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  • How Redeemable Preference Shares Can Reduce Inheritance Tax

    James Bailey explains how redeemable preference shares can solve an inheritance tax problem associated with directors’ loan accounts. Transferring a partnership or a sole trader’s business into a limited company can provide a number of tax planning opportunities, including the lower (20%) rate of corporation tax on profits, as compared to 42% or 47% for income tax and National Insurance contributions (NICs) on individuals. Typically, the strategy...
  • Light Relief? – Losses On Private Company Investments

    Ken Moody takes us through the ‘ins’ and ‘outs’ of losses on investments in private companies. It is fair to say that investments in private companies almost inevitably carry a degree of risk. The tax legislation recognises this by providing relief against income tax for losses on shares in private companies, and also for capital loss relief on losses on loans to traders generally – not just to companies. However, HM Revenue & Customs (HMRC) is likely...
  • Why HMRC May Choose Your Business For Investigation

    Jennifer Adams considers the different investigation methods and procedures being used by HMRC to close the ‘tax gap’.In the days before self-assessment, HM Revenue & Customs (HMRC) investigations were usually confined to those taxpayers whose activities were either brought to the attention of an Inspector, or because the tax return had taken a long time in being submitted, despite...
  • Did Your Previous Business Owe HMRC? Beware the ‘Security’ Nightmare!

    Andrew Needham highlights a potential problem for some new businesses. If your business goes into liquidation owing HMRC money, any new business may be required to pay HMRC a ‘security demand’ before it can trade. With the relative ease of starting up again by using a ‘pre-pack’ procedure, many businesses are now finding themselves faced with a security demand from HM Revenue & Customs (HMRC). But what exactly is a security demand?
  • Tax Insider: Tax Tips
  • Tax Insider: Your Property Tax Questions Answered by Arthur Weller
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Business Tax Insider will benefit business owners, company directors and entrepreneurs.

Each month our experts reveal tax saving strategies covering the whole business life cycle including:

  • Tax saving tips for early years of business
  • How to maximise business expenses
  • How to maximise capital expenditure
  • Extracting profits from a company
  • Tax implications of employing people
  • Tax efficient business exit strategies
  • Plus more…

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Back to Questions
« Previous Question 39 of 65 Next »

Buy-To-Let Property Investment

My wife and I are venturing into the buy to let market. As I am an employee of a large company and very close to the higher tax bracket, if we were to get a joint mortgage to purchase the property, is it possible to make payments to the mortgage company and whatever is left, put this in my wife's account as she doesn't work, so as we can take advantage of her tax allowance? 

Arthur Weller Replies:
A husband and wife are deemed to own a property in the proportion 50:50, unless they actually own it in a different proportion, and they inform HMRC of this different split (on Form 17). So if you want your wife to receive more of the rental income (than 50%), you will have to transfer to her some of your 50% share of the property, and let HMRC know about this on Form 17 (within 60 days).

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