Blog
Relief for replacement domestic items
Read this article to find out when you can deduct the cost of replacement domestic items in a residential let in calculating the profits of the property business.
HMRC revise stance on replacement boilers
HMRC have revised their view on the tax treatment of boiler upgrades. Read this article to find out what you need to do if you are now entitled to tax relief for the cost of a boiler upgrade.
Reporting residential property gains
If you make a chargeable gain on the disposal of a UK residential property, you need to tell HMRC and pay the tax on the gain within 60 days of completion. Read this article to find out how to do this.
Calculating the capital gain on the sale of an investment property
In calculating the capital gain or loss on the sale of an investment property you can deduct allowable costs. Read this article to find out what costs can be deducted.
Make use of simplified expenses
If you run your unincorporated property business from home, you can use simplified expenses to calculate how much to deduct in respect of additional household costs incurred as a result. Read this article to find out more.
Undertaking work on a rental property while empty – can you deduct the costs?
Can you claim tax relief for any work you do on your empty rental property? In this article we provide answers. #landlord #propertytax
CGT on residential property gains – are you aware of the 60-day limit?
Read this article to find out when you need to report residential capital gains and pay the associated tax #60daylimit #cgt #residentialgains
Managed lets – is VAT due on recharged expenses
Read this article to find out whether a letting agent needs to charge VAT on costs passed on to landlords. #disbursements #recharges #VAT
60-day window to report residential property gains
Taxpayers now have 60 days rather than 30 to inform HMRC about chargeable gains on property. In this article learn what a chargeable gain is, when you should report it and how. #propertytax #sellingproperty
The Construction Industry Scheme and property investment companies
In this article you can find out when the CIS might apply to a property investment company. #CIS #deemedcontractor #mainstreamcontractor
Holiday lettings – beware of longer lets
Read this article to find out whether longer lets may jeopardise the favourable tax rules for furnished holiday lets, and why they need not #fhl
Take advantage of the rent-a-room scheme
Read this article to discover how you can earn tax-free rental income under the rent-a-room scheme #rentaroom
Lettings relief – do you qualify?
If you let part of your home, private residence relief is not available on any gain relating to the let part. However, if you share your home with the tenant, you may benefit from lettings relief. Read this article to find out more.
Buying a property to let – the importance of keeping records from day one
For tax purposes, good record keeping is essential. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is necessary, landlords who fail to take their record keeping obligations seriously may also find that they are on the receiving end of a penalty from HMRC.
Curtailment of letting relief
Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating. From 6 April 2020, lettings relief – a valuable capital gains tax relief which is available where a property which has at some point been the owner’s only or main residence is let out – is seriously curtailed.
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.
Jointly-owned property – who pays the tax?
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.