Service Archive - Buy To Let Tax Accountants https://buytolettaxaccountants.co.uk/service/ Buy To Let Tax Accountants Sat, 28 Nov 2020 19:44:40 +0000 en-US hourly 1 Stamp Duty https://buytolettaxaccountants.co.uk/service/stamp-duty/?utm_source=rss&utm_medium=rss&utm_campaign=stamp-duty Fri, 20 Nov 2020 16:07:04 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=60 Stamp Duty Advice for landlords and buy to let property investors We provide advice on stamp duty to investors and landlords to ensure that you are not paying too much when purchasing a buy to let property. What is Stamp Duty Land Tax? Stamp Duty, also known by its official name Stamp Duty Land Tax […]

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Stamp Duty Advice for landlords and buy to let property investors

We provide advice on stamp duty to investors and landlords to ensure that you are not paying too much when purchasing a buy to let property.

What is Stamp Duty Land Tax?

Stamp Duty, also known by its official name Stamp Duty Land Tax (SDLT), is a tax levied against property buyers in England and Northern Ireland upon the purchase of a residential property or piece of land that costs more than £500,000. This limit is in place until 31 March 2021, when SDLT will revert to its pre-Covid threshold of £125,000, or £300,000 for a first-time buyer. This upper threshold was introduced by the Chancellor of the Exchequer on 8 July 2020 to help stimulate the housing market.

SDLT applies to both leasehold and freehold properties and is charged regardless of whether the property you are purchasing is paid for with cash or a mortgage.

We can also advise on the application of Land and Buildings Transaction Tax (LBTT), the equivalent of SDLT in Scotland.

How much is Stamp Duty?

The amount of SDLT you owe is dependent on the price of the property you are purchasing, as there are several rate bands. The tax is calculated on the portion of the property acquisition, price falling within each rate band.

If your property costs less than £500,000 and you complete the purchase before 31 March 2021, you will pay no SDLT on the property, assuming that it is your main property. If the price is above £500,000 you will pay Stamp Duty on the portion above £500,000 based on the following revised rate bands:

Minimum property purchase price Maximum property purchase price Stamp Duty Land Tax rate – applicable to the portion of the property price falling within each band)
£0 £500,000 0%
£500,001 £925,000 5%
£925,001 £1,500,000 10%
Over £1,500,000 – 12%

Stamp Duty on Second Homes

There is an additional 3% in SDLT levied on the purchase of second homes, as well as buy-to-let properties, on top of each of the revised rates in the band in the table above. This additional 3% applies to properties that have a purchase price over £40,000, but it doesn’t apply to caravans, mobile homes or houseboats.

How to pay Stamp Duty

Ordinarily, the solicitor that you have engaged to help purchase your property will deal with the Stamp Duty return, and make any payment due for you, and you will subsequently reimburse them. It is possible to pay this buildings transaction tax yourself, but regardless of which way you choose to pay it is down to you as the purchasing party to ensure it is submitted on time.

If the price of your new home falls into the 0% rate band (i.e. under £500,000 before 31 March 2021), you must still submit a return, even though no Stamp Duty is due to be paid.

When is Stamp Duty not payable?

There are a couple of scenarios in which SDLT is either not payable, or can be reduced. For example, if you transfer the deeds of your property to someone else, either as a gift or in your will, they won’t have to pay SDLT on the market value of the property, although if it is transferred as part of your will, there may be Inheritance Tax obligations. For more on the interaction with Inheritance Tax, book a meeting with our expert advisors.

If the price of your property is slightly over a rate band into the higher rate, it might be worth negotiating with the seller or estate agent to see if they would accept a slightly lower price.

Stamp Duty is still payable if you exchange properties with another individual. Each of you will have to pay based on the property that you receive, and this is calculated on its market value.

Reliefs for Buying Residential Property

There are several different types of relief available for homebuyers when purchasing a house. For first time buyers getting on the property ladder, no SDLT is due on the first £500,000 of the property, and this also applies if you are the first-time buyer of shared ownership property.

