Lettings Relief: A Guide to Reduce CGT Bill to HMRC
UK Lettings Relief underwent changes in April 2020, now applicable only when the property owner resides with the tenant. The relief, capped at £40,000, is calculated based on the lowest of three options, reshaping the tax landscape. Homeowners are advised...
The Pros And Cons Of Setting Up A Trust To Reduce IHT In The UK
Effective death tax planning in the UK requires understanding inheritance tax (IHT) and trusts. Trusts, like Discretionary and Interest in Possession Trusts, can reduce IHT from 40% to 26% if the settlor survives 7 years. Savings depend on property value....
UK Inheritance Tax for Non Residents: Rules and Exemptions
For non-UK residents, careful planning is essential to navigate the scope of inheritance tax (IHT) on UK assets. While IHT typically applies to UK assets for non-residents, certain exemptions exist, such as government securities (gilts) and foreign currency bank accounts....
CGT Late Filing Penalties
Reporting Capital Gains Tax (CGT) on UK property sales within 60 days of completion is crucial. Late filing incurs penalties, including initial fines, daily charges, and additional penalties based on estimated tax liability. Rates can vary based on behavior, with...
Prepare for an HMRC Personal Tax Audit in the UK
Facing an HMRC tax audit in the UK can be daunting, but a personal tax accountant guides individuals through the process. Common triggers include discrepancies, unusual deductions, industry risk factors, tips, or random selection. Thorough preparation involves gathering records, reviewing...
Understanding Structure and Buildings Allowance
Learn about Structure and Business Allowance and if you are eligible to claim it or not.
VAT on Residential Property | Insights for Owners & Investors
This comprehensive guide navigates the intricate landscape of Value Added Tax (VAT) on residential property in the UK, highlighting distinctions between Zero-rated and Exempt supplies. It clarifies conditions for reduced VAT rates in renovation, offering crucial insights for stakeholders to...
Lease Variation and Lease Surrender
Tax implications in lease variations hinge on who pays whom. Lessee payment for a favorable variation is capital expenditure, while lessor payment for lease surrender is a premium, with tax nuances based on lease terms. Reverse lease surrender yields lessee...
A Complete Property Tax Guide for Landlords and Property Investors
Navigating the UK property market's tax landscape is crucial for investors. Whether you're a Rent-to-Rent entrepreneur, HMO investor, or considering a Property SPV, this comprehensive guide explores the tax implications for each strategy. From income tax considerations to Stamp Duty...
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