Property income tax guides

How much tax will I pay on my rental income?

There are complicated calculations behind rental income.

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Allowable costs against rental income?

It’s one of the most common questions we get asked and it’s understandable why.

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Self assessment - how it works

How does self assessment work – let us explain by way of an example. 

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Property rental business

Most landlords will be running a property rental business. 

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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.

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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.

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Are you a property investor or developer?

As programmes like Property Ladder show, many people are keen to invest in property.

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Who should own the property?

Let’s discuss the advantages and disadvantages of who owns a property.

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Types of ownership

Sole ownership, Joint ownership, Common ownership, How to save CGT.

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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.

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Furnished holiday lettings

Profit from properties that meet the qualifying tests for furnished holiday lettings are taxed following the rental business calculation rules.

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Entrepreneurs relief

Entrepreneurs’ relief is available if you dispose of a trading asset. It is still available for furnished holiday lettings although this is under review.

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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.

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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.

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Stamp duty land tax

What is the 3% Stamp Duty surcharge and who pays it?

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What is Inheritance Tax?

Inheritance tax is a tax charged on the estate (properties, money and possessions) of a person who has deceased.

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Annual tax on enveloped dwellings (ATED)

ATED is an annual tax payable mainly by companies that own UK
residential property valued at more than £500,000.

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Stamp duty article

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.

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Stamp Duty FAQs

Your Stamp duty questions answered.

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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.

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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.

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Capital Gains Tax on divorce

Working out where you stand in terms of Capital Gains Tax (CGT) when going through a divorce can be bewildering and understandably, the last thing on your mind when a marriage has broken down.

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New rules for reporting & payment of CGT after 5th April 2020

From 6th April 2020 HMRC have introduced important changes to the way in which the disposal of UK residential properties must be reported and the payment of Capital Gains Tax.

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Declaration of trust

Will a transfer of beneficial interest in a property using a declaration of trust save tax?

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Our team is always on hand to give advice