If you are buying a home with a separate annex you may be able to claim Multiple Dwellings Relief (MDR) and significantly reduce the amount of SDLT payable. MDR applies where you are purchasing 2 or more dwellings. For example:- You purchase a second home for £1...
News has emerged of an HMRC Nudge Letter campaign which is targeting landlords providing short-term lets e.g. Airbnb. The campaign is operating during February and March 2023. Details of property landlords advertising online will have been compared with tax return...
The Annual Tax on Enveloped Dwellings (ATED) was introduced in April 2013. It affects non-natural persons owning high-value property dwellings in the UK. A non-natural person will generally be a company or particular investment vehicles e.g. unit trusts or...
If a property is jointly owned between spouses, do you need to file a form 17 to HMRC? The confusion around this question became a sharp focus recently when a client engaged us to confirm the position for him, prompting us to write this article. As with many tax...
If you purchase a residential property in Wales that costs more than £225,000, you may have to pay land transaction tax (LTT). The LTT is a tax that is paid by the buyer of a freehold or leasehold building or piece of land in Wales to the Welsh Revenue Authority. For...
You might have to pay Stamp Duty if you buy a residential property in England or Northern Ireland that costs more than a certain amount, or if you buy a piece of land that costs more than that amount. Whenever you are buying a property over the threshold, you have 14...
Many landlords who invest in buy-to-let properties have interest-only mortgages, and there are a number of good reasons for this. The purchase of a buy-to-let property is usually for the purposes of investment, which is why there is a greater need for an interest-only...
If you are in the process of creating a deed of trust then you will want to know more about just what this entails, the potential tax benefits and who you need to consult in the process of creating this document. In this detailed guide, we'll cover everything you need...
When you let property, you are in receipt of rental income and in most cases, you will need to declare this to HMRC and pay any tax due. The actual tax on rental income will be either nothing, 20%, 40% or 45% of the taxable profit depending on the amount from your...
Rent to rent is where a property is let to another party who then let the property out to tenants. There are pro’s and cons to this arrangement but our focus here as the tax advisor was on the tax savings that could be made. This is an actual case but of course, I...