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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
Tenants protection has been a feature of the governments Covid-19 response in a year in which both landlords and tenants have had a difficult time. In particular, measures have been implemented to protect tenants against eviction. These measures have now been passed into law.From the 26 March 2020, the following rights of landlords and tenants...
The second Self-Employment Income Support Scheme grant is now open. If you’re eligible and your business has been adversely affected by Covid-19 on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020. HMRC will tell you the date from which you can make your...
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...
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.