PROPERTY TAX
Reporting residential property gains and tax payments
When and how to report a gain on the disposal of a house and pay the associated tax. Not all residential property is equal when it comes to the tax treatment of gains.Where a property is marketed or otherwise gotten rid of (e.g., offered to a member of the family...
Moving property rental income Anti-avoidance traps
The main guidelines that govern a taxpayer moving rental income rights to another. This brief article will certainly cover the key aspects of ownership and splitting income, in regards to co-owned property. Note specifically that there are unique regulations for...
Exploring the Pros and Cons: Residential Property Purchase through Limited Company vs Sole Trader
The decision to invest in residential property is a significant one, and it comes with various considerations. Among these is the choice of the legal structure through which to make the purchase – whether as a sole trader or through a limited company. Each option has...
Principal Private Residence – a full explanation
This unique article examines the capital gains tax consequences of the disposal of a taxpayer’s principal private residence. Although a principal private residence is not a chargeable asset for Capital Gains Tax purposes, a CGT liability may arise when a property is...
When do property repairs come to be improvements?
In computing the taxable revenues of an allowed property business, among one of the most crucial principles to comprehend is the difference in between resources and also income expense.Revenue expenses can usually be balanced out against income tax in the tax year...
Specialist construction accountants
Specialist construction accountants Our group of Salford Accountants have over twenty years of experience collaborating with construction as well as residential or commercial property companies in the Salford area. Our specialist building and construction and...