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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
Once you had to take all your expense receipts back to the office and someone (usually you!) opened the accounting software and typed in the company name and address, amount, VAT amount and how it was paid. Today you don’t need to do any of that! Take a photo with your smartphone using an app...
Tax Advantages of Marriage or Civil Relationship in the UK There are not many tax advantages of being married or in a civil partnership but the Capital Gains Tax (CGT) rules do provide definite advantages to those who have tied the knot. (Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples) Regulations 2019...
Once you have chosen your cloud accounting software, you will need to set it up properly in order to get useful information out. Every online accounting software system will have default settings but they may not suit your business. Making sure you set up bank accountants correctly and run a proper director’s loan account can...
HFM Tax is one of the very first accountancy firms in London to launch a free mobile App. Our app is packed full of some really useful Tax Tables, Calculators and important dates. Download now.