Budget 2018 – Tax for Landlords at a Glance
Chancellor Phillip Hammond restrained from tinkering with landlord tax too much in his Budget 2018. The major changes impact on the capital gains tax reliefs available to buy to let landlords when they sell a property that they had lived in as their main home for some...
HMRC Cracks Down on Home Owners Claiming CGT Relief
The tax man is cracking down on cases where home owners are claiming reliefs against capital gains tax. Two recent appeals before the First Tier Tax Tribunal demonstrate how HM Revenue & Customs is scrutinising filings by home owners living in properties for a...
Landlords Want IHT Scrapped for Passing on Homes
A detailed survey into buy to let and the wider housing market has provoked a split reaction. In almost all the categories, the responses were split almost down the middle – except the answer to one question. When owners of more than one home were asked if...
AirBnB Loophole Plugged for Landlord Tax Cheats
New rules are on the way to stop landlords and property owners pocketing tax-free cash on bed-and-breakfast and holiday let income. Rent-a-room relief was aimed at helping home owners let their spare rooms in a bid to reduce the housing crisis. Instead, many have...
HMRC Wants to Collect CGT Within 30 Days of a Property Sale
The deadline for paying capital gains tax after a buy to let or shared home sale is due to shorten to just 30 days for landlords. HM Revenue & Customs has published a consultation outlining the new rules that bring UK landlords in line with overseas landlords for...
Revealed! The True State of Buy to Let in the UK
The number of private landlords has reached a record high, according to figures from HMRC. HM Revenue & Customs is well-placed to gauge the buy to let and shared markets as every landlord must declare their rental income on a self-assessment tax return each year....
Mortgage Brokers Tipping Off HMRC About Landlord Tax Evasion
The tax man has deputised mortgage brokers to tip them off if they suspect customers are failing report their rental profits. New lending rules demand that mortgage arrangers quiz their buy to let clients about discrepancies between accounts and tax filings – and even...
Landlords Can Still Claim Billions in Tax Breaks
Landlords claimed £17.5 billion in buy to let tax breaks last year – and despite plans to increase taxes, landlords will still be handed billions by the state to subsidise their property rental businesses. Freedom of information data broke the amount down in to...
Property Investor or Running a Buy to Let Business?
The annual tax filing countdown is underway for landlords – and many are confused about if they are running a business or investing in property. HM Revenue & Customs is unhelpful – they say file a tax return and we’ll check for errors rather than giving upfront...
Paying Tax May Become a Council Landlord Licence Condition
Landlords signing up to council licensing schemes will have to pass a tax check if HM Revenue & Customs gets its way with a new policy proposal. HMRC says most landlords pay the right amount of tax but claims some are dodging what they owe. To tackle the problem,...
Tax Gurus Can Cost Landlords More Than They Save
Like all good business people, landlords are always looking at ways to maximise their earnings but recent tax changes have left many concerned about their profits. Between April 2017 and April 2019, both the way property profits are calculated and the amount of tax...
HMRC Flags Landlord Tax Crackdown
HMRC may be readying for a campaign against landlords after issuing a warning about tax avoidance. As the January 31 deadline for self-assessment filing nears, the tax authority is urging landlords to catch up with their financial affairs if they have undeclared...
The Week in Westminster for Buy to Let Landlords
More changes are on the way for buy to let landlords in Chancellor Phillip Hammond’s Autumn Budget 2017. Responding to a written question in Parliament, Communities and Local Government Secretary Sajid Javid revealed the Chancellor has an ace up his sleeve for the...
HMRC Loses CGT Tax Relief on Home Sale Case
The constant battle between property owners and HMRC over how long someone must live in a home to benefit from principal residence relief has been argued in front of a judge again. The tussle between property people and HMRC is based on main residence tax relief....
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