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...
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...
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