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 […]
27 - July 2019A quick guide on how to manage costs and expenses as a work from home landlord
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Managing a rental business from home A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses, such as additional electricity and gas, additional cleaning costs, etc. As with other expenses, the landlord can claim a deduction for these when working out the profits of the […]
25 - July 2019The letting of a jointly-owned property in itself does not give rise to a partnership, so what does?
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Property partnerships A person may own a property jointly that is let out as part of a partnership business. This may arise if the person is a partner of a trading or professional partnership which also lets out some of its land and buildings. A less common situation is where the person is in a […]