Many landlords run a property business from a home office but are scared to claim business expenses because they are worried about triggering a capital gains tax bill when they move house.
The myth is claiming tax relief for working from home makes part of the property business premises which is liable to capital gains tax when sold. Continue reading Claiming home as office expenses for landlords
Shocked Chancellor George Osborne has ordered a closer scrutiny of buy to let tax reliefs after finding out that some of Britain’s richest landlords pay little or no income tax.
The Chancellor was shown redacted copies of tax returns with all personal data removed, and naively realised that instead of paying around a third of their income in tax, many were handing the tax man just 10% or less. Continue reading Shocked Chancellor orders landlord tax scrutiny
Landlords who fail to submit their tax returns on time can expect no mercy from HM Revenue and Customs after changes in the law let the tax man levy more fines.
HMRC will turn the financial screws on tax payers filing after the midnight deadline on January 31 – and then some as other new rules mean fines for errors and omissions. Continue reading Fines for late tax returns set to quadruple
Claiming interest on loans and finance as a business expense is one of the regular top questions from property investors.
This Guest Article has kindly been written for us by Steve Sims, author of ‘Understanding And Paying Less Property Tax For Dummies’. Steve and his wife Amanda also have a boutique accountancy business which specialises in providing property tax advice and accountancy services for buy to let property investors. Continue reading Tax relief on mortgage interest for buy to let property investments