Top Tax Saving Tips for Jointly Owned Properties

In England & Wales, the joint ownership of property can be two forms: Joint Tenancy In joint tenancy, each owner has equal rights to the whole of the property. If one of the owners dies, part owned by deceased owner automatically passes to the surviving owner. For tax purpose, each owner is treated as having

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Should I incorporate to avoid Section 24?

Incorporation is the most popular strategy advised by many accountants and tax advisors to deal with Section 24. There is no doubt about the advantages of this strategy. However, you need to consider the pitfalls as well. Section 24 does not apply to the company. The government thinks corporate landlords are good while individual landlords like you

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Transferring your property to spouse as solution to Section 24.

One of easiest and basic strategy to deal with the Section 24 is a transfer of ownership (either 100% or some other proportion) to your spouse or partner if he/she is basic rate tax payer and you are higher rate tax payer. This strategy was used by many landlords in the past to reduce income

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Interest Relief Restriction (Section 24) on Landlords – A Complete Guide

In 2015 Summer Budget (Section 24 of Finance Act 2015), the Government announced proposals to restrict the tax relief available to landlords in respect of interest and other finance costs. Millions of individual landlords across the UK will lose out from this change in the tax rules on interest relief restriction. The government expects to

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Tax on Airbnb Income

Airbnb hosting has become popular in recent years with increasing number of landlords in London and outside London are using Airbnb as an easy platform to let their buy to let property and own house. With this popularity, increasing number of our client asks for detailed guidelines on tax on Airbnb hosting income. In this

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