Some accounting tips
Today’s blog covers the best ways to extract profits from a property company this tax year. If you need to utilise the profits outside of your property company it is wise to plan this in advance to make sure you are being as tax efficient as possible.
#Landlord #TaxPlanning #PropertyInvestor
Tax relief for mortgage and finance costs are available regardless of whether your property business is operated as an unincorporated property business or run through a limited company, however the mechanism and extent of the relief differ. Today’s blog covers some quick examples to illustrate the difference.
Where estates including a property are sold post death, the issue of whether a capital gains tax liability arises will need to be considered. In certain situations, a post-death disposal by the personal representatives may benefit from the main residence exemption. Find out more below.
Don’t get caught out – if you transfer assets, normally property, to someone deemed as a ‘connected person’ you might receive an unwelcome tax bill even if you’ve not received a penny for the transfer. We go through a case study to demonstrate how this tax trap works.
#TaxBill #CGT #Landlord
With the residence nil rate band being frozen until 2026, if you have a high value estate in the family it might be worth planning ahead to make sure you reduce the inheritance tax bill. Our latest blog explains more. #InheritanceTax #TaxPlanning
The stamp duty increased threshold has been extended until 30 September 2021, with the most favourable increases ending on 30 June 2021. While house sales are taking longer than average, you should still have time to take advantage of the savings.
There’s still time to save on stamp duty tax if your house purchase completes by 30 September 2021. #StampDuty #PropertyMarket