Developing property can be an excellent way to build wealth, but flippers should be aware of a couple of tax hazards. They all boil down to whether you are treated as trading or investing. If you are deemed an investor, then you pay capital gains tax on your profits;...
Furnished Holidays Lets [FHL] have more favourable tax rules than traditional buy-to-let properties. Many landlords are moving their properties to this type to take advantage of this; before we get into the benefits, let’s look at the conditions to qualify as a...
Clause 24, also known as Section 24, is an amendment to the UK’s tax laws restricting landlords from deducting finance costs from their rental income. The legislation gradually phased in from 2017 to 2020 means landlords cannot claim tax relief on mortgage interest,...
Replacement of domestic items relief (RDI), previously known as The Wear and Tear Allowance, allows residential landlords to claim tax relief for replacements of certain things in the property known as domestic items. What are domestic items? Domestic items include:...
Welcome to our monthly newsletter for property landlords. We hope you find this informative and please contact us to discuss any matters further. VAT on ‘Rent to Serviced Accommodation’ Supplies In a recent case between Sonder Europe Ltd and HMRC, the First Tier...
Filing your company’s annual accounts with Companies House is a crucial task, and doing it on time can save you from penalties and legal consequences. In this blog post, we’ll explain why early filing is essential and how you can make the process smoother....
