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Friday, September 25, 2020

Tax

According to research from the NLA, 4 in 10 landlords are either seriously considering forming a limited company or looking into the option in the coming months. Can you - and more importantly should you - set up a company to...
This is a Guide to Tax Deductible Letting Expenses for Landlords under the new tax rules following the Summer Budget 2015. These may be subject to change and you are advised to consult a tax specialist before making any...
At the beginning of April this year, HMRC published an innocuous sounding document called "Revenue and Customs Brief 5/2013", which contained "draft revised guidance" on repairs and their treatment for income tax and corporation tax. This could mean no...
Capital Gains Rental Property - 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. Persons liable...
Council Tax and Students  - I am letting a student house (which is an HMO) to students. Everyone in the house is a student, so do I need to pay Council Tax? With normal (not student) HMO tenants the landlord...
Taxation of Property Income - I have recently purchased a second home and have let it to tenants; do I need to declare my rental income and what might I have to pay? As a UK resident with rental income...
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,...
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...