Category Archives for Income Tax

It’s not due in January; It’s due today!

A common misnomer with individual tax returns is that they’re due in January. January 31st is actually the deadline for submitting your return to HMRC and paying them any monies due. As you can

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The Traps of Equity Release on Rented Properties

In order to achieve greater ‘revenue relief’, many landlords release equity from their properties using the money in whichever way they choose – for example if they decide to buy a Ferrari or

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The Ever Changing World of Tax

It’s All Change in the World of Tax Let’s talk about something important. Things are changing in terms of tax matters and indeed, they are also changing for us as a firm. We have now closed our

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Investing in a Buy to Let can be Incredibly Lucrative – but also a Tax Minefield

Investing in a buy to let is, it has to be said; a tax minefield. It attracts just about every type of tax going: Stamp duty, (when bought) Income tax (when rented) Capital gains (when sold) VAT (when

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Property Rental Income v Employment Income – An Interesting Tax Comparison!

When asked about his tax return Albert Einstein said “This is a question too difficult for a mathematician. It should be asked of a philosopher”. Unfortunately, in the UK, the only people

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First Time Landlords Should Be Aware of their Tax Obligations

Embarking on the property market as a first time landlord can be both exciting and daunting at the same time; so, before your ‘embarkation’ you need to be aware of the taxes that you may encounter

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Is Work Done on My Rental Property Tax Deductible? Not Necessarily!

An expense might be justifiable, necessary – legally required even, but does that make it tax deductible? – unfortunately not always. It’s a common misconception that just because

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Declare Your Rental Income Before HMRC Catch Up With You!

The year is skipping past at a fair rate and next month sees the paper filing deadline for tax returns. This basically means that if you intend to file your tax return on paper it must be received by

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