Furnished or un-furnished – tax considerations The decision to rent a property furnished or un-furnished is often made based on your chances of finding a tenant or marketing your property to attract a different kind of tenant. Aside from this
Landlords – Have you received a letter from HMRC?
HMRC send letters to 40,000 landlords Following the introduction of the Let Property Disclosure Campaign, HMRC have stepped up their scrutiny of landlords and their income tax affairs. Over the next 4 months, HMRC intend to send letters to 40,000
Renewals and Wear and Tear Allowance
Renewals and Wear and Tear Allowance As we head towards the end of the tax year and start thinking about preparing tax returns for the 2013/14 tax year. it is worth a reminder that the renewals basis for residential property
HMRC Let Property Tax Campaign
HMRC have launched the latest of their tax campaigns designed to allow taxpayers to voluntarily bring their tax affairs up to date. The latest let property tax campaign is targeted at landlords who un-paid tax on any rent received. The
Losses on rental property – A quick guide
If you rent out a property you need to let HMRC know that you are receiving this income by 5th October following the end of the tax year in which the income started. If you have made a profit, you
Wear and Tear Allowance – Property Rental
If you rent out a property there are many allowances you can claim to reduce your tax bill, one of these is wear and tear allowance. Wear and Tear allowance is available if you let a property furnished. You can’t