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
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
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
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
Tax inspectors are obviously finding tax too taxing, despite HM Revenue & Customs claims to the contrary over recent years, as hundreds are due to go back to the classroom for extra lessons.
HMRC says the aim is to make staff more professional and to help them handle difficult investigations better when they line up against top-gun lawyers and accountants employed by big business. Continue reading Extra lessons for HMRC inspectors who find tax too taxing
Clever Chancellor George Osborne is masking landlord tax increases with smoke and mirror financial tricks that make income tax bills look better than they really are.
Many believe they are better off this year and next after all the talk about big increases in the personal allowance that lifts the poorly paid out of the tax system and lets everyone else earn more before they start contributing to the Government’s coffers. Continue reading By George! The feel-good tax giveaway is really a con
Chancellor George Osborne is coming under more pressure from landlord and letting agent lobbies to ease buy to let tax in the forthcoming Budget.
The Association of Residential Letting Agents (ARLA) is urging the chancellor to scrap capital gains tax on investment properties and ripping up stamp duty rules to make the tax fairer for all. Continue reading Chancellor urged to boost tax relief for landlords
Landlords and property investors who cheat on their tax are under scrutiny from special HM Revenue & Customs task forces.
The teams in London and the North West have been so successful that HMRC has set up a third team of investigators in Scotland.
The team looking at property investors dodging tax in London is expected to yield up to £7 million in unpaid tax plus penalties and interest. Continue reading HMRC task force targets landlord tax dodgers
The tax man is tracking down landlords with undeclared rental income by demanding lists of property clients from letting agents.
Letting agents all over the UK are having to submit client lists with names and addresses of landlords and their rental properties to HM Revenue and Customs.
For many letting agents, this is the first time HMRC has asked for the information. Continue reading HMRC Tightens Tax Screw on Landlords