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...
Landlord Tax Amnesty Fails to Deliver
A call for landlords to come clean and to stop avoiding tax on their rental profits appears to have fallen on deaf ears. In 2013, HM Revenue & Customs urged 1.5 million landlords allegedly dodging £500 million in tax to make disclosures in return for lighter...
Don’t Panic if You Haven’t Filed a Tax Return Yet
The tax man reckons around 5.5 million people have left filing their self-assessment returns to the last minute and are rushing to beat the deadline of midnight on January 31. In last year’s final fling to send in tax returns online, nearly 759,000 taxpayers still had...
Tax Checks for Landlords Licensing Homes on the Way
Landlords may have to prove they pay the right taxes if they apply for licences to rent out property. Squirrelled away in Chancellor Phillip Hammond’s Budget 2018 documents is a scant paragraph outlining the measure. The move is a follow-on to the almost forgotten...
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...
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