Property Taxation

Unincorporated landlords letting out residential property are no longer  able to deduct all  finance/interest costs from their rental profits when calculating their tax liability. Instead, individuals can only claim a…

From Bowness and Windermere, through Ambleside and Grasmere, and on up to Keswick, the Lake District is an ever popular tourist destination, and therefore home to many quality ‘holiday accommodation…

A&B are 2 small hotels with almost identical financials. In the last financial year both made sales of £130,000 (ex VAT), and both incurred vatable expenses of £8,000 (ex VAT)…

Stan is a widower, and dies on 30th December 2020. His wife died 3 years earlier leaving all her estate to him. Stan’s estate is worth £1.6m, and comprises his…

If your business is unincorporated and your business premises are also your home – eg, you run a bed & breakfast, guest house, pub, etc -  working out what is…

It’s not uncommon to see a VAT-registered contractor incorrectly charge a property owner 20% VAT when the reduced 5% VAT rate should be charged. If you are the contractor it…

Replacement domestic items relief In 2016 the ‘10% wear & tear allowance’ for residential letting landlords was replaced by a deduction for expenditure on the ‘replacement of domestic items’ (eg…

A gain made on the disposal of an individual’s only or main residence can be exempt from Capital Gains Tax (CGT) thanks to the tax relief known as ‘Principal Private…

In most cases, contractors will need to add 20% VAT to the supply of their construction services, and that will add 20% to the costs of any customer who can’t…

Ordinarily, individuals are taxed only on their personal share of any income or gain that arises from an asset that is ‘jointly owned’ with someone else . However, if you…