Latest Property

20th October 2020 Indexation Relief: Bank it

The Office of Tax Simplification (OTS) has been in consultation with individuals, businesses as well as professional advisers – including accountancy bodies – to review the capital gains tax system and see whether there is any scope to simplify the current tax system. The consultation process closes on 9th November 2020.   Speculation has been…

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5th October 2020 30 Day Reporting On Residential Property Disposals Success

Six months from its introduction we have now successfully completed a number of Client reports to HMRC within the 30 day window.   Since 6 April 2020 the Government is making some significant changes to the rules regarding the reporting and payment of Capital Gains Tax (CGT) when individuals, trustees and personal representatives dispose of…

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30th June 2020 New electrical safety regulations for all landlords

While the Coronavirus pandemic holds our attention it is easy to overlook other changes taking place in its shadow. From 1 June 2020 new electrical safety regulations have come into force which apply to all new lettings of dwellings; from 1 July 2020 (tomorrow!) the regulations will be extended to cover all existing lettings of…

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12th November 2019 Finance charges for landlords – The knock on effects

  Since 6 April 2017, changes are being gradually introduced to restrict the relief available to landlords in respect of their finance costs. Under the old rules, the interest element of the mortgage payments was 100% allowable for income tax purposes. However, this is gradually being replaced with a 20% tax reducer instead. The timetable…

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4th September 2019 Don’t forget to register for self-assessment by 5 October!

The deadline to register for self-assessment, to enable you to complete a 2018/19 tax return, is 5 October 2019. You may be required to complete a tax return for a number of reasons, some examples are outlined below: You have a sole trade and earn more than £1,000 You are a partner in a business…

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24th July 2019 From April 2020 – 30-day Reporting and payment date on residential property disposals

From 6 April 2020 the Government is making some significant changes to the rules regarding the reporting and payment of Capital Gains Tax (CGT) when individuals, trustees and personal representatives dispose of residential property and it is important to be aware of these.   Currently such a disposal would be reportable on your tax return…

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23rd July 2019 Residential Property Tax News!

  Lettings Relief and Principal Private Residence Relief   Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here.   HMRC have now published a policy paper on 11 July 2019,…

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20th May 2019 Property allowance considerations: Joint properties held in unequal proportions

The property allowance was introduced on 5 April 2017, allowing a flat rate deduction of £1,000 to be claimed against property income, in lieu of keeping detailed records of expenses. This however, raises the question as to whether individuals renting out a joint property are required to make the same claim as one another. In…

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14th May 2019 PPR and Lettings Relief: an Update

Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules.   HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs   The consultation period closes at 11:45pm on 1…

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11th March 2019 Revised rates for the Annual Tax on Enveloped Dwellings

The charges made under the Annual Tax on Enveloped Dwellings (ATED) regime increase in line with inflation on 1 April 2019:   Property value From 1 April 2018 From 1 April 2019   £ £ More than £500,000 up to £1 million 3,600 3,650 More than £1 million up to £2 million 7,250 7,400 More…

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