SDLT charges in residential property

Stamp Duty Land Tax is a tax you will need to pay if you buy property or land over a certain price in the UK. How much SDLT tax you will need to pay will vary due to a few factors such as: Stamp Duty Land Tax rates as of present, up to the 31st…Read More

What can you do with property losses?

The general concept when it comes to multiple lettings is that income and expenditure is treated as one business. Any income and expenditure in relation to overseas properties, however, will be treated as a separate business from the UK properties. In terms of income tax relief for any losses made on a property, this can’t…Read More

Can I Gift my property and still live there?

Gifting property is where the ownership of the property is transferred without compensation. However, when gifting a property, there are many rules when it comes to taxes making the matter more complex. In particular, the concept of “gifts with reservation” has significant implications for both the donor and the recipient. Understanding these implications is crucial…Read More

Wondering about houses in multiple occupation (HMOs) and property licensing?

A residential property occupied by three or more occupants with shared facilities is what defines an HMO. You must be licensed if you are an HMO with five or more occupants. Licensing can come under three categories. Legally required licensing is called mandatory licensing. This is specifically required by the Housing Act 2004. The only…Read More

What happens if I made losses on my rental property in the tax year?

Much like your main residence, your rental property will need more touching up than others. Some years you may need to replace a few more items than you would hope and ultimately you may end up spending more on the property than you receive in rental income. Perhaps you’ve stopped renting your property for a…Read More

What is Private Residence Relief and how does it arise?

Private residence relief (PPR) applies to the sale of a residence that has been an individual’s only or principal residence for the period of time they have owned it. If you sell a property, once rented out, you will have to pay Capital Gains Tax within 60 days of selling the property. This tax is…Read More

Rent a Room Relief

Deciding whether to rent a room in your home and wondering what the most tax efficient way to go about this is? The ‘Rent-A-Room’ relief scheme is a tax exemption scheme, where, as a property owner you are able to let out a room in your home for up to £7,500 a year and this…Read More

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