property taxation Archives - Page 8 of 18 - Whitefield Tax - Isle of Wight Accountants

VAT on commercial property

by Jessica Garbett | Mar 18, 2019 | ACCA, property taxation, VAT

An overview of key issues including ‘option to tax’. The sale or lease of a commercial property can be standard rated, zero rated, exempt or even outside the scope of VAT depending on its nature. Commercial properties can be used for various purposes such as: to use...

Part disposal of land and capital gain tax

by Jessica Garbett | Mar 14, 2019 | ACCA, business taxation, capital taxation, property taxation

An overview with examples together with consideration of when a s242 can apply. The first consideration is: has a disposal occurred? There is no statutory definition of ‘disposal’, so the word must be given its normal meaning. HMRC’s capital gains tax manual CG 10240...

Declaring rental income on jointly-owned properties

by Jessica Garbett | Jan 31, 2019 | ACCA, property taxation

A 50/50 split may not be tax efficient What is the default position? HMRC’s default position is that where someone lives with a spouse or civil partner – and has income from property which is jointly owned – normally they will be taxed on an even split of the income....

Pre-letting expenses

by Jessica Garbett | Jan 21, 2019 | ACCA, business taxation, property taxation

How and when pre-letting expenses can be claimed. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are computed using the same principles as for trades (ITTOIA 2005, s272)....

The Scottish rate of tax

by Jessica Garbett | Jan 18, 2019 | ACCA, business taxation, personal taxatation, property taxation

A recap on who, what and when to help with 2017-18 SA tax returns. Scottish income tax is paid if the taxpayer lives in Scotland. It’s paid to the Scottish government. This sounds straightforward but the devil is in the detail. Who pays Scottish income tax? For most,...

Tax deductible expenses to include on a landlord’s tax return

by Jessica Garbett | Jan 11, 2019 | ACCA, property taxation

Factors to consider when calculating rental expenses. Generally, when calculating rental business profits, expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital...

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VAT on commercial property

Part disposal of land and capital gain tax

Declaring rental income on jointly-owned properties

Pre-letting expenses

The Scottish rate of tax

Tax deductible expenses to include on a landlord’s tax return

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