Normally, when you own a property jointly, the profits subject to tax are split in proportion to your legal ownership. A jointly owned property is split 50/50. However, what if you want to change how the income is split for a jointly owned property? You can do this if you live with your spouse or a […]
Category Archives: Landlords
18
Sep
Sep
The revised Renters’ Rights Bill proposes the most significant change for landlords in years. The original proposal by the Conservative Government aimed to improve housing standards and implement reforms in the private sector was mentioned in this year’s King’s Speech. The bill has had its first reading in the House of Commons and is set […]
07
Aug
Aug
The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022. This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]
14
May
May
When selling your home, there are plenty of things to consider and take care of, but tax does not usually fall under that umbrella. The good news is that you typically don’t have to pay tax on the sale of your home or primary residence which is its official name. Capital Gains Tax (CGT) is […]
01
May
May
The HM Revenue and Customs (HMRC) Let Property Campaign (LPC) provides you with an opportunity to disclose any undeclared property income. By taking advantage of this campaign, you could get your tax affairs up to date and benefit from the best possible terms. It is always advisable to approach HMRC first because it puts you […]
Landlords, Tax Advice, Tax Tips
Are you letting out a residential property through a limited company?
05
Apr
Apr
In recent years many landlords have preferred to set up a structure of a property limited company to ease the burden of tax. Of course, this can be a good choice. However, if you are letting out a residential property through a limited company you may have other tax obligations. As a property investor, you […]
20
Mar
Mar
Among the announcements in the Spring 2024 Budget earlier this month was the decision to abolish the Furnished Holiday Let (FHL). This means the loss of tax breaks for that type of rental business. Did you watch the Chancellor’s budget speech? During the speech, he mentioned Hon Members from St Austell and Newquay, North Devon, […]
14
Feb
Feb
The property market for landlords has been experiencing a lot of changes in recent months. After the interest rate hikes, many landlords have been questioning whether it is still profitable to continue being a landlord. They are curious to know if the business of being a landlord is still worthwhile. Why is it difficult […]
15
Nov
Nov
In the field of the rental business, whether an expense is tax deductible will very much depend on what it is. However, the ability to deduct expenses in a property business depends on the status of your rental business. So, what do we mean by the status of the business? Well, when it comes to […]
16
Aug
Aug
Many landlords are having a difficult time right now. For many of you, it’s an anxious time due to a few things happening, like rising interest rates and new legislation. So why is it important to think about how to be a good landlord? Following the death of a young boy (Awaab Ishak) in 2020, […]
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