This month in Tax Tips Q&A, we answer questions about offsetting expenses against rental income profit and what to do when that income equals a loss. We also have a question about tax on rental income. 

Landlord Vision allows you to give your tenants access to their own area where they can view their data, download their documents and even contact you. This section of the software is called the Tenant Module and is so easy to set up. Firstly though, we’ll go over what the Tenant Module actually does.

This section has been written by Amer Siddiq, founder of Property Tax Portal. Finding an Accountant   There is a saying, “a good accountant pays for him/herself”. Never a truer word has been spoken.   In this chapter we will become familiar with and understand how to acquire the services of an excellent accountant.  

Repairing the fixed assets of a business will generally be a tax-allowable business expense, but improving an asset will not.  Repairs are revenue expenses, and allowable against income, but improvements are capital expenditure, and not allowable against income (although they may be deducted from the capital gain on disposal for CGT purposes).

Airbnb is a disrupter in the true sense of the word. It took an established industry and turned it on its head. While some traditional B&Bs and landlords decry it as a negative influence, others have grabbed this opportunity and ran with it. 

Inheritance tax is becoming more and more of a ‘tax bombshell.’   This is purely because property prices have increased so much over the past few years. If you do not plan for IHT now, then you could be passing on a huge tax liability as well as unwanted stress to your loved ones!  

Tax Tips Q&A is back for its second month. This month’s tips are all about property repairs.  These handy property questions and answers have been shared with us from Arthur Weller’s ‘247 Property Tax Questions Answered’. In this guide he answers tax questions on Capital Gains Tax, Buy-to-let Tax, Inheritance Tax, Gifting Tax and so much […]

You might sometimes use your business accounts for personal expenses or withdrawals, in which case you won’t want these payments to be included when putting together your property accounts. With this in mind, we’ve added a new feature to make bank reconciliation even easier.

In this post, we will look at when it is beneficial to use a company to grow a property portfolio. 

HMRC have the power to “enquire” into any tax return from a company, a partnership, or an individual. They do not have to give a reason for the enquiry.   Anyone in the property business may face an Enquiry – a certain number of random Enquiries are opened every year.   Enquiries come in different forms:  

The thought of becoming a landlord can be overwhelming for some. Bringing many considerations and even more responsibilities. That said, it’s also a very exciting prospect – a monthly passive income, a diverse investment portfolio and more financial freedom. 

This post outlines a number of additional reliefs that are available, which can help to reduce the CGT liability further in certain scenarios. Please Note: From April 2015 the rules applying when a non UK resident sells a UK residential property, and the rules for UK capital gains tax when he does so, have changed.

You can use Landlord Vision to track what is going on in your bank account, not only that, but you can make sure that you have already accounted for everything when you come to do your reports. The best way of doing this is to get the software to match your actual account balance. In […]

Tax Tips Q&A is a brand new monthly blog series. In this series, we will be sharing property questions and answers from ‘247 Property Tax Questions Answered’. In this guide Arthur Weller answers tax questions on Capital Gains Tax, Buy-to-let Tax, Inheritance Tax, Gifting Tax and so much more. This week’s Q&A tax tips are […]