If you receive rental income from a tenant, either from a UK or overseas property, then you may be subject to income tax on your profits. You may also be required to submit a Self Assessment tax return and report your income and expenses to HMRC.
We have assisted many clients in identifying their allowable expenses and helping them reduce their tax bills.
If you have been receiving rental income and have not reported it to HMRC, then you may be able to make a disclosure under the Let Property Campaign.
We can help you make this disclose and make sure you only pay the right amount of tax whilst minimising interest and penalties payable.
SDLT applies on the purchase of interests in land in England and Northern Ireland (Scotland and Wales have their own Land and Buildings Transaction Tax and Land Transaction Tax respectively– not covered here).
With recent changes to SDLT and the introduction of the 3% surcharge, many taxpayers are finding it increasingly difficult to determine if and how much SDLT they may have to pay.
Expert tax advice can make sure you don’t face an unexpected and unwelcome tax bill or overpay tax unnecessarily.
As your property portfolio grows, you may wish to consider the benefits and drawbacks of incorporating your rental business into a company.
Taking into account the rental income received, your personal circumstances, and your future intentions for the business, we can help guide you through this process and ensure that your business is structured in the most tax efficient manner in a way that suits you.
If you are thinking of selling your rental property, you may benefit from tax advice prior to the sale to ensure that the sale goes ahead in the most tax efficient way and that all available allowances and deductions are claimed.
When considering your liability to capital gains tax, we will always consider the availability of tax reliefs such as Principal Private Residence Relief (PPR) and Lettings Relief to make the most out of your sale.
If you are selling commercial property, then VAT and capital allowance considerations should also be taken into account.