Property income tax guides
How much tax will I pay on my rental income?
There are complicated calculations behind rental income.
Allowable costs against rental income?
It’s one of the most common questions we get asked and it’s understandable why.
Self assessment - how it works
How does self assessment work – let us explain by way of an example.
Property rental business
Most landlords will be running a property rental business.
No rental income but still incurring bills
The rental income after deducting allowable expenses is added to your income for income tax purposes before savings income and dividend income.
Rent a room scheme
If you let out a furnished room in your home, provided it is not an office, Rent a Room relief can be claimed.
Are you a property investor or developer?
As programmes like Property Ladder show, many people are keen to invest in property.
Who should own the property?
Let’s discuss the advantages and disadvantages of who owns a property.
Types of ownership
Sole ownership, Joint ownership, Common ownership, How to save CGT.
Claiming back VAT
Aimed at renovators and developers and first introduced in 2001 and then extended in 2002 the urban regeneration scheme is quite often overlooked.
Furnished holiday lettings
Profit from properties that meet the qualifying tests for furnished holiday lettings are taxed following the rental business calculation rules.
Business Asset Disposal Relief
Business Asset Disposal Relief is available if you dispose of a trading asset. It is still available for furnished holiday lettings although this is under review.
Inheritance tax - a brief summary
Your let property will fall into your estate for Inheritance Tax Purposes. Normally the property will be taken into account when calculating your Inheritance Tax liability.
Should I be registered for VAT?
If you are only letting out residential property and you only have PAYE income and or investment income you cannot register for VAT.
Stamp duty land tax
What are the 3% and 2% Stamp Duty surcharges and who pays them?
What is Inheritance Tax?
Inheritance tax is a tax charged on the estate (properties, money and possessions) of a person who has deceased.
Stamp duty rates for UK Individuals
Stamp Duty Land Tax (SDLT) is a tax charged on the purchase or acquisition of property or land over a certain price in England and Northern Ireland.
Stamp Duty FAQs
Your Stamp duty questions answered.
Automatic exchange of information
HMRC are actively trying to deter and tackle tax non-compliance, such as tax evasion, in a few
different ways. One such way is through Automatic Exchange of Information (AEoI) agreements.
Selling off or developing part of your home
You have made enquiries and believe you can sell off part of it for property development. How should you go about this to avoid paying a large amount of tax.
Declaration of trust
Will a transfer of beneficial interest in a property using a declaration of trust save tax?
Pension schemes
UK residents can pay personal pension contributions up to their UK earnings
or their Pension Annual Allowance whichever is the lower.
Restriction of tax relief on mortgage interest - section 24
Mortgage interest on residential properties (apart from furnished holiday lettings) paid by individuals are restricted to 20% Income Tax Relief.
Got a question for us?
Our team is always on hand to give advice