Property Archives - Page 4 of 6

Jun 06 2019

Selling a Let Property

By admin Income Tax, Potts & Co Accountancy & Business Advice News, Property, Welsh Land Taxes

Many landlords are deciding to sell their residential properties. From 6 April 2020 none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead the landlord receives a tax credit equal to 20% of the interest to set against their income tax…

Mar 10 2019

Tax Rates & Deadlines For Property

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

The government has shortened the period for paying SDLT from 30 days to 14 days. New Deadlines The government has shortened the period for paying stamp duty land tax (SDLT) from 30 days to 14 days after the effective date for land or property transactions completed on or after 1…

Dec 06 2018

Gains From Off-Plan Purchases

By admin Capital Gains Tax, Potts & Co Accountancy & Business Advice News, Property

Most people understand that when you sell your main home the profit you make on the sale is exempt from tax. However, for this exemption to apply in full you must generally occupy the residence throughout your period of ownership. If the property has been acquired before it is fully…

Nov 11 2018

Relief For First-Time Buyers

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

Stamp duty land tax (SDLT) is payable at rates ranging from 2% to 12% when you buy a residential property for £125,000 or more. Higher rates apply to the purchase of second homes and property acquisitions by companies. If a residential property worth up to £500,000 is purchased by one…

Nov 07 2018

Tax Exemption For Homes Clipped

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property

When you sell your only or main home, you expect any gain you make to be free of CGT. But that CGT exemption only applies if you have occupied the property as your main home for the entire period of your ownership. If you move out of your home before…

Mar 12 2018

Annual Tax On Enveloped Dwellings

By admin Annual Tax On Enveloped Dwellings (ATED), HMRC, Potts & Co Accountancy & Business Advice News, Property

This tax, known as ATED, applies to residential properties owned by companies. It only came into effect on 1 April 2013 and was extended to properties worth over £500,000 from 1 April 2016. Landlords who have transferred their residential property portfolios into companies need to be aware of the ATED.…

Mar 11 2018

Rent A Room Relief

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property

This tax relief is designed to encourage people to let out a spare room to a lodger and hence increase the availability of low-cost accommodation. In fact, the relief can also cover short-term lets. If you let rooms in your own home by the night through sites such as Airbnb,…

Mar 10 2018

Welsh Land Taxes

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property, Welsh Land Taxes

If you are about to buy a property in Wales, you need to consider the new land transaction tax (LTT) that comes into effect for all property deals which complete on or after 1 April 2018. The LTT replaces stamp duty land tax (SDLT) and in general, its rates are…

Dec 19 2017

Property Allowance

By admin Personal Tax, Potts & Co Accountancy & Business Advice News, Property

When you let one or more furnished rooms in your own home, the rental income can be free of tax if it is covered by rent -a-room relief, currently capped at £7,500 per year. But this relief only applies where the room is used as residential accommodation. If the room…

Dec 04 2017

Non-Resident Property Owners

By admin Budget Update, Potts & Co Accountancy & Business Advice News, Property

When UK property is held by overseas landlords, the rental income should be taxed in the UK, but any gains made on selling the property often escape UK tax. Since 6 April 2015 non-resident individuals and private companies must pay non-resident capital gains tax (NRCGT) on any gains accrued since…

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