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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 recently published Finance Bill 2020/21 introduced the new Financial Institution Notice (FIN). A FIN allows HMRC to legally require banks and other financial institutions to provide relevant details about a specific taxpayer. HMRC will use FINs to check a person’s tax position and also to help with debt collection.HMRC must provide the taxpayer with...
The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection. The main thrust of his announcements during his Summer Statement concerned his nominated Plan for Jobs 2020, details...
I have a question about jointly owned property rental income. My husband and I jointly own a rental property, the income of which we declare 50:50 on our Tax Returns. I have been promoted and will be a higher rate taxpayer going forward. Is it possible for my husband to be taxed on a greater...
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.