It is also possible to claim relief when you purchase multiple dwellings in one transaction, or in several linked transactions. Our expert advisors have helped many clients make significant savings utilising multiple dwellings relief (MDR), or to reclaim overpaid SDLT, and will be happy to assist you in your claim.

Partnerships and companies

In recent years there has been an increase in HM Revenue & Customs (HMRC) inquiries into the purchase of residential property by Buy to Let investors, partnerships and companies, as they seek to establish whether the uppermost flat rate of SDLT, 15% applies to the purchases. We can help advise you if you are under enquiry from HMRC or wish to establish your position on potential duty owed.

Developers and landowners

Most deals for the purchase of land are structured in a way that creates SDLT charges that might not be immediately obvious to the purchaser. We can help to ensure that there are no unexpected SDLT liabilities for you or your business.

How we can help

This is a highly specialised area of tax, and it is always best to speak to a real expert before investing in residential property. We can help recover overpaid stamp duty, mitigate any potential liability, assist in your correspondence with HMRC, and challenge any previous payments you may have made.

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]]> SPV Limited Company https://buytolettaxaccountants.co.uk/service/spv/?utm_source=rss&utm_medium=rss&utm_campaign=spv https://buytolettaxaccountants.co.uk/service/spv/#respond Fri, 20 Nov 2020 16:06:43 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=59 How to set up an SPV Limited Company for landlord buy to let properties In this guide, we’ll discuss how you can set a special purpose vehicle (SPV), which is a limited company for a landlord’s mortgaged buy-to-let properties. The Knowledge What is an SPV? An SPV is a business entity that is set up […]

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How to set up an SPV Limited Company for landlord buy to let properties

In this guide, we’ll discuss how you can set a special purpose vehicle (SPV), which is a limited company for a landlord’s mortgaged buy-to-let properties.

The Knowledge

What is an SPV?

An SPV is a business entity that is set up for a well defined special interest.

When it comes to being a property investor, an SPV is usually formed for the purchase of buy-to-let or property development. An SPV can be used for other purposes. Often, an SPV is set up as a private company limited by shares; however, it doesn’t need to be. An SPV can be any type of business, this includes both a public limited company and a limited liability partnership.

What are the advantages of an SPV?

Within the context of property investment, the major reason that investors will opt to form an SPV may be that they plan on reselling in the future, they may wish to arrange finance on the property, or they may want to keep the asset and liability clear so that they can reduce their tax bill.

Here’s how an SPV could help you with your tax efficiency:

In the Finance Act of 2015, restrictions were introduced on the amount of interest that it is possible to claim as a tax allowance. This amount has been gradually decreased in subsequent years and is now zero.
For the 2020-2021 tax year and going forwards, rental profits will be taxed with the maximum deduction at the basic rate of 20%. This has raised the tax liability and, as such, the operating costs for many landlords and investors that use mortgage finance. A result of this is that buy-to-let investments have become unviable and could lead to a loss.
However, limited companies can still claim tax relief on the interest they pay on their mortgage. This means that being a limited company is a more effective and viable way of running a property business.
It is essential to point out that an SPV can only work in this way under current legislation, which is, of course, subject to change.

What are the disadvantages of using a limited company for buy-to-let properties?

There are some disadvantages to the SPV model. Landlords that use an SPV could potentially pay out more than they will gain. This is because buy-to-let mortgages for limited companies generally charge higher rates of interest than those for individual landlords. Also, transferring property from an individual to a business makes it liable for stamp duty.

Why become a buy-to-let limited company?

Many private landlords that operate as individuals have seen a rise in their tax bill. This is because of the change in buy-to-let tax relief. As a result, there has been a big growth in limited companies being established for managing rental properties.

Do mortgage lenders prefer SPVs?

Mortgage lenders typically prefer limited company SPVs as the risk involved is easier to understand. For instance, a new SPV set up for a property project will have no trading history. As such, there will be no pre-existing debts, charges, or obligations that could hinder the decision to lend. The SPV will be separate from its owners for tax purposes.

