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The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favorable furnished holiday letting rules,, and lower corporation tax rates led many landlords to question whether it would be preferable to let property through a company instead. Like most things, there are pros and cons. Advantages As for any
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For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC. In the 2024 Spring Budget, the Chancellor announced that the higher rate
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Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the year) are covered by the annual exempt amount. This is essentially a personal allowance for capital gains tax purposes, and each individual is entitled to their own annual exempt amount.
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HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total theoretical tax liabilities, or £35.8 billion in absolute terms, in the 2021 to 2022 tax year’. HMRC appreciates that not all this money is purposely withheld (as in fraud or
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HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be because a separate claim form was not included with the return, or the claim form was included but not signed. If you receive such a letter, it is important that
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Where an individual realises a chargeable gain on the disposal of a UK residential property, they must report the gain to HMRC within 60 days of completion and make a payment of the capital gains tax due within the same window. In most cases, the gain will be reported online – taxpayers will need to
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