Flipping – how to choose your main residence to maximise relief

July 04, 2018 | by Sian Kelly | No comments

 

Private residence relief (also known as main residence relief) takes the gain arising on the disposal of a person’s main or only residence out of the charge to capital gains tax. This relief means that in the majority of cases, any gain arising when a person sells their home is tax-free.

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Jointly owned property- how is income taxed?

April 25, 2018 | by Sian Kelly | No comments

 

Where property is owned jointly by two or more people, the way in which any income is taxed will depend on the relationship between the owners.

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Mileage rates for landlords

March 07, 2018 | by Sian Kelly | No comments

 

In preparation for the introduction of digital recording and reporting, landlords with unincorporated property businesses have been able to benefit from a number of simplifications, including cash basis accounting.

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Tax-free rental income up to £8,500

January 31, 2018 | by Sian Kelly | No comments

By making the most of the rent-a-room relief and the £1,000 property income allowances, it is possible to receive tax-free rental income in 2018/19 of £8,500 (while utilising your personal allowance elsewhere).

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SDLT- How much will you pay?

December 13, 2017 | by Sian Kelly | No comments

 

Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,000 when they buy their first home, as long as the purchase price does not exceed £500,000.

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Is there a Minimum Period of Occupation Needed for Main Residence?

November 07, 2017 | by Sian Kelly | No comments

Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available.

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