“[The introduction of independent taxation between spouses was] bound to mean that some couples would transfer assets between themselves so that their total tax will reduce; this was an inevitable and acceptable consequence of taxing husbands and wives separately“. Taking this statement from the Chancellor of...
Cash basis for landlords – when does it apply? The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and accruals. Income is recognised when received and expenditure is recognised when paid. Since 6 April...
Landlords in the UK with an unincorporated property business can claim mileage rates to reduce the tax on property. The mileage claim is in the form of a deduction in transport expense, which can be used as an alternative to capital allowances based on actual...
The steady increase in house prices in the UK have made owning a property increasingly difficulty. That's why a lot of individuals are jointly owning properties to earn rental income. Rental incomes are subject to tax, and this Due to rising house prices, joint ownership...
Individuals and companies who own properties across the UK can benefit from hiring specialized property accountants. There are many reasons why housing associations, developers, letting agents, and property owners should hire landlord accountants. Seeking the advice of property accountants will help protect against non-compliance of tax...
Income Tax Rates and Bands Recent income tax rates and bands are as follows: 2015/16 2016/17 2017/18 Savings rate: 10%, 0% from 2015/16 0 - £5,000 0- £5,000 0- £5,000 Dividend Allowance: 20% NA 0 - £5,000 0 - £5,000 Basic rate: 20% 0 - £31,785 0 - £32,000 0 - £33,500 Higher rate: 40% £31,786 - £150,000 £32,001 - £150,000 £33,501 - £150,000 Additional rate:...
Using a Limited Company to Save Property Tax The analysis of whether it is beneficial for a property investor to use a limited company can be complex and this helpsheet aims to identify some of the key advantages in considering a limited company for this purpose. Any...
A Guide to Stamp Duties There are three types of Stamp Duty: Stamp Duty Land Tax (SDLT) - which applies to land transactions Stamp Duty Reserve Tax (SDRT) - which applies to sales of securities on the stock market; and Stamp Duty - which applies to...
1. Overview Contributions to private pensions can be made free up to certain limits. This applies to most private pension schemes, including: workplace pensions personal and stakeholder pensions overseas pension schemes that qualify for UK tax relief - ask your provider if it's a 'recognised overseas pension...
CGT and Your Principal Private Residence The sale of an individual's home is normally exempt from CGT, with neither a taxable gain nor loss arising. This is certainly the case where it has been the individual's only or main residence throughout the period it has been...