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Taking on a renovation project can be hugely appealing, particularly if the property is subsequently sold at a profit. However, from a tax perspective, it may not always be clear-cut how any ‘profit’ should be taxed – is it a capital gain liable to capital gains tax or a trading profit liable to income tax?
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The Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable on residential property valued at more than £500,000 which is held by a company, a partnership or a collective investment scheme (such as a unit trust). There are various reliefs and exemptions available. This may mean that there is nothing to pay. Revaluation
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If you let a furnished property, it is very likely that you will need to replace domestic items from time to time. A specific relief provides tax relief for the cost of replacing certain domestic items. The relief does not extend to the initial purchase of the items. The relief is available to both unincorporated
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Under the original plans, landlords with rental income (or combined rental and business income) of more than £10,000 would have needed to comply with Making Tax Digital for Income Tax (MTD for ITSA) from 6 April 2024. However, the start date has now been delayed, and its introduction is to be phased in. Phased introduction
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A tax charge may arise under the benefit in kind legislation where a company van is available for an employee’s private use. If fuel is also provided for private journeys, a separate fuel benefit tax charge arises. The van and fuel benefit charges for 2023/24 have now been announced. Van benefit charge The van benefit
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As part of the move to Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), the basis period rules are being reformed. Despite the delay to the MTD for ITSA start date – which will now take effect from April 2026 rather than April 2024 – the reform of the basis period rules is
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