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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:
- 'Revenue' or 'Capital' Costs? Take Your Pick!
On the basis that there are still some of us left who want to pay only the amount of tax that is legally required, rather than what Ms Margaret Hodge of the Public Accounts Committee determines to be “our fair share”, here are some thoughts on why we should care whether property expenditure should be set against income or against capital. Certain expenses are always capital, some always revenue; others may potentially fall in either category. Here’s why it matters... - Landlords -Watch Out for this Tax Trap!
I recently met a new client, who has a portfolio of about seven buy to let properties. As we sat together going through the schedule listing them by cost, rent yield, market value, and mortgage interest payable, I realised that this person had fallen (or been pushed by a previous adviser) into one of the classic traps that lie in wait for buy to let landlords. What made it even worse was that this new client had explained that they wanted to consult me specifically about selling up and retiring, and the trap they were in was going to make that very difficult to achieve... - ‘Generating’ Income - Tax Implications of Microgeneration
It is possible to use your home or a property that you let out to make money from microgeneration. The term `microgeneration’ refers to the electricity generation capacity of the smallest capacity (up to 50KWe). Microgenerators designed for use in domestic homes fall at the lowest end of the scale...
- Capital Vs Revenue - One of HMRCs Longest Running Arguments
A recent case (G Pratt and Sons v HMRC (TC 1269)) has questioned whether expenses which are of replacement or re-surfacing are revenue or capital in nature. It is fair to say that the question as to whether expenditure is of a revenue (and therefore generally an allowable business expense) or capital nature is one of the longest running arguments in the UK tax system...
- Tax Insider: Tax Tips
- Tax Insider: Your Property Tax Questions Answered by Arthur Weller
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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
- Property Repairs before the First Letting – What is allowable?(April 2013)
- How to Pay off Your Main Residence Mortgage – And Claim Tax Relief!(March 2013)
- How to Grow a Property Portfolio Free of CGT!(February 2013)
- Have You Really Stopped Letting? (February 2013)
- Tax Planning - Timing is Everything!(January 2013)
- Jointly-Owned Let Property – Is There a Partnership?(December 2012)
- Living on the Job!(November 2012)
- HMRC’s Property Income Task Force (Part 1) – Anything to Declare?(November 2012)
- Private or Main Residence Relief – What You Need to Know!(October 2012)
- Capital Allowances: Second-Hand Fixtures(October 2012)
- How much tax do we pay on conversion?(October 2012)
- How much tax will I have to pay?(October 2012)
- Tax and solar panels(September 2012)
- Can I still claim?(September 2012)
- Are we liable for Stamp Duty?(August 2012)
- How much CGT will I have to pay?(August 2012)
- Can my partner and I claim each of our properties as our residence?(July 2012)
- Which allowance should I use - wear and tear or renewals?(July 2012)
- Can I claim these costs back?(June 2012)
- Are there any tax breaks for providing dwellings from commercial premises?(June 2012)
Which allowance should I use - wear and tear or renewals?
I let a flat furnished and obviously had to buy all the initial furnishings such as a bed, a sofa and tables. Are these allowable as expenses on my first year’s tax return? If so is their reducing value allowed to be claimed in future using the wear and tear allowance or am I obliged to use the renewals allowance?Arthur Weller Replies:
There are two ways of claiming capital allowances for furnishings in a fully furnished residential property, the 10% wear and tear allowance, and the renewals allowance. See www.hmrc.gov.uk/manuals/pimmanual/PIM3200.htm. The renewals allowance is not relevant to you at present, because it is only applicable to ‘the net cost of replacing a particular item of furniture etc, but not the cost of the original purchase’.
- Exchange Of Interests – Main Residence Problem(June 2013)
- Job-Related Accommodation(May 2013)
- Delay In Occupation(April 2013)
- ‘Wear And Tear’ Allowance (February 2013)
- Sales After Death(January 2013)
- Job-Related Accommodation(December 2012)
- Multiple Dwellings Relief(November 2012)
- Capital Gains Tax(October 2012)
- Lettings Relief(September 2012)
- Working From Home(August 2012)
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