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 […]
09 - July 2020If your company has been hit by the pandemic, you might be thinking of waiving your dividend or remuneration as a shareholder or director. Before you do, make sure you know what’s involved.
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Waiver of dividends and remuneration Many companies are experiencing financial difficulties brought about by the coronavirus pandemic and there will be many instances where directors and shareholders will be considering waiving their right to company dividends and/or remuneration. Whilst this can be a straightforward process, there are certain administrative obligations that will need to be […]
05 - July 2020Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars.
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Company car mileage rates update The company car benefit tax charge does not cover fuel provided for a company vehicle. This means that where an employer pays for all fuel (business and private), a statutory fuel scale benefit charge will be payable, based on the cash equivalent of the benefit each tax year (£24,500 for […]