I ran this as a poll in my Landlord Tax WhatsApp Group (join below!) after being asked it by one of the members. The simple answer is yes! Before we get on to the reasoning how did the group do? Well out off 11 respondents 9 got the answer right and 2 got it wrong. […]
Category Archives: Property
A lot of landlords keep an old home and turn it in to a rental. What does that do to the tax on the growth in value? It might not worth how you think. Let’s paint a scenario. Bob bought a house in 1989 for £250,000. He moved out of it in late 2007 […]
A common thing to happen among landlords is that as they age they decide to start passing properties down the generations. Often this crops up in the “any other news” part of a chat as something that happened a while back. I ask if the gain on the gift was declared and people look […]
There are many ways you can be fined as a landlord. Some obvious and some not so obvious. In the news this week I saw that someone had been fined £30,000 for not following HMO licensing rules. Fines don;t have to be this extravagant of course. You might just be one of the […]
If you have took a while to bring a property to market you will have some costs from before you started receiving rent. I was speaking to a chap last week in precisely this position. He has been gradually working on a property for a couple of years and it is now ready to […]
I get this one a lot. A couple will be sitting in front of me giving me a run down on their exciting plans for growing their property portfolio. They plan to get married but aren’t yet. We cover all of the usual questions in the fact find then I ask them what their wills […]
I went to see a new client late last week and she told me how upset she was that she could not afford to pay her tax bill on her rental income. Now I am seeing a lot of landlords with tax bills of over 100% so this is not the first time I have […]
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 […]
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 […]