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Annual Tax on Enveloped Dwellings (ATED)
If you are considering incorporating your property business, one of the considerations should be Annual Tax on Enveloped Dwellings...
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FACT SHEETS
Furnished Holiday Lettings: What do we know now?
Furnished Holiday Lettings: What do we know now? On 18 August 2024, the government published draft legislation that will abolish the...
Incorporation relief: A case study
The recent uncertainty surrounding the proposed abolition of Furnished Holiday Lettings has led to property landlords considering whether...
Capital Allowances: Balancing charges
Furnished Holiday Lettings (FHLs) owners are able to claim capital allowances in respect of furniture, fixtures, fittings and integral...
Higher rates of Stamp Duty Land Tax
Whilst many know that there is an effective 3% stamp duty land tax (SDLT) surcharge for those buying an additional property, the rules...
HMRC Cracking Down on Undisclosed Property Income
HMRC’s Let Property Campaign aims to give landlords with undisclosed property income a chance to get their tax affairs up to date in a...
VAT on supplies of land & property
The VAT treatment of supplies of land and property is a complex area and, due to the high values of typical property transactions, it is...
Long stays in holiday lets
This factsheet considers the impact of allowing longer term lets (more than 28 days) in your holiday property. Furnished holiday lettings...
Property transfers between spouses or civil partners
When transferring property, the first tax that springs to mind is capital gains tax (CGT), but stamp duty land tax (SDLT) is another...
Tax on property jointly held by spouses or civil partners
This factsheet explores the tax implications of property being jointly owned by spouses or those in a civil partnership. Jointly held...
Beware of Property Tax Avoidance Schemes
A recent HMRC publication and a huge amount of discussion in the tax and property press has brought tax avoidance schemes into the...
Why you should not buy a holiday let if you intend to stay in it
Holiday lets are a great investment and offer several benefits including Capital Gains Tax relief and capital allowances for furniture...
VAT on letting holiday accommodation
In a recent case between Sonder Europe Ltd and HMRC, the First Tier Tribunal ruled that supplies of leased apartments that were then let...
Reporting capital gains tax due on UK property
This factsheet covers capital gains tax (CGT) reporting requirements for both UK residents and non-UK residents who sell land and...
The Renters (Reform) Bill 2023
After several delays, The Renters Reform Bill was introduced to Parliament on 17 May 2023. A White Paper, published in June 2022, set out...
Property Strategy: Purchase Lease Options and Purchase Options
This is a relatively new strategy for residential property, although it has been used for many years in commercial property and property...
Making Tax Digital for PropertyLandlords
In this fact sheet, we’ll outline how Making Tax Digital (MTD) for income tax self assessment (ITSA) affects landlords. We’ll also...
Land remediation relief
Only available to limited companies, Land Remediation Relief provides a corporation tax deduction of 100%, plus an additional deduction...
Flat management companies & tax
If you own or manage a flat management company, it’s important to be aware of the various tax implications. This fact sheet will...
Tax-deductible expenses and vacant properties
The ability to deduct expenses incurred by a property business is determined by the status of that business. HMRC typically see a...
VAT on early termination fees,compensation, and dilapidationpayments
From April 2022, HMRC’s guidance was changed to reflect their new stance on the VAT treatment of early termination fees, compensation,...
Commonhold vs. leasehold forflats
In this fact sheet, we’ll explore the benefits and drawbacks of both leasehold and commonhold flats so that you can make an informed...
When to recognise revenue on services provided
Revenue recognition often causes confusion among contractors and subcontractors, but it is essential to get it right to avoid HMRC...
What’s the difference between cash accounting and traditional accounting?
When you start a new business, you need to make several decisions. One of the most important decisions you’ll make is whether to use the...
What landlords should know about clause 24
Clause 24, also known as Section 24, is an amendment to the UK’s tax laws that restrict landlords from deducting finance costs from their...
What is the Construction Industry Scheme (CIS)?
The Construction Industry Scheme (CIS) is a set of rules that apply to contractors and subcontractors who carry out construction work in...
What are allowable property expenses?
Allowable expenses are business costs that can be deducted from trading income when calculating the business’ profits for tax purposes....
VAT rules for serviced accommodation
Residential rent is a VAT exempt supply, however, serviced accommodation is treated as holiday accommodation and is subject to VAT. This...
Should HMO or buy-to-let landlords set up a limited company?
There are several considerations to take into account when deciding whether or not to set up a limited company for your HMO or buy-to-let...
Rules for CIS contractors
The Construction Industry Scheme (CIS) is an HMRC scheme for workers in the construction sector. Businesses that employ subcontractors...
Replacement of domestic items relief
Replacement of domestic items (RDI) relief, previously known as The Wear and Tear Allowance, allows residential landlords to claim tax...
What is Multiple Dwellings Relief (MDR)?
Stamp Duty Land Tax (SDLT) is a tax on the purchase of property in England. Multiple Dwellings Relief (MDR) allows homebuyers to pay less...
Is it a repair or improvement (revenue or capital expenditure)?
It can often be difficult to distinguish between repairs and improvements, however, it’s extremely important to report them correctly for...
How to register and set up your Government Gateway account
The Government Gateway is a system in which you can access the majority of government online services, including your tax account. Let’s...
Business expenses if you don’t charge a market rent
There are several reasons why property owners might decide to charge a rent below market value or even rent for free. It has been common...
CIS – Are you a property investor or developer?
Most Construction Industry Scheme (CIS) documentation only refers to contractors and subcontractors. However, there are other...
Can I submit micro-entity accounts?
More than half of all limited companies registered in the UK are considered micro-entities. Micro-entity accounts are becoming...
How to create a group using share exchange
Share for share exchange is a type of share transaction that allows two companies to reorganise their shareholdings without triggering...
How does the Rent a Room Scheme work?
With the Rent a Room Scheme, you can earn up to £7,500 per year tax-free from letting out furnished accommodation in your home. Although...
How to account for construction retentions
When a client withholds part of the payment to be released once work has been fully completed, it is called retention. This is common in...
How to claim your £1,000 property allowance
Landlords can get up to £1,000 in rental income tax-free every year under the Property Income Allowance. If you own a property with...
How to account for a property management company
Property management companies let properties they do not own and are responsible for their day-to-day operations and repairs. It is an...
Do you need a 5% VAT certificate for construction work?
In the UK, the standard rate of VAT for most building services is 20%. However, a reduced 5% VAT rate can be charged for certain types of...
How does the finance cost allowance work?
Finance costs are any costs involved in borrowing money to purchase or build assets. Finance costs for residential landlords include...
How to check if your supplier invoice is correct for input tax
Many business owners have made the mistake of purchasing business supplies in their own name rather than the business’s name. Or if you...
How to register for CIS
The Construction Industry Scheme (CIS) is an HMRC initiative that outlines how subcontractors should be paid. Most businesses and workers...
Can I transfer my investment income to my spouse?
The rules for income from assets jointly owned by married couples can be tricky. There are a few things to take into consideration in...
Letting conditions for Furnished Holiday Lets
Many property owners opt to rent their property as a Furnished Holiday Letting (FHL). There are several benefits to FHLs including...
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