Latest Property

ATED revaluation reminder: Deadline 30/4/23

Annual tax on enveloped dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   Revaluation dates For ATED purposes, properties need to be revalued at fixed revaluation dates, regardless of when the property was acquired.…

Calling all new property landlords!

HMRC have guidance on their website to assist landlords, that now includes a couple of useful webinars, which you can find here: https://www.gov.uk/guidance/help-and-support-for-landlords.   This is however just a general overview and, as there are many aspects of letting businesses which are not clear, we would always suggest getting advice from the outset. Failure to…

Form 17: Saving tax on income from jointly owned assets

Do you jointly own a property? Is this actually funded/owned other than 50:50? Are you a high earner and your spouse a basic earner?   If you have answered yes to these, then tax election notification Form 17 is an easy way to help save tax as a couple! Without this, HMRC will default to…

MTD: delayed & threshold increased

After Press speculation over the weekend, it’s official, HMRC have now confirmed that the introduction of Making Tax Digital for income tax is to be delayed for 2 years: https://questions-statements.parliament.uk/written-statements/detail/2022-12-19/hcws465 The mandate of MTD for ITSA will now be introduced from April 2026, with businesses, self-employed individuals, and landlords with income over £50,000 mandated to…

CGT is on the rise

In the 2020/21 tax year, record amounts of CGT was recorded, with the total CGT liability increasing by 42% from the previous year. This does not come as much of a surprise, as 2020/21 was the first year the ‘CGT on UK property service’ was introduced.   However, HMRC have recently reported that, in the…

Furnished Holiday Lets (FHL)

Unlike other properties, FHL’s benefit from a number of tax advantages including capital allowances on domestic items and full deductibility of mortgage interest. FHL’s also benefit from Capital Gains Tax (CGT) reliefs on disposals including Business Asset Disposal Relief, Rollover Relief and Holdover Relief.   For a property to qualify as an FHL for the…

MTD for landlords

Landlords currently using self-assessment will be required to switch to using Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA for short) and applies to all landlords whose total property income is in excess of £10,000 per year, including: • Rental income from UK rental properties   • Other UK property income such as…

Property Matters Newsletter: Issue 1

The range and location of Whitings LLP clients is vast, and the specialist staff possess and equally vast level of experience, knowledge and expertise. There is, however, one thing each of us has in common, and that is property.   It is hoped that we will provide you with a diverse selection of articles which…

Stamp Duty Land Tax

When dealing with agricultural tenancies SDLT – Stamp Duty Land Tax can be a complex issue. On completion in England of a farm business tenancy – FBT – it’s important to establish whether an SDLT return needs to be submitted, whether it is payable and if so, how much.   For a fixed term FBT,…

HMRC reminders: Taxpayers of ATED revaluation

What is ATED? Annual tax on enveloped dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK residential properties exceeding £500,000 in value.   When do I need to value the property? The property needs to be valued on specific…