Reporting residential property gains
If you make a chargeable gain on the sale of a UK residential property, you will need to report the gain to HMRC within 60
If you make a chargeable gain on the sale of a UK residential property, you will need to report the gain to HMRC within 60
The property allowance is a useful allowance that allows you to earn property income of up to £1,000 tax-free each tax year. If your income
Private residence relief removes the charge to capital gains tax on the taxpayer’s only or main residence. For the purposes of the relief, a taxpayer
Selling at property at below the probate value The property market is often volatile but throw a Coronavirus pandemic and a stamp duty holiday into
Special stamp duty land tax (SDLT) rules apply where there are multiple sales or transfers between the same buyer and seller. Linked transactions Where two
Selling the buy-to-let property at a loss The Covid-19 pandemic has caused financial hardship for many and the need to release funds may lead to
Temporary cut in SDLT – Who benefits? To boost confidence in the property market and to maintain the momentum that has been gained since the
Legal and professional fees – Capital or revenue? At some point, a landlord is likely to incur legal and professional fees in connection with the
Dual purpose expenditure – can landlords claim a deduction? Landlords are able to claim tax relief for expenses that are incurred wholly and exclusively for
Many Airbnb lets are used as holiday accommodation. From a tax perspective, furnished holiday lettings enjoy some tax advantages over other lets. So, is it
The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a
Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do
Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as
Curtailment of letting relief Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating.
Non-residents landlord scheme A non-resident landlord is a landlord who lets out property in the UK but spends more than six months in the tax
Using the property rental toolkit to avoid common errors in returns HMRC’s property rental toolkit highlights errors commonly found in tax returns in relation to
Copyright © 2023 Pro-Taxman. All rights Reserved.