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
Accounting for spending on letting property before the first tenant moves in often confuses landlords – and their accountants.
Countless landlords miss out on potential tax savings because their financial advisers wrongly claim pre-letting expenses are not allowed by HM Revenue & Customs. Continue reading Pay less tax by claiming pre-letting costs
Around 250,000 second-home owners could see their council tax double under changes that let councils scrap their discounts.
Councils will have the power to scrap discounts and charge second homeowners the full rate of council tax with the extra money offsetting bills for full-time occupiers.
Communities secretary Eric Pickles expects most councils to take the opportunity to raise more cash by April 2013. Continue reading Landlords and Holiday Homes May Lose Tax Discounts
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