When proving a mortgage to an SPV, lenders will often look at the financial standing of the company directors rather than the SPV itself, which may have zero income and no other assets.

How many buy-to-let mortgages are available to limited companies?

Approximately 75% of all buy-to-let mortgages are only available to individuals. The remaining 25% are for limited companies, including SPVs.

Finding the right buy-to-let mortgage for limited companies

After you have incorporated your SPV, you’ll find that mortgage options change. You’ll need to look for more specialist products as not all buy-to-let mortgages are available to SPVs; however, as SPVs are becoming more commonplace, lenders are starting to respond to the demand. It should become easier for new SPV landlords to find the best deals to suit their needs.

What are the four steps to set up a buy-to-let limited company?

Here are the four steps to set up a buy-to-let limited company.

1. Register as a limited company with Companies House.

The first step is to incorporate. You can do this yourself online, although you could use a solicitor or accountant. The standard fee for registration is £12 and takes 24 hours. Paper submissions take ten days and cost £40.

2. Personal and business details

You’ll need to provide a few basic details. For example your company name, address, information about directors, company shareholders and what the company does.

3. Register for corporation tax

Once the company is set up, you’ll have to register for corporation tax. This needs to be done through companies house and will require your unique taxpayer reference.

4. Tax advisor

Once you have done this, you are officially a limited company for tax purposes and will pay corporation tax on your profits. This means that if you already have a portfolio, you’ll need to transfer those over to your new SPV. You should seek advice before you do this.

Frequently Asked Questions

Q: Can a British ex-pat buy property using a UK limited company?

A: Yes. Lenders will lend to Britsh ex-pats using an SPV.

Q: Can I transfer my property portfolio from a personal name into a limited company?-

A:
Transferring your buy-to-let from your own name into your SPV may be tax-efficient in the longterm. You should consult with an accountant to ensure that paying capital gains and stamp duty will be worth the tax savings.

When you transfer your property from your own name to a limited company, it will be treated as a purchase by lenders.

Lenders are able to use the equity in the property as your deposit. The bad news is that you will have to apply to a specialist lender for a new mortgage on each of your properties. You are not able to keep the current mortgage in place.

Q: Do buy to let lenders lend to existing trading limited companies?

A: There are some lenders that will lend to existing trading companies. If you would like to buy property in the name of your existing trading company, then you will find that your buy-to-let mortgage options may be more limited.

Q: Do I need a separate bank account for the limited company?

A: Yes, your new SPV will need to have its own bank account.

Q: Are personal guarantees required?

A: All SPV buy-to-let lenders require that you provide a personal guarantee.

Use Buy-To-Let-Accountants.co.uk for advice.
We are experts in SPV and limited company lending. Get in touch with us today for a free, no-obligation initial consultation.

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]]> https://buytolettaxaccountants.co.uk/service/spv/feed/ 0 Specialist Property Accountant https://buytolettaxaccountants.co.uk/service/property-accountant/?utm_source=rss&utm_medium=rss&utm_campaign=property-accountant Fri, 20 Nov 2020 16:05:38 +0000 https://buytolettaxaccountants.co.uk/?post_type=service&p=535 Property Accountant Services for landlords and property investors We provide property accountant services for landlords and property investors to maximise tax relief and minimise capital taxes. When it comes to property, up-to-date specialist accountancy knowledge is required to keep you on the right side of the law while maximising your tax relief and minimising capital […]

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Property Accountant Services for landlords and property investors

We provide property accountant services for landlords and property investors to maximise tax relief and minimise capital taxes.

When it comes to property, up-to-date specialist accountancy knowledge is required to keep you on the right side of the law while maximising your tax relief and minimising capital gains tax. No one wants to be paying more tax than they need, and most landlords, no matter how long they have been in the business, need some help keeping on top of their financial and administrative obligations and duties.

