09 - September 2019Today’s blog covers the serious curtailment to letting relief for landlords coming April 2020 – read more here.
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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. From 6 April 2020, lettings relief – a valuable capital gains tax relief which is available where a property which has at some point been the owner’s only or main […]
06 - September 2019Do you have a second home? You might want to sell up before April 2020!
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Private residence relief and the final period exemption From a capital gains tax perspective, there are significant tax savings to be had if a property has been the owner’s only or main residence. The main gains are where the property has been the only or main residence throughout the whole period of ownership as private […]
18 - August 2019Do you spend more than 6 months of the year outside the UK? Make sure you’re compliant
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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 year outside the UK. A special tax scheme – the non-residents landlord scheme – applies to these landlords. Under the scheme, tax must be deducted by a letting agent or […]
16 - August 2019A quick guide to what should be included when calculating the profit or loss for a property rental business.
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Property income receipts – what should be included? When calculating the profit or loss for a property rental business, it is important that nothing is overlooked. The receipts which need to be taken into account may include more than simply the rent received from letting out the property. Rent and other receipts Income from a […]
14 - August 2019If you use the property rental toolkit, do you think it’s useful?
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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 property income. The toolkit can be used to help avoid those errors, some of which are discussed briefly below. Computation For unincorporated property businesses, the default basis is the cash […]