Treating tenants’ deposits correctly for tax purposes
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than …
Beware of the lifetime limit when claiming BADR on the sale of the FHL
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the time of the 2024 Spring Budget, it was announced that the favourable …
Claiming a deduction for the expenses of a property business
Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, it is important that all allowable expenses are …
A repair or an improvement and why it matters
As a landlord, periodically you will need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating, or the …
Tax implications of letting out your drive
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can …
Letting through a company
The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished holiday letting rules and lower rates of …
Brightline test for FHLs ruled out
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that the tax regime …
The SDLT supplement and changing your main residence
In most cases, a higher rate of stamp duty land tax (SDLT) applies to the purchase of second and subsequent residential properties in England and …
VAT and DIY housebuilders
A person who buys a new home from a property developer does not have to pay VAT on it as the sale is zero-rated. However, …
Which home is the main residence?
Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains tax on any …
Should I sell before the end of the FHL regime?
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes …
Relief for replacement domestic items
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the property. They are …
