Jointly-owned property – who pays the tax?
Where property is jointly-owned, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not.
Where property is jointly-owned, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not.
Businesses which are not using the cash basis can claim capital allowances for capital items such as plant and machinery, tools and equipment.
Capital gains tax private residence relief is available where a property is occupied as the taxpayer’s only or main residence.
There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names.
Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored). In working out the profits, expenses are deducted from rental income.
In his Budget on 29 October 2018, the Chancellor outlined a number of changes to main residence relief. The changes affect the final period exemption and the availability of lettings relief, which applies where a property which has at some time been an only or main residence, is let out.
Make the most of Capital Gains Tax (CGT) which is normally paid when an item is either sold or given away.
Over recent years individual property owners have been feeling the financial pinch of restrictive measures which means they are no longer able to deduct all their finance costs from their taxable income.
If you’re a landlord and you have undisclosed income, now is a good time to tell HMRC about any unpaid tax as they are running a ‘Let Property Campaign’.
HMRC is running a Let Property Campaign to help landlords avoid tax errors. Here we take a look at some of those potential pitfalls.
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