Sometimes it’s easier to follow how a piece of legislation works visually rather than in words so we thought we’d revisit our Capital Allowances infographic.
Landlords are able to claim tax relief for expenses that are incurred wholly and exclusively for the purposes of the property rental business. However, some expenses have both a private and a business element
When it comes to owning property jointly you can opt for either being either joint tenants or tenants in common. You might be tempted to ask ‘does it really matter’? Well in our opinion it does.
Stamp duty land tax (SDLT) is payable in England and Northern Ireland on the purchase of property over a certain price. It applies equally to residential and non-residential properties, although the rates are different.
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence.
HMRC’s property rental toolkit highlights errors commonly found in tax returns in relation to property income.
Airbnb-type hosts can enjoy rental income of up to £7,500 tax-free under the rent-a-room scheme.
The annual tax on enveloped dwellings (ATED) is a tax that applies, in the main, to companies owning residential property which is valued at more than £500,000.
When it comes to taxing rental income, not all properties are equal. Different rules apply to properties which meet the definition of ‘furnished holiday lettings’.
For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some expenses prior to that date in getting the property ready to let and in finding a tenant and agreeing the let. Once the letting has commenced, expenses incurred in relation […]