This freeview 'At a glance' guide is essential reading for landlords.

Adviser? You might want to jump into our Adviser's Guide: Property Business, profits and losses

Starting a property business

You are about to become a landlord. Where do you start and what do you need to do before you buy? What business structure should you use? 

Article & link 

What you get 

Buy-to-let ownership: personal v. company?

 

What is the most tax-efficient structure for holding buy-to-let property? We consider the key issues and give tips on profit extraction and other planning points.

SDLT: Residential property higher rates

LBTT: Additional Dwelling Supplement

Welsh LTT vs SDLT: Comparing the rates and additional dwellings charge

What Stamp Duty Land Tax (SDLT) rate will apply if you are buying your rental as a  second residential property?

Are there any reliefs?

What if the property is in Scotland or Wales?

Joint property: legal v beneficial ownership

 

What is the difference between legal and beneficial ownership of land and property?

Why does it matter?

What are the differences between joint tenants and tenants in common and how does that affect your planning?

Furnished Holiday Letting

 

Will your new property qualify for special Furnished Holiday Let (FHL) status?

What rules apply and whether you can save tax by making sure you have an FHL.

Non-Resident Landlord Scheme

 

A non-UK resident buying a property to let in the UK?

You need to know about this scheme and how it applies to you as well as your UK Self Assessment obligations.

Offshore company holding UK residential property: Tax issues

 

If you are non-UK resident and buying UK property to let out this guide will help you decide whether to hold it through an offshore company or not.

Annual Tax on Enveloped Dwellings (ATED)

 

Whether or not ATED will apply may affect how you structure your property ownership. If you think it will apply you may not wish to buy through a company and consider a different structure.

Do I need to file a tax return?

 

Will buying a property to rent mean you need to file a Self Assessment return? What else do you need to do with HMRC?

See also S.8(1) notice to file a tax return for details about registering with HMRC

Land & Property VAT (Subscriber guide)

 

Everything you need to know about property letting and VAT including whether you need to VAT register your property business before you buy your first property.

Opting to tax land and property

 

This guide explains when you should opt to tax a property for VAT and how to do it as well as what type of property you can opt to tax. You may need to consider this before you buy.

 

Your life as a landlord...

How do you calculate your rental income and what expenses can you deduct? Should you incorporate your existing property business?

Article & link 

What you get 

Property profits & losses: Toolkit (2021-22)

 

A helpful toolkit that includes everything you need to know about how property profits and losses are taxed in the UK.

Cash basis for property businesses


A guide to which accounting basis is best for landlords and how profits are calculated.

Trading and Property Allowances


If your total property income is below £1,000 you can claim this allowance and no income tax will be due.

Restricting mortgage interest relief (subscriber guide)


The rules on mortgage interest relief have changed in recent years. This guide explains the changes and what relief you can claim going forward. Will your mortgage interest create a loss and if so what can you do with it?

Interest on re-mortgaged buy-to-let property


A freeview note which considers whether and when mortgage interest relief is available when re-mortgaging a rental business; this is a complex area.

Rent-a-room Relief


What if you are just letting a room in your own home, how will it be taxed? What are the rules for the relief to apply?

Landlords: Capital allowances (subscriber guide)


This guide sets out when and how a landlord can claim capital allowances (tax depreciation) on capital expenditure for and on their let property. In other words what tax relief can you get for capital expenditure on improving your property?

Replacement of Domestic Items Relief (subscriber guide)


A guide explaining what tax relief you can claim when you replace domestic items such as appliances and furniture in your let properties.

Flat (fixed) rate expenses or actual cost toolkit


A toolkit covering what types of expenses landlords can use fixed-rate expense deductions for and which is better, fixed-rate deductions or actual cost. Can you can mileage for visiting your properties and a what rate?

Incorporation: Property business/Buy-to-let


A detailed guide to how to incorporate your buy-to-let business into a limited company, what the advantages and disadvantages are and what taxes and reliefs you need to consider.

Making Tax Digital: Survival guide (for the self-employed & landlords)

Everything you need to know about MTD for landlords before it becomes mandatory in 2024.

Making Tax Digital: VAT (subscriber guide)


If you are letting commercial property which is opted to tax you may need to be VAT registered and MTD for VAT may apply. All you need to know about how the rules work.

 

Selling your property... 

You have decided it’s time to sell. What tax will you have to pay and when? Are there any reliefs available?

Article & link 

What you get 

Property & letting: CGT and IHT issues

 

What are the Capital Gains Tax and Inheritance Tax issues arising with unincorporated property businesses including Furnished Holiday Lets?

Profits from dealing in or developing UK land

 

A guide to the rules which replaced the old transactions in land provisions and extended UK taxation to all profits from trading in and developing UK land, regardless of residence.

CGT: Deductible expenditure

 

General information about what you can and can’t deduct when calculating a capital gain.

How to calculate a capital gain or loss

 

A guide to help you work out what capital gain or loss you have made when you sell your property.

Non-resident CGT: UK property


How and when does Capital Gains Tax apply to non-residents owning UK property? This guide explains.

CGT: Payment of tax

 

Everything you need to know about how and when to pay Capital Gains Tax when you sell your property.

An index to Capital Gains Tax reliefs

 

A guide to Capital Gains Tax reliefs and how and when they might apply to a property business.

PRR: Private Residence Relief

 

Can you claim Private Residence Relief when you sell a rental property you have lived in? What are the rules and restrictions?

 


Small acorn
If you like our content come and join us.

Thousands of accountants and advisers and their clients use www.rossmartin.co.uk as their primary TAX resource.

Register with us now to receive our unique FREE Tax Planning Tips and Advice Guide & our FREE OMB Newsletter.

 

 

Enjoying the Practical Tax content on www.rossmartin.co.uk? 

Sign up now to receive a unique FREE Tax Planning Tips and Advice Guide & our FREE Newsletter.

.Squirrel ad