The ‘wear and tear’ allowance can only be claimed on rental property let as fully furnished. This means when it includes such items as a cooker, fridge, ... Continue Reading
When deciding whether a property should be given PPR status HMRC look as to whether the owner had any intention of living in the property. It is a matter of fact ... Continue Reading
Tax relief is allowed on interest paid on mortgages/loans taken out to finance the purchase of assets held within a business. Landlords who own two or more properties ... Continue Reading
Private residential landlords can claim an immediate 100% allowance of up to £1,500 per dwelling per tax year, when improvements to the energy efficiency of ... Continue Reading
Capital gains tax (CGT) is charged on the net gains (proceeds less cost) made on the sale of assets by individuals, personal representatives and trustees. Companies ... Continue Reading
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
