So let’s say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely […]
Monthly Archives: February 2025
SO let’s say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely […]
This is a great question and it comes up a lot! Strictly any costs have to be able to meet the “wholly and exclusively” test just like any other deduction. So, again strictly, this would mean the costs associated with preparing financial accounts for a business would be allowable BUT preparation of your personal […]
Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here. Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm. What now […]
A lot of lenders offer cashbacks on mortgage deals. Are these taxable? The answer is simply that you think and makes complete sense. The business income manuals (part of HMRC internal guidance – publicly available however) states at BIM100210 that: “A cash-back received in the course of trading is a receipt of the […]
This is a great question that was asked this week. Before it can be answered we need to separate investors from traders. This is a huge topic but loosely, for property, Investors generate their income from rent. Traders generate their income from flipping and developing for sale. Let’s deal with investors in the first instance […]
I’ve been helping a client with some capital gains calculations. They provided a breakdown of their property costs from their accountant and at first I was pretty impressed that they’d actually kept the details. On inspection though it became clear that the list of expenditure, kept solely for the purposes of working out the capital […]
We’re told that in the information age that any answer you need is out there and you just need to find it. Is that really the case though? Elon Musk of all people has said in recent years there is no reason not to be able to learn new skills now due to the abundant […]
I don’t put much stock into the tax news shared by pundits but sometimes they do realise important issues. Martin Lewis has hit the news over recent days warning that websites are now sharing data with HMRC. He mentioned Air BnB. This isn’t new however. Air BnB, along with other bookings portals and regular hughstreet […]
The incorporation of properties seem to follow two basic steps at the moment. For capital gains tax the question about whether you can defer your capital gains tax is about how busy you are. If you have a larger oircfolio and self manage every aspect then there is a chance you will be. The next […]