property taxation Archives - Page 12 of 18 - Whitefield Tax - Isle of Wight Accountants

Pre-letting expenses – capital or revenue?

by Jessica Garbett | Jan 15, 2018 | ACCA, property taxation

Guidance on whether repairs are a capital or revenue pre-letting expense. For tax purposes profits from UK land or property are treated as arising from a business. The broad scheme is that rental business profits are computed using the same principles as for trades...

Rent-a-room relief nearly doubles

by Jessica Garbett | Jan 4, 2018 | ACCA, HMRC, personal taxatation, property taxation

Rent-a-room relief increased to £7,500. From 6 April 2016 the level of rent-a-room relief increased from £4,250 to £7,500 per year. How does the scheme work? The rent-a-room scheme is a relief which provides that the rent received by an individual from a lodger (up to...

Enveloped dwellings tax rises 3%

by Jessica Garbett | Dec 6, 2017 | ACCA, property taxation

The annual tax on enveloped dwellings (ATED) for 2018 to 2019 will increase by 3% from 1 April 2018. The ATED charges for the 2018 to 2019 chargeable period are increased in line with the September 2017 Consumer Prices Index (CPI) rate of inflation, which was 3%. The...

Budget: Stamp duty bonanza for first-time home buyers

by Jessica Garbett | Dec 1, 2017 | ACCA, budget, property taxation

Nil-rate stamp duty band for first-time buyers extended to £300k. From 22 November 2017 first-time buyers paying £300,000 or less for a residential property will pay no stamp duty land tax (SDLT). This measure does not apply in Scotland, as SDLT was devolved to the...

Rental income for 2016/17 tax returns

by Jessica Garbett | Nov 15, 2017 | ACCA, property taxation

HMRC sets out key areas in its updated rental income tool kit. HMRC updated its rental income tool kit on 1 September and for many members this is just in time for the 2016/17 tax return season. The toolkits from HMRC provide guidance on areas of error that HMRC...

Quick second update: capital gains tax relief for let property

by Jessica Garbett | Jul 13, 2017 | ACCA, capital taxation, property taxation

Gathering information in advance is advisable Let property relief can reduce capital gains tax and is an important consideration when clients have let out residential property. The information needed can be difficult to find out and it is often easier to collect in...

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Pre-letting expenses – capital or revenue?

Rent-a-room relief nearly doubles

Enveloped dwellings tax rises 3%

Budget: Stamp duty bonanza for first-time home buyers

Rental income for 2016/17 tax returns

Quick second update: capital gains tax relief for let property

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