your own name, you are entitled to capital gains tax...

Council Tax

2626
Council Tax - I have let my property for less than 6 months and now the council are telling me that I, as landlord, am liable for the Council Tax, not the tenant. Can this be right? I would...
I want to gift my property to my children but I need to keep living in my home. I would also consider gifting some investment property, but would still need to receive the rental income. Is it possible to...

Stamp Duty

4346
Stamp Duty - Stamp Duty Land Tax Stamp Duty on Property PurchasesThe main rates of stamp duty (Stamp Duty Land Tax from December 2003) on property sales remain unchanged in the 2003 budget at: Residential Property: Property Value Duty Payable £0 to 60,000 0% £60,001 to £250,000 1% £250,001 to...

Property Tax

1374
Property Tax Here are 7 Steps to cutting it Key Points: Property Tax Planning is Important - you need to think ahead with property purchases. Develop a tax efficient investment strategy Plan for the future benefits to your family Use a good accountant Did you...
Key Points: Investing in Property - Some important Financial Considerations. Claiming all you can - the importance of good management. Tax allowances and tax planning considerations. As letting property gets more competitive and the period of hyper-inflation in property prices comes to an...