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
Landlords who have failed to pay tax on the sale or buy to let rents face extra scrutiny from a new HM Revenue & Customs tax force.
A team of investigators covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is seeking to recover more than £17 million from tax dodgers.
They will pinpoint around 300 tax cheats to examine their records and carry out other investigations. Continue reading HMRC targets landlord tax cheats in property crack down
Falling house prices has meant up to £90 million has been overpaid in inheritance tax by families and friends who have been left a home in a will.
Insurance firm NFU Mutual reckons the tax is reclaimable under a special rule called sale of land relief. Continue reading House price crash triggers tax windfall on inherited homes
Landlords and second home owners who leave their properties standing empty face a new tax blitz.
The government is to introduce proposals to let local authorities raise an extra £420 million a year in Council Tax from homes left vacant for more than two years and second homes only used at weekends. Continue reading Property investors face a new £420 million tax blitz
Here’s a timely warning for property people who believe the tax man is a friendly and benign helper.
Gill Orsmann was buying a house and spent some time scrutinising the conveyancing documents drafted by her solicitor. Continue reading How to save stamp duty buying a home
Property taxes in the UK are the highest in Europe, according to the latest figures issued by the European Union.
The latest figures are for 2010, and show revenue flowing in to government coffers from property taxes varies widely across the continent. Continue reading UK has the highest property taxes in Europe
Landlords who have switched personal property investments into a company cannot claim capital gains tax reliefs on the transfers, according to a landmark tax tribunal case.
Traders have claimed incorporation relief on their business properties and assets for many years when changing their status from a partnership or sole trader to a limited company. Continue reading Landlord claim for CGT relief kicked out by tax tribunal
HMRC is getting tougher with landlords who have ignored appeals to file their tax returns on time.
From May 1st, late filers will have to pay £10 a day for up to 90 days on top of the £100 fine already imposed – making a possible maximum fine of £1,000. Continue reading Late filing landlords to pay £10 a day fines
The tax man is urging landlords to keep better financial records with the help of apps on their mobile phones.
A list of several providers offering mostly free apps for a range of mobile operating systems, like Android, Windows and Apple is on the HM revenue and Customs website. Continue reading Tax man urges landlords to keep accounts on their phones
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