07 - November 2019It can pay off to keep track of your business mileage you incur for your rental properties – here’s why.
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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 so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car for business purposes, the easiest way to […]
06 - November 2019HMRC have given new guidance on how stamp duty is applied to residential property which has land. Take a look at our short blog if you’re thinking of purchasing a property that has features such as farmland, stables or orchards.
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Grounds and gardens for SDLT Stamp duty land tax (SDLT) on residential property also applies to land that form the garden or grounds of the property. To ensure that the right rate of SDLT is applied, it is therefore important to ascertain whether any land purchased with a property constitutes its garden or grounds. The […]
04 - November 2019Joint tenants v tenants in common – Which you choose will depend on whether you’d like flexibility in allocating property income, and how you want your property to be passed on.
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Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as tenants in common. The way in which the property is owned determines exactly who owns what and also what happens when one of the joint owners dies and how any […]
08 - October 2019Failing to take your record keeping obligations seriously as a landlord could mean that you pay more tax than necessary, or worse that you could be on the receiving end of a penalty from HMRC.
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Buying a property to let – the importance of keeping records from day one For tax purposes, good record keeping is essential. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is […]
05 - October 2019The delayed start date for the domestic reverse VAT charge has given businesses an extra year to prepare for the charge. We explain what you can do to prepare.
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Domestic reverse VAT charge for building and construction services The domestic reverse VAT charge for building and construction services was due to come into effect from 1 October 2019. However, in early September it was announced that the start date had been put back one year. As a result, the charge will now apply from […]