Landlords

13
Dec

Stamp duty tax relief: 180,500 new homeowners benefit

  180,500 new homeowners benefit from stamp duty tax relief According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The relief introduced in November 2017 has saved eligible first-time buyers an estimated total amount of more than £426 million. Mel Stride MP, Financial Secretary to the Treasury, said: ‘These statistics

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6
Sep

Stamp duty cut: 121,500 households save £284 million

  Stamp duty cut: 121,500 households save £284 million According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the

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7
Jun

Diary of Main Tax Events – March / April 2018

  Tax diary: All the main tax events for March / April 2018 Welcome to this month’s Tax Diary, providing you with all the main tax events for the next couple of months including key deadlines and what’s likely to be due. These deadlines are intended to be used as a guideline and are based on the general requirements of

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3
May

Taking a lodger? Don’t forget to claim “rent a room” relief

  Taking a lodger? Don’t forget to claim “rent a room” landlord relief HMRC are carrying out a review of rent a room landlord relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence

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5
Feb

Advantages of furnished holiday lettings

  Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings (FHL). In particular the restriction on deductibility of finance costs that started to apply from 2016/17 does not apply to furnished holiday lettings. It may be worth considering investing in such properties to

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4
Jan

Relief from additional 3% SDLT charge

  Much of the focus in the Autumn Budget on Stamp Duty Land Tax (SDLT) concerned the abolition of the duty for first time buyers of property up to £300,000. There was also welcome news for those involved in other property transfers where the 3% supplementary SDLT charge potentially applies when an interest in a second property is acquired. The

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5
May

New tax free allowances started on 6 April

  The £5,000 dividend and savings allowance of up to £1,000 have been with us since 6 April 2016. There are now two further allowances available since 6 April 2017. There are concerns that these have not been widely publicised and not properly understood. The first £1,000 allowance is against self-employed income. This is a deduction from gross income so

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2
Mar

Making Tax Digital to start in April 2018

  Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, the new system of quarterly reporting will commence in April 2018 for the self-employed and property landlords. There were 1200 responses to the consultation documents issued in summer 2016 and a number of changes have

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5
Dec

Income Tax not CGT on property sale

  Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords. The new rules treat UK property sales/development of land as part

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