01 - May 2019Would you rent out a property as a long-term rental or holiday let?
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Where a property is located in a holiday region, a consideration will be whether to let it as a holiday let or on a longer-term basis. As well as differing rental income profiles, there are tax differences to consider. Furnished holiday lets From a tax perspective, special rules apply to furnished holiday lets, which provide […]
01 - May 2019Rent-a-room: Can you benefit?
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Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to restrict the relief so that it was only available where the occupation by the […]
01 - May 2019Interest relief for renovation or development costs
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Often, when a property is purchased there is work to be done before it can be let out or sold. Where this work is financed by a mortgage or other loan, the way in which and the extent to which relief is available for the interest costs depends whether it falls with the property income […]
01 - May 2019Importance of registering for child benefit even if the High-Income Child Benefit charge applies
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Parents affected by the High-Income Child Benefit charge (HICBC) can be forgiven for thinking that there is no point is registering for child benefit if they are only going to have to give back everything they receive in the form of the tax. The HICBC applies where the parent claiming child benefit or their partner […]
01 - May 2019Jointly-owned property – who pays the tax?
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Where property is jointly-owned, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the […]