CGT Rules Set to Change for Buy to Let Landlords
Landlords face yet another tax change from April 6, 2020 as capital gains tax rules for selling a home are overhauled. The timescale for reporting the sale and paying any tax due shrinks to just 30 days from completion. Landlords missing the deadline will face...
HMRC’s Landlord Seven-Year Tax Probe Is a Flop
The tax man has recovered millions of pounds of lost tax from landlords – but expected returns from the seven-year probe are falling far short of expectations. The Let Property Campaign started in 2013 and was set up to tackle assumed tax avoidance by landlords....
Property Companies Delaying Tax Filings Should Expect Harsh Penalties
A property development company had no excuse to miss corporation tax filing and payment deadlines that left them to pay thousands of pounds in fines and interest, a judge at a tax tribunal ruled. Director Mrs Pragya Singh of Caris Properties Limited told the...
Don’t Miss Out on a Once in a Lifetime Tax Saving Chance
Landlords are a money conscious group always looking to minimise the amount of tax they pay – but along with one in four aged 55 or over, they have missed the obvious tax saver, according to wealth managers. Making a will is inexpensive and lays the foundation...
Chance for Landlords to Have a Say About Tax
Landlords with gripes about the way tax changes are implicating their letting businesses can vent their fury on the government through an official survey. The Office of Tax Simplification has put a call to residential landlords who file annual self-assessment returns....
Timing Can Make All the Difference in Saving Tax
Timing can make a big financial difference with tax hacks – and one in five landlords could find this out the hard way. New data shows around 19% of landlords are seeking to remortgage existing buy to let homes through a limited company. The aim is to cut...
New Buy to Let Data Charts the Rise of Company Landlords
The number of homes rented out by corporate landlords has soured since the government announced scrapping mortgage interest relief for private landlords. The new tax rules phased over recent years allow companies to claim mortgage interest relief as a property...
Claiming an IHT Refund if Your Property Price Has Dropped
If you have recently inherited property to rent in London, a little known tax break could save more than a thousand pounds in Inheritance Tax. The latest official property price data from the Land Registry shows house values in the capital plunged by 4.4% in the year...
Johnson Wants to Make Sellers Pay Stamp Duty
Tory leadership hopeful Boris Johnson wants to make sellers pay stamp duty instead of buyers. He hopes the change could see the Treasury pick up an extra £700 million year as the move would see the first-time buyer exemption scrapped. Johnson has pledged to include...
CGT Stealth Tax Will Cost Landlords More
Another stealth tax is likely to add to the woes of landlords selling an investment property. HM Revenue & Customs wants to slash the tax relief on selling homes. Currently, under principle residence relief (PRR) investors benefit from an 18-month capital gains...
We Can’t Keep Up With Property Tax Tinkering, Say Experts
Ministers should hold off tinkering with stamp duty rules for landlords and property investors after a slew of changes in recent years, says tax experts. The changes impact home buyers and buy to let investors, who along with their advisors, are hard-pushed to keep up...
Buy to Let Lenders Worry About Landlord Tax Planning
Landlords avoiding income tax by taking specialist advice could limit their buy to let mortgage options, one of the UK’s leading lenders has warned. Paragon regional sales manager Tim Sweetman revealed lenders are reluctant to agree loans for landlords implementing...
Landlord Income Tax Grab Enters New Phase
HMRC is set to take another bite out of landlord income tax relief on finance costs with the start of the new financial year. The 2019-20 tax year, which starts from April 6, marks the third stage of phasing income tax relief restrictions down to the basic rate of tax...
Judge Kicks Out HMRC Stamp Duty Claim
A couple has won a row with HMRC over if they should have paid more stamp duty when they bought a derelict bungalow that was not suitable for them to live in. HM Revenue & Customs challenged the claim by Paul and Nikki Bewley that the bungalow in the West Country...Coronavirus Guidance
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