Continuing with my ten things all landlords need to know… “A new HMO is fully furnished. Is the cost allowable?” This one should be nice and easy yeah? Someone buys a big house, furnishes it and rents the rooms out. Surely tax relief is due on the furniture! Nope! Not initially at least. […]
Monthly Archives: October 2024
I mentioned recently that I did an interactive webinar on Ten Things All Landlords Should Know About Tax. One question was ” You replace the kitchen in a new AST purchase BEFORE it is let. Is it a repair or capital?” Out of the people asked 59% got this wrong and said it […]
Most landlords don’t think about payroll much. They are far more likely to be on someone else’s payroll than need to set up a payroll for their own staff. Quite a lot of landlords do however pay people to do work for them and often these can be family members. For instance I will […]
With Labour struggling to give much clarity on whether landlords are workers or not let’s go through what I think is likely. No. We are not but we also don’t want to be! So then what do we think is in the mind of Labour? They have spoked about workers for a while now […]
In probably the first exciting budget in a generation (tax wise at least!) it will be hard to figure out what it all means. Luckily for those in the North East I will be covering this off more than once! Robson Laidler Full Budget summary – 8am 5th November – book here – our […]
Tax returns are often undervalued. I once had a prospect tell me my pricing was too high because his mate, a fireman, only charged £150. Now because I have a modicum of dignity I didn’t reply the way I wanted to here but I told him to call me for tax and his mate if […]
A lot of people manage their own properties. As a result they don’t have to pay an agent which means they have lower tax allowable deductions – and a higher tax bills! Now it’s completely up to you if you want to pay a managing agent and I am not suggesting that you should or […]
No. Not yours. I mean the death of someone close to you. I spoke with someone recently and their husband died in December 23. As a result they did not get their 2023 income tax return by the 31st January 2024. HMRC will be fining them as you read this but is that fair? Well […]
You’d have to of been under a rock not to know there is a budget coming soon. If this is your first news on this they you might be asking if you have left it too late to do anything? Well the literal answer is no. You haven’t! Realistically though yes you have. Anything done […]
will be speaking to very few people here. I know that. But for those very few this is gold dust! If you have no expenses, or very low expenses, you can use the Property Allowance to lower your taxable profit to a lower figure than with normal full expensing. How does it work? Well, in […]