Tax and Accountancy

Tax Implications and Penalties

Tax Implications and Penalties

12/06/2014

What view would HMRC take if a landlord overestimated his property rental return by say, £6,000 due to error/illness/stress?  Can the landlord request mitigation (illness) against his mistake? Thanks AA Properties (Wales)

Tax Refunds For HMO & Commercial Property Owners

Tax Refunds For HMO & Commercial Property Owners

01/06/2014

HMO landlords and commercial property owners will no doubt be very interested in a meeting I had with a chap called Bill Lorryman recently because he has this very simple business proposal ….  If you are an HMO landlord or commercial property owner and Bill can’t get you a tax refund then you don’t owe… Read more

Reducing CGT by getting married

Reducing CGT by getting married

11/04/2014

Hi there, I have a B2L property that I bought 9 years ago for £250k and I’ve rented it out from day one. I have never lived there so I cant claim PPR or lettings relief.  I’ve now got a buyer for the property at £325k so even after I deduct £10k buying and selling… Read more

Sharing The Wealth - Minimising CGT and IHT

Sharing The Wealth – Minimising CGT and IHT

24/02/2014

I am exploring ways to share the wealth and minimise CGT and IHT I hold a profitable portfolio of some 18 investment properties…  More than half were purchased in 1997. Most have appreciated in capital value.  The rental stream gives a net profit in excess of £75,000 pa About two years ago I purchased a… Read more

Avoid CGT by adding spouse to deeds

Avoid CGT by adding spouse to deeds?

05/02/2014

My wife and I jointly own several BTL properties, but one is owned solely in her name in order to maximise tax relief by using her basic rate unearned income tax allowance. We are proposing to sell one of our properties and my question is regarding changing ownership of the property which is in her… Read more

Claiming VAT back and saving CGT on Conversion

Claiming VAT back and saving CGT on Conversion

09/01/2014

I am in a predicament and my accountant is confusing me even more. My husband and I have jointly owned a commercial property over 10 years of which ground floor has been let to retail business. The whole of the building is Vatable and we charge vat on the rent to the retail tenant. The… Read more

Landlords Tax Returns - 10 Common Mistakes

Landlords Tax Returns – 10 Common Mistakes

19/12/2013

In this article I am going to share the common mistakes that landlords make when completing their tax returns. In no particular order and certainly not a definitive list:-  1) Treating the entire mortgage payment as an expense. You should only claim mortgage interest as an expense. If you have a repayment mortgage this is… Read more

Can I claim tax relief on equity release remortgage interest

Can I claim tax relief on remortgage interest?

16/12/2013

I’m looking for some clarity on taking equity out of a BTL Property, and whether the interest on the loans is tax deductible. If I have a property with little or no mortgage and I’m in the process of re-mortgage it,  taking say £50,000.  Can I use this cash to buy a fast car and… Read more

Accidental landlords

Accidental landlords advised to consider selling BEFORE April 2014

11/12/2013

Accidental landlords looking to sell and take advantage of tax breaks on former main residences are being advised of the importance of doing so before April 2014. The Chancellor George Osborne confirmed in his Autumn Statement that Capital Gains Tax relief on former homes will be halved from 36 to 18 months when the new… Read more

Cutting Taxes

Capital Gains Tax Mitigation Question

19/11/2013

One of our properties becomes vacant next month and I am very tempted to sell it. It has at least £50k equity in it and would nicely fund some opportunities in 2014 without affect our cash flow too much. The property is just in my name. If I put it in joint names with my… Read more

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