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HMRC Let Property Campaign – Summer 2019 Update

The HMRC Let Property Campaign was launched in September 2013 to make it easier for landlords to get their tax affairs up to date.  Whilst many landlords have already received a Let Property Campaign letter, there are still many remaining…with HMRC ready to pounce!   As part of the government’s ongoing crackdown on tax evasion

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How To Beat Section24 And Save Tax

The hot topic in recent times for a lot of landlords has certainly been Section24.  When the changes were initially announced, the one small comfort was that the changes were still a long way off, with plenty of time to plan.  But, time moves fast, and when landlords began completing their 2017/18 tax returns last

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Top Ten Ways to Reduce Your Inheritance Tax Bill

Inheritance Tax (IHT) tends to be a subject that most people do not care to dwell on for obvious reasons, and it is surprising how many people do not think their estates will need to pay IHT. However, currently, the following allowances, (nil rate bands) are applicable for IHT purposes: Standard Allowance        £325,000 Residence allowance     

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A to Z of CGT – The Basics of Capital Gains Tax

With Section 24 the hot topic for landlords in recent times, many landlords have been considering their options.  Whilst there are possible ways to mitigate the changes, some landlords have come to the conclusion that they wish to sell their properties.  This can however attract further tax as you would be exposed to the Capital

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7 Deadly Sins (Of Tax!) And How To Mitigate Future Problems

In this blog, we look at 7 tax “sins” and explore the best way to mitigate any future problems. Splitting rental income incorrectly Spouses who jointly own property need to take great care when splitting their rental income between them on their tax returns. If you jointly own a rental property with a spouse, apart

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To Sell Or Not To Sell? Capital Gains Tax Changes

The October 2018 budget brought even more changes for landlords, with the latest attack on landlords focused on the sale of rental properties and Capital Gains Tax.  So if you are thinking of cashing in, the question is to sell or not to sell?   There have, historically, been some very generous reliefs. However, from

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A Place In The Sun! – A Simple Guide For Non-Residents

Many people have a dream of retiring to sunnier climes – not least in the midst of a cold British winter – and landlords are no different. In today’s blog, we talk about the tax implications of moving abroad and what to do to ensure you don’t fall foul of the law.  This is our

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Property Landlords – Can you claim a stamp duty rebate?

In the wake of a recent ruling regarding stamp duty rates on second homes, UK landlords have been urged to take a look at their property purchases to see if they can claim a stamp duty rebate.   In the recent landmark case of P N Bewley Ltd vs. HMRC, a judge ruled that properties

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Is It A Capital Cost, Or Is It A Revenue Cost?

Most landlords, when new to the industry, are genuinely surprised when they find out that they can’t claim every bit of expenditure back against rental profits.  This article explores the differences between capital costs and revenue costs.   First, the mortgage payment. Many accidental landlords believe that the whole of the mortgage payment – capital

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Simple Guide – Capital Gains Tax On Property

One of the most important and significant taxes that landlords pay on their Buy to Let properties is Capital Gains Tax (CGT).This tax becomes payable when the landlord sells a property, so is not required to be paid whilst the landlord is renting the property out and will be a one-off fee at the end

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