HMO
Houses of Multiple Occupancy Nigel Holland Overview A house in multiple occupation (HMO) is a property rented out by at least 3 people who are not from 1 ‘household’ (for example a family) but share facilities like the bathroom and kitchen. It’s sometimes...Tax when you sell property
You may be liable to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home, for example: buy-to-let propertiesbusiness premiseslandinherited property The rules are different if you: sell your...Spring Statement 2018: 5 key consultations
Chancellor Philip Hammond announced 13 consultations in his Spring Statement on 13 March 2018. Here are 5 of the key consultations revealed: VAT registration threshold A review has been launched into the design of the VAT threshold, amid concerns it may currently be...MTD – Making Tax Digital
… or Making Tax Difficult as I prefer to call it ! The government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original plan, to have most self-employed traders and landlords uploading accounts and VAT data from April 2018, was...Good excuse for being late submitting your tax return ?
With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest excuses’ for sending in a late return. The following bizarre, exotic and flimsy excuses have all been used by tardy taxpayers: My pet goldfish died (self-employed...RENTAL INCOME – When are pre-letting expenses allowed?
A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capital or revenue expense. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are...Received an HMRC Tax Refund Email? It’s probably a Phishing Scam!
Several of my clients have recently told me that they’ve been receiving emails, supposedly from HMRC, inviting them to click links within the emails in order to apply for tax refunds. Regrettably, some have confirmed that they did indeed click the links then log onto...The Budget
Some of the key announcements in the Spring 2016 Budget : Residential Landlords A number of changes happening: First, the 10% wear and tear allowance on furnished properties goes from April 2016, to be replaced with a deduction for actual repairs and replacement costs...Should Buy to Let investors put their properties into a Limited Company ?
Since the recent announcement of various changes to the taxation of unincorporated property businesses, there has been renewed interest in incorporation: would it be possible to shelter property income and capital gains inside the lower Corporation Tax regime?...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation