03 - January 2020This blog explains what qualifies for relief for finance costs, the limit on eligible borrowings, and how capital repayments work with a quick example.
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Allowable finance costs Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the type finance costs that are eligible for relief. What qualifies for relief The basic rule is that relief is available for expenses that are incurred wholly or exclusively for the […]
11 - December 2019In essence, it’s all about the ‘wholly and exclusively’ test – could it be time to invest in some branded sweatshirts?
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Dual purpose expenditure – can landlords claim a deduction? Landlords are able to claim tax relief for expenses that are incurred wholly and exclusively for the purposes of the property rental business. However, some expenses have both a private and a business element. Where this is the case, is any relief available? Business element separately […]
09 - December 2019In this blog we set out the three conditions property must meet to be considered a furnished holiday let and to access all the advantages they bring, and top tip – letting to family or friends at a reduced rate doesn’t count!
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Many Airbnb lets are used as holiday accommodation. From a tax perspective, furnished holiday lettings enjoy some tax advantages over other lets. So, is it possible for an Airbnb let to benefit from these advantages and what conditions must be met? Qualifying conditions Simply letting a property as furnished holiday accommodation is not in itself […]
07 - December 2019Landlords – you must file your self-assessment tax return by 31 January 2020 to avoid a late filing penalty. Here’s what you need to know:
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The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a late filing penalty is to be avoided. Landlords will need to complete the property income pages. Particular care should be taken where the landlord has a loan or a mortgage […]
18 - November 2019As business owners we all want to make sure our company is a great place to work. Have you considered giving your employees or even their family members educational scholarships?
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Partnership rather than a limited company. We explain why in today’s blog. Employer-funded scholarships Special tax rules apply to scholarships, which include exhibitions, bursaries or other similar education endowments. Provided certain conditions are met, there will be no tax or reporting implications where an employer funds a ‘fortuitous’ scholarship for an employee’s family member. Broadly, […]