Tax Judge Throws Out Landlord’s CGT Loss Claim
The importance of keeping receipts and records of payments was underscored by a judge rejecting a property owner’s appeal against a capital gains tax bill. HMO landlord James O’Donnell argued before the First-Tier Tax Tribunal that he had made a CGT loss and owed no...
Beneficial Interest Company Trust FAQ
If you are thinking about incorporating in a bid to minimise tax on rental profits as mortgage interest relief is phased out, you really need to know about beneficial interest company trusts and how they work. Lawyers and accountants are arguing over the effectiveness...
HMRC Plans New Tax Burden for Landlords With Licences
Landlords face a new regulation threat as anyone letting a property with a local authority licence may have to prove they file tax returns before moving in a tenant. HM Revenue and Customs (HMRC) is moving forward with efforts to tackle the black economy with a new...
Landlords Lose Mortgage Interest Tax Relief From Now
Landlords lose the right to claim full tax relief for mortgage interest payments from today (April 5, 2017). Many landlords will pay more tax as the way property business profits also changes. Despite a year of protests and a High Court legal challenge, the government...
Buy to Let Property Companies and Fake News
Thousands of buy to let landlords have set up property companies to sidestep the mortgage interest tax relief measures starting in April, according to commentators. But is this fake news? The starting point is talking to Companies House, the agency responsible for...
Three Ways to Save Landlord Tax You Probably Don’t Know
The new tax year is fast approaching along with new measures curbing mortgage interest relief that could see HMRC bills soar for some landlords, so now is a good time to look at property expenses that they can claim but probably overlook. The reason for claiming...
Landlord Tax Changes ‘Perverse’ Argues Academic
Landlords trapped in to paying more tax by finance interest relief changes coming into force in April need to raise rents by up to 30% to offset the extra cash they hand to HM Revenue and Customs (HMRC), according to an independent expert. David Miles, Professor of...
British Property Tax Highest In Developed World
Landlords may feel the government is waging an unfair tax war against them – and statistics from an international economic monitor back up their claims. The Organisation of Economic Co-Operation and Development (OECD) has published figures that show Britain has the...
Tax Change Takes Sting Out Of Losing Finance Interest Relief
Buy to let landlords worried about the impact tax changes will have on their property businesses have won some respite from Chancellor Philip Hammond. Despite protests and legal challenges aimed at stirring up hype, the real tax situation is a lot less threatening...
Do BICT Trusts Work For Buy To Let Landlords?
Lawyers argue beneficial interest company trusts allow landlords to avoid the new mortgage interest finance rules starting in April 2017 – but do they work? A beneficial interest company trust (BICT) is a legal arrangement between a property owner and a company which...
Buy To Let Investing – What Landlords Need To Know
Recent changes to buy to let tax and more legal responsibilities for landlords mean investing in property may not be as profitable as in the past. Landlords should think carefully before they tie up money in a rental home and should ensure they understand how the...
Call For Landlords To Tell HMRC What They Think About Tax
HM Revenue and Customs (HMRC) wants to know what landlords think about changing the way they calculate profits for tax. Most property businesses pay tax on rents less expenses due in a tax year – a process called accruals. Accrual accounts involve sometimes sharing...
Tax And Accounting Revolution For Buy To Let Landlords
New moves are on the way that make keeping accounts and paying tax easier for up to 2.5 million buy to let landlords. Chancellor Phillip Hammond has announced a widespread of tax and accounting rules to ready HM Revenue and Customs (HMRC) for digital tax accounts. The...
HMRC Urged To Root Out Landlord CGT Tax Cheats
Suspected capital gains tax abuse by buy to let landlords is contributing to Britain’s mountain of £117 billion tax reliefs. A report by the National Audit Office (NAO) looking into HM Revenue and Customs (HMRC) accounts for last year reveals principle private...
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