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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
Ian Marlow
The way HMRC calculates tax penalties is about to change. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). HMRC say this is to make tax penalties 'fairer and more consistent across taxes'. When Do Tax Penalties Change?for VAT taxpayers from periods starting on or after 1 April 2022 for taxpayers...
Auto-correct activated From 19 June 2021 HMRC has been automatically correcting 2020/21 tax returns where the total amount of SEISS grants reported doesn’t match their records. It will then take them a while to process all of the tax returns submitted before 19 June, as some manual intervention is needed to make any adjustment of the...
A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts. The Recovery Loan Scheme...