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Reporting income from property has become more complex in recent years with the restriction on mortgage interest relief for income tax and the limitation of capital gains tax reliefs. Accurate reporting is important but so is careful structuring of any property holdings to minimise your tax liability.
More people are renting out property, often without regard for any potential tax consequences, whether income tax or capital gains tax. This is made more complex by the regular rule changes that seem to be a feature of this area of taxation in recent years.
We can ensure you structure the ownership to minimise your tax liability and report any income or gain correctly. Perhaps more than any other area of personal taxation, having a view of your long-term aims in holding property is a key subject to discuss at the very beginning.
I'm Lesley Hercock, Tax Manager Let's speak about property taxes
John Ditchfield
Whether you’re looking to reduce your tax burden or plan for your long-term financial health, Harmonic Financial Planning can help you with a tailored plan. Keep it in the family: Allowances like spousal transfers and Junior ISAs can help reduce your tax bill this year. As the April 5th end-of-tax-year deadline approaches, January offers the perfect opportunity to...
Ian Marlow
Summary The long awaited, much anticipated and dreaded first Budgetof the new Labour government was delivered to Parliament today – 30 October2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to financeinvestment and growth, and the vaunted tax increases are no longer speculative,we have the detail. The impact of the proposed...
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’. This means that all sole trader and partnership businesses must now report their profits on a tax year basis, beginning...