18 - July 2020Considering selling your buy-to-let property? The late filing penalties for delaying to notify HMRC are no longer paused, read the latest here.
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Capital gains tax implications of selling the buy-to-let There may come a time when a landlord no longer wants to hold a buy-to let property and puts the property on the market. When selling an investment property, such as a buy-to-let, it is important to be aware of the capital gains tax implications, and also […]
15 - July 2020Have you reduced your rent or let family and friends stay in one of your properties during the pandemic? Unfortunately, HMRC’s view of this is not so generous as you’re unlikely to be able to deduct expenses during that period.
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Tax implications of uncommercial lets There are various circumstances in which a landlord may let a property at rate which is below the current market rate or, indeed, allow the property to be used rent-free. For example, during the Covid-19 pandemic, landlords may have agreed a reduced rent with tenants who are struggling financially and […]
12 - July 2020If you run a property business which has had empty properties during the coronavirus pandemic you might be wondering if your business is classed as ‘paused’ or ‘ceased’. We explain how to determine which applies to you.
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Empty properties – does this mean the end of the property rental business? During the Covid-19 pandemic, landlords may have periods when their properties have been empty. Landlords letting furnished holiday lettings were particularly badly affected due the restrictions imposed during the lockdown period, as letting of holiday homes was prohibited between 23 March 2020 […]
10 - June 2020Are you a buy-to-let landlord who’s decided to take a mortgage payment holiday? We explain the impact on this on tax relief for interest payments in today’s blog.
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Mortgage payment holidays and interest relief for landlords In March, the Government announced that homeowners struggling to pay their mortgages due to Coronavirus would be able to take a three-month mortgage payment holiday. They confirmed that this option would also be available to buy-to-let landlords, who may suffer cashflow difficulties if, as a result of […]
07 - June 2020If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.
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Furnished holiday lettings – What can you do if you fail to meet the occupancy tests due to the Covid-19 pandemic? Lets that qualify as furnished holiday lettings (FHL) enjoy special tax rules compared to other types of let, allowing landlords to benefit from certain capital gains tax reliefs for traders and to claim plant […]