We are property accountants with plenty of experience in the below. We can help you with:

  • Capital gains tax: many property investors and landlords do not know how to offset their capital gains tax efficiency and end up paying too much when selling on a property. We can help you to look at how to minimise this.
  • Landlord income tax: we can help you to be as tax efficient as possible while also being fully compliant
  • VAT
  • Stamp duty: all buy-to-let properties are subject to stamp duty. We can provide you with the latest information regarding the stamp duty holiday and how to beat the deadline.
  • Corporation tax
  • Inheritance tax – wondering whether inheritance tax is going to affect your purchase? Call us for more advice.
  • Buy to let mortgages for limited companies – is it better to buy as part of a limited company or an individual investor? We can give you advice on the best strategy for you.
  • Capital allowances – our team can help you to maximise your tax relief and ensure that you are not missing out
  • Tax-efficient structures
  • Non-resident landlord schemes – is your primary residence abroad? We can help you with the non-resident landlord scheme and explain what it means for you.

And much more – pick up the phone and talk to us today about how we can help.

Our clients

We work with a vast range of clients, providing them with the best and most up-to-date advice on buy to let investments. It doesn’t matter if you are a first-time individual landlord with one property, or a limited company with a whole portfolio under your belt, we can help. Our impressive portfolio of clients include:

  • Private landlords – including those who re involved in student letting, houses of multiple occupancies (HMO), and standard buy to let
  • Builders, contractors and sub-contractors
  • Planning advisors
  • Architects and surveyors
  • Structural engineers
  • Estate agents and property letting agents

Working with landlords and professional property investors

We have a team of expert property accountants and property tax advisors who are well-placed to provide you with advice on the continually changing property market and the legislation in terms of tax and accounting. We know how to help our clients achieve maximise profit and make huge tax savings, whether they are a one-off private landlord, a partnership or a large scale limited company.

On top of routine accountancy tasks and auditing, we can also give our clients advice on things such as mortgage interest relief for individual landlords, planning and VAT on properties, capital allowance, stamp duty, inheritance tax, tax on enveloped dwellings and the non-resident landlord scheme. If you have any questions on these and want to know how we can help, get in touch.

Why should you choose us?

Why choose us above other property accountant services? After all, there are thousands of accountants up and down the UK, all claiming to offer the same as us.

The difference is that we have the most up-to-date, relevant and in-depth knowledge over everything to do with property accounting and landlord investments. Everyday accountants and tax advisors cannot offer the same degree of accuracy and specialism as us, as they are unaware of the specific needs of the property sector.

Of course, they give great general advice, but if you want to maximise your property investment, you want precise, detailed advice about that sector. When a new scheme comes in, or something changes, we are on top of it and pass on our knowledge to you. This allows you to make the very best financial decisions for you and your property business.

Book a property accounting consultation with us today

Want to know more about what we do and how we can help you manage your property portfolio, no matter how big or small/ Give us a call today and book a consultation where one our friendly expert team will be happy to talk to you about all of our services.

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]]> Limited Company Buy To Let https://buytolettaxaccountants.co.uk/service/limited-company-buy-to-let/?utm_source=rss&utm_medium=rss&utm_campaign=limited-company-buy-to-let Fri, 20 Nov 2020 16:04:43 +0000 https://buytolettaxaccountants.co.uk/?post_type=service&p=537 Buy to let property with a limited company mortgage or personal investment In recent times property investment and buy to let have become more of an interesting option for investors. Because the property market can be so volatile compared to most markets, the investment opportunities are plentiful for long term investment. So should you finance […]

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Buy to let property with a limited company mortgage or personal investment

In recent times property investment and buy to let have become more of an interesting option for investors. Because the property market can be so volatile compared to most markets, the investment opportunities are plentiful for long term investment.

So should you finance your buy to let property with personal investment or a limited company mortgage? That is the question we are here to answer for you. We can guide you through the two options and allow you to make the best decision for yourself on what is the best way to invest in your buy to let property. We know it can be hard making decisions like this, especially when it comes to your future, so we have put together this guide to make sure you are aware of the positives and negatives of both and can make an informed decision.

