A higher rate taxpayer landlord taxed at 40% (or 45% if an ‘additional rate’ taxpayer) may be able to achieve some benefit from the 19% lower small ... Continue Reading
Expenses may be incurred in the setting up of a letting business before the first rental is received (e.g., travel, phone, advertising, etc). Strictly, such expenses ... Continue Reading
Trader Or Investor? Anyone buying a property for rent on a long-term basis will probably bedeemed an investor by HMRC, whereas someone ... Continue Reading
When working out the profits or losses of your business, you can deduct any allowable expenses that you incur in running your business to arrive at the profit (or ... Continue Reading
The beneficiary of a trust can live in a property held within a trust as their main residence and on the future disposal of the property Principal Private Residence ... Continue Reading
When deciding whether a property should be given Principal Private Residence (PPR) status HMRC will look at whether the owner had any intention of living in the ... Continue Reading
How does it work? The ‘Discretionary’ trust is created on the first spouse/civil partner’s death by placing his or her share of the property ... Continue Reading
The vast majority of UK properties are privately owned by individuals, many having been purchased as an investment rather than as a main residence. The private ... Continue Reading
A higher rate taxpayer who is the owner of more than one property can still benefit from the use of the lower rates of corporation tax in a situation where a company ... Continue Reading
A ‘new build’ property is z ero-rated for VAT such that all VAT incurred on any related expenditure can be recovered. If the new property is not a new ... Continue Reading
