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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
SummaryAs with the Spring Budget 2021, much of the detail for the Autumn Budget had been leaked to the press prior to the official report to parliament, 27th October 2021.But we now have all the details and, as usual, there is much to consider. The following Autumn Budget summary is split into two sections:Taxation...
Changes in Dividend Tax Dividends have been taxed at a lower rate for some time and taking a combination of minimum salary and then dividends has been a standard remuneration strategy for small owner managed businesses.If you have been keeping up with announcements from Downing Street, you will know that from April 2022 the hybrid rates...
Boris Johnson has announced a new 1.25% health and social care levy on earned income, with dividend rates increasing by the same amount. He said the levy would fix the long term problems of health and social care that have been “cruelly exposed by Covid”. The increase in national insurance comes into effect in April 2022 and...