Expenses incurred in the running of a property letting business are deductible from rental income received in calculating the taxable profit. However, just because ... Continue Reading
For income tax and capital gains tax purposes only, the operation of a furnished holiday let (FHL) is deemed to be a business and not a property income investment. Specific ... Continue Reading
In calculating the profit or loss of a rental business the on-going costs of renting a property (agents’ fees, repairs, insurance, etc.) being ‘revenue ... Continue Reading
The ideal in IHT lifetime planning would be for the donor to gift the main residence out of the estate but at the same time remain living there. However, ... Continue Reading
Many small businesses are run from home and a proportion of the costs associated with running and maintaining a home can be deducted in computing the profits ... Continue Reading
Where a business is based at home or at another property owned by the director personally, it is possible to extract profits in the form of rent paid for the ... Continue Reading
You may have heard talk about the ‘enquiry window’, meaning the time limit for HMRC to begin their enquiries into a tax return. The length of this ... Continue Reading
Most people are aware of the this relief, which allows you to sell your home without having to pay capital gains tax on any profit that you make. There ... Continue Reading
Surprisingly, many people still die intestate (i.e. without a will). With the ease that wills can now be drafted and the low cost of such services, it makes ... Continue Reading
If you rent out a property, which was at one time your PPR, you will qualify for the lettings relief. This can be worth up to £40,000 against the gain realised ... Continue Reading
