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...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...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