property taxation Archives - Page 5 of 18 - Whitefield Tax - Isle of Wight Accountants

Landlords and tax returns

by Jessica Garbett | Jan 25, 2021 | ACCA, business taxation, property taxation

Do all landlords have to complete a tax return? In short, not necessarily. How much tax is payable depends on the level of profits and the personal circumstances of each individual. We discuss the circumstances where an individual does not require to complete a tax...

Self assessment – repair or capital?

by Jessica Garbett | Jan 11, 2021 | ACCA, business taxation, property taxation

A recap of what is allowable when it comes to repair or capital. The profits of a trade are calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law. The basic position is that: the cost of repairing...

SDLT holiday – time to invest in the property market?

by Jessica Garbett | Oct 30, 2020 | ACCA, property taxation

Guidance for clients looking to benefit from the stamp duty reduction. One of the key measures announced by the Chancellor in July was the reduction in Stamp Duty Land Tax (SDLT) on residential property. The purpose of the reduction is to boost the housing market...

ACCA on Property loss relief for landlords on cessation of business

by Jessica Garbett | Oct 16, 2020 | ACCA, property taxation

One of the questions often asked by landlords is: what would happen if they have sold the last property held on their buy-to-let property business? Are the accumulated losses lost forever? The answer is – it depends. In the case where the business is treated as...

Making Tax Digital for Income Tax starts April 2023

by Jessica Garbett | Jul 23, 2020 | business taxation, HMRC, property taxation

It was announced this last week that Making Tax Digital for Income Tax will start from April 2023. This will apply to Sole Traders, Partnerships and Landlords with turnover (or rental income) over £10,000, who will need to: Submit returns of income and expenses...

All change for landlords

by Jessica Garbett | Apr 9, 2020 | ACCA, property taxation

Make sure you’re aware of new CGT requirements and finance cost restrictions for residential properties. Capital gains tax (CGT) For UK residents, there is another change in payments of CGT for disposals made on or after 6 April 2020. Return and payment of CGT has to...

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Landlords and tax returns

Self assessment – repair or capital?

SDLT holiday – time to invest in the property market?

ACCA on Property loss relief for landlords on cessation of business

Making Tax Digital for Income Tax starts April 2023

All change for landlords

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