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Property Tax Insider
Property Tax Insider
Each month our tax experts reveal tax strategies to help minimise your property taxes.
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Here is what our tax experts are sharing with you in this month's magazine:
- No CGT on BTL Properties?
A popular piece of tax planning for buy-to-let investors is to move into a property and live in it for a few months before selling it, thus attracting the exemption from CGT for a “main residence” for the last three years of ownership, together with the.... - Trader or Investor - Why it Matters
Which would you prefer - a capital gains tax bill of 18% or an income tax and national insurance contributions bill of 29% or 42% (or possibly even 52%) on the profit made on the sale of a property? The choice can be yours but planning... - More Than One Home – Which One Is Your Main Residence?
At first sight, this may seem something of a straightforward question. If you have more than one home, logic would suggest that this is the property at which you spend the majority of your time. However, as far as the main residence exemption for capital gains tax (CGT) purposes is concerned, this... - Buyer Beware! Government Crackdown on High Value Property and Property Tax Avoidance
In his 2012 Budget Speech on 21 March, the Chancellor set out a number of measures designed to combat perceived abuse of the tax rules in relation to properties. Just in case you lost them amongst the headlines about “granny tax” and “pasty tax”, they cover... - Tax Insider: Tax Tips
- Tax Insider: Your Property Tax Questions Answered by Arthur Weller
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My accountant and I need absolutely accurate and the most up-to-date advice that we can possibly get. Time and time again Tax Insider has come up with the goods!
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
Property Tax Insider is aimed specifically at anybody who is involved in property.
Its sole purpose is to help you to legitimately avoid or minimise your property income tax, capital gains tax, inheritance tax etc.
This monthly magazine will particularly benefit the following:
Its sole purpose is to help you to legitimately avoid or minimise your property income tax, capital gains tax, inheritance tax etc.
This monthly magazine will particularly benefit the following:
- Landlords with properties in the UK
- Property investors who hold property overseas
- UK and international property developers
- Accountants or tax advisors who have property clients
- Financial advisors
- What Expenses Can I Claim?(May 2012)
- Claiming Travel Costs in Property Rental Businesses(May 2012)
- Use it or Lose it! Flat Conversion Allowance(April 2012)
- 100% Tax Relief - Renovation Allowance(April 2012)
- New for Old! The End of the Renewals Allowance(March 2012)
- Interest Tax Relief And The ‘Buy To Let Portfolio’(March 2012)
- Three Homes Are Where the Heart Is! More Insights Into What Makes A ’Main Residence’(February 2012)
- Renewable Energy and Tax (Part 2) – Business Tax(January 2012)
- Solar Power for Property Owners (Part 1)(December 2011)
- Tenant Deposits: Traps & Tips(November 2011)
- I have a monetary difference between mortgage payment and rent - will I have to pay tax?(December 2011)
- When should we gift our son a property we are buying?(December 2011)
- What are the CGT implications of transferring my property in the name of the Guernsey based company?(November 2011)
- Can we vary our income split for tax purposes?(November 2011)
- Can I Sell My Property Below Market Value?(October 2011)
- Can I Claim for Landlord’s Energy Saving Allowance (LESA) for Two Consecutive Years?(October 2011)
- How Much CGT Will We Have to Pay?(October 2011)
- If We Sell at a Loss, Will We Still Have to Pay CGT?(October 2011)
- Can I Get Deductions for the Interest on a Mortgage?(October 2011)
- What Tax Will I Pay on a Transferred Property?(October 2011)
I have a monetary difference between mortgage payment and rent - will I have to pay tax?
I own a one bedroom property and intend to rent it out. There will be a difference between the mortgage payments on the property and the rent I am considering setting. Will I have to pay tax on this monetary difference? Also can I get an allowance from the taxman for any repairs I have to carry out?
Arthur Weller Replies:
If the gross rent that you receive from your tenant, less the interest element of your mortgage payments, and less any allowable expenses that you incur, results in a positive figure, then this net figure is rental income which is taxable, and you will have to pay tax on it depending on the level of your other income in the tax year, and depending on your personal allowance. Frequently repairs to a let property are categorised as allowable expenses – see
- Private Residence Relief and Working From Home(June 2010)
- Stamp Duty Land Tax Tip(May 2010)
- Reclaiming Your Class Four NIC(April 2010)
- Tax Return Help Sheet for Negligible Value Claims(March 2010)
- How to Qualify for Furnished Holiday Accommodation Relief(January 2010)
- HMRC(December 2009)
- Review Your Position In 2014(December 2009)
- You Can Create a Tax Loss By Knocking a Building Down(November 2009)
- Renovations and alterations(October 2008)
- Do you have two properties that could be your main residence?(May 2008)
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