Property Tax

Get ready for the next steps of Making Tax Digital

Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax administrations in the world. MTD involves fundamental changes in the way in which taxpayers keep records and report information to HMRC. MTD launched with MTD for VAT, …

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Working out the capital gain on the sale of an investment property

If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay capital gains tax if a gain arises on the disposal of the property. This may be the case if you have an investment property, such as a buy-to-let or holiday …

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What are the tax advantages of furnished holiday lettings?

Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key benefits is the availability of capital gains tax reliefs available to traders, including rollover relief and business asset disposal relief. Business asset rollover relief Business asset rollover relief is a significant benefit of having a furnished holiday let rather …

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How to obtain relief for pre-letting expenses

When starting a new property rental period there will usually be a preparatory phase during which expenses will be incurred. To what extent is relief available for expenses incurred before the property is let? Start of the property rental business A property rental business usually starts when the letting first commences. Once the letting has …

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