Property Tax tips , advice and articles How much tax could you save as a landlord on your property?
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Here is the full collection of tax tips which are scattered throughout this website.

Tax Advise When somebody dies?

When somebody dies make sure the deceased’s assets are valued on an as is basis’ which will give a lower probate value than an insurance new-for-old’ basis. The lower the total probate value of the deceased’s estate, the less inheritance tax is payable.

Tax Advise Exempt from Stamp Duty Land Tax?

When buying a property it is worth checking whether it lies within one of the 1,997 designated disadvantaged areas. If it does the purchase is exempt from Stamp Duty Land Tax for a residential property worth less than £150,000, or for any value of non-residential property.

Tax Advise Qualify for taper relief

Check the date you acquired the property and the proposed date of completion of the sale contract very carefully. You need complete years to qualify for taper relief so a single day out could mean you lose a whole chunk of tax relief.

Tax Advise Separate bank account?

It is advisable to have a separate bank account to record all rental income received & expenditure incurred. This will assist you in the event of an Inland Revenue investigation and completion of your annual rental accounts and self-assessment tax return.

Tax Advise Deposits from new tenants

Don't forget to exclude the deposits you receive from new tenants when calculating your taxable rental income. Deposits are not taxable unless they become non-returnable under the tenancy agreement. Only include the retained deposit when it is used to cover the costs it was designed to prevent, such as renewals, repairs or legal fees.

Tax Advise Renovating a property?

If you are renovating a property to bring it back into use as a home the vat payable on the material and labour costs can be reduced to 5%. The building has to meet a number of qualify a number of conditions for this reduced VAT so discuss the plans with us first.

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Taxation Solutions Ltd