From my Ten Things series. When you buy a house you will normally get a survey or as a minimum of valuation report. These things cost and you’ll like want to claim the cost as an expense. Like other purchase or sale costs these are part of the capital side of the deal and will […]
Monthly Archives: November 2024
In 2013 the Ramsay case changed property forever. Mrs Ramsay persuaded HMRC that she was “busy” enough to claim capital gains tax rollover relief. Since then the property industry has ran riot with claims that they are also busy enough. In short if you are doing 20 hours a week you could be […]
Splitting large bedrooms in two, or carving out an en-suite in the corner of a large bathroom, is a great way to add rental value to a property. In fact many landlords specifically buy properties where this is an option and in with their initial works a good proportion of their spend is for this. […]
This is a big topic and won’t be covered all at once. For now I want to focus on one aspect that I keep seeing mentioned on socials and forums. When you put your companies in to a limited company there are multiple tax considerations as well as dozens of commercial ones. Aside from whether […]
One of the great things about property is that over time the value goes up. When it does you get to remortgage. This is great! Raising capital against an existing BTL creates a cash pile to use elsewhere. One of the terrible things about property is that over time the value goes down. Sometimes. […]
First off all landlords can still claim tax relief on mortgage interest. Higher rate landlords can’t claim quite as much relief as they used to be able to but the first point to note is that interest should still be put on your tax returns! The next point though is about how much of […]
Life is much easier with tools. It’s one of the reasons humans dominate over other animals on earth – tools! Luckily HMRC like a good tool as well. They aren’t all that great but some are pretty useful. This one on who needs to submit a tax return is pretty good for instance! […]
This won’t affect most of my readers but where it does it’s a biggy! Did you know that there is a whole scheme setup specifically to provide for tax to be deducted at source on rent payments? Yep. It applies to those landlords with a “usual place of abode” outside of the UK. It applies […]
On the back of my insurance email yesterday I suppose I should cover off tenancy deposit deductions. If your tenant moves out and leaves your place in a mess you’ll likely keep some money back to cover the cleaning. Same goes with damages. Just like insurance claims if you pay the money out […]
If the worst happens and you do need to claim on an insurance policy you need to be aware that the proceeds are likely taxable. Insurance proceeds are normally to replace something that is lost. Rent If you receive proceeds to replace lost rent the insurance proceeds are taxable just as the rent would have […]