Let Property Campaign Disclosure: Everything you need to know for 2019

What is the Let Property Campaign?

The Let Property Campaign is designed to help landlords who let residential property in the UK or abroad who have undisclosed income and who owe tax as a result. It provides them with an opportunity to ensure their tax affairs are in order in a simple and often financially advantageous way. If you have undisclosed income derived from letting a resid… Continue Reading

Buy-to-let Landlords Affected by Latest Budget Changes

In the latest Budget, tax relief available to private landlords on mortgage interest payments will be reduced from between 40% and 45% to the basic rate of tax, currently 20%, over a 4 year period from April 2017. What is the impact of this change for a landlord with one or more Buy-to-Let mortgages? Let’s consider an example of a landlord who has a rental income of £20,000 per an… Continue Reading

Property Tax in the UK – What You Need to Know

If you have bought a residential property in the UK and intend letting it out then it is very likely you will have to declare your income from and state the expenses incurred on the property on your Self-Assessment Tax Return. There are some exceptions but most people will fall into this category so it is essential you know about property tax.   If the property is owned jointly by 2… Continue Reading

Landlord Deductions: Replacement Fixtures and Furnishings

Residential landlords are allowed to offset certain costs incurred in maintaining and repairing a property against the rental income they receive. But exactly what types of expenses can be included to reduce a landlord’s tax bill? As a landlord it is important to understand property tax in the UK because there are several important distinctions to be made before you can de… Continue Reading

Let Property Campaign

HM Revenue and Customs (HMRC) have introduced a new campaign which enables landlords who may owe tax on rental income to get their tax affairs up to date without incurring large penalties for non-payment. The Let Property Campaign is for individual landlords who rent out residential property either in the UK or abroad. Landlords who think they may owe tax on previously undisclose… Continue Reading

Notice to Landlords – Flat Conversion Allowances, Energy-Savings Allowances

The special tax relief for flats over shops comes to an end on 5 April 2013. It may be renewed in next weeks budget but if the work is contacted for before 5 April, it can be claimed. The main conditions to obtain relief are: 1. Maximum number of storeys- 4; 2. The flats must have been unoccupied or just used for storage for at least a year before conversion work starts; 3. The flats must be l… Continue Reading