Investing in buy-to-let property through a limited company

In the 2020 budget, further tax relief changes have been made available to landlords using buy to let, this has led to more demand for investing in property through a limited company so that they can get the same reliefs for their taxes.

When investing in property through a limited company, it can differ on whether it is going to be beneficial to you or if continuing as an individual trader is more suited to what you want. To make this decision, it is best you know the pros and cons of investing through a limited company and what comes along with it administratively. What it all comes down to in the end though is the current circumstances you find yourself in, this makes it even more important before making any decisions to look for professional advice.

Your other option when using a limited company is to use an SPV (Special Purpose Vehicle) this is another form of a limited company set up to manage ownership of property only and nothing else.

Pros and cons of setting up a buy to let limited company

Anyone who is a landlord that used a limited company is not impacted by the tax changes that were brought in for individual landlords in 2017. If you choose to go with a limited company, then they are treated as an individual legal entity, this then ring-fences your personal liability for any financial dealings.

With a limited company, your choice of mortgage products can be more restricted, and you can also end up paying higher interest rates. As well as this you will also need to pay corporation tax on any profits of your limited companies trading which at the time of writing is about 19%. If you choose to use a limited company for buy to let then as a landlord, you would need to pay stamp duty on any properties that you own when they are transferred to the limited company or sold. What would be seen as another negative for the use of a limited company is that your accounts for the business can become more complicated, obviously with a good accountant however this can be rectified as well as this sometimes it can become harder to get any money out of your business especially if you are being advised by a professional.

The growth of limited company buy-to-let

People investing in properties via limited companies instead of as an individual has become very popular within the last year. It is said that one in five properties that are rented are owned by a corporate landlord, this is the highest ratio since the records began back in 2010, this is according to a source form Countrywide.

In the capital, this has become even more prevalent as more than 25% of rented homes in London are now becoming owned by corporate landlords. Also Mortgages for Business a specialist broker has said that a huge 77% of applications that are submitted for buy to let mortgages were made by limited companies in the years first quarter.

Check buy to let limited company mortgage rates

If you are someone that is looking to get a buy to let with a limited company mortgage, then you need to be aware of the rates you can expect from the mortgage. When you use a buy to let mortgage for a limited company, the rates can end up being higher than if you were to apply for a buy to let mortgage as an individual landlord. It is advised when you are looking into doing a mortgage through a limited company that you use a limited company buy to let mortgage comparison sites to make sure that you can get the best rates.

See the top 5 Limited Company mortgages rates in the table below

Name Maximum LTV Initial Rate Subsequent rate (SVR) Fees
Vernon Building Society 70% 2.5% for 36 months (5.2% discount on SVR) 5.2% Variable £1,644 based on a £200k loan
Newbury Building Society 75% 2.65% for 36 months (3.95% discount on SVR) 3.95% Variable £1,600 based on a £200k loan
Molo 75% 3% fixed for 24 months 4.41% Variable £2,123 based on a £200k loan
Molo 65% 3.05% fixed for 24 months 4.41% Variable £3,123 based on a £200k loan
Vernon Building Society 75% 3.05% for 36 months (5.2% discount on SVR) 5.2% Variable £1,144 based on a £200k loan

Source: Money.co.uk

Buy-to-let property as a personal investment

The most straightforward option when it came to buying and keeping property portfolios was as an individual previously. But with adaptations to tax reliefs, this is now becoming a less cost-effective option. Tax relief changes over the last few years for landlords have now had an impact on basic rate taxpayers as a knock-on effect.

The budget set out this year has now started the introduction of the last process to remove tax relief which was previously claimable on mortgage interest costs. Because of the restructuring to interest fees and their inclusion, the basic rate taxpayer is now being pushed up to the higher bracket as they cannot take the interest accrued from the income they earn. Instead of now decreasing the income figure, the interest caused by the tax liability would be claimed through tax credits.

Pros of buy-to-let property as a personal investment

There are a number of positives when it comes to personally invest in a buy to let property. It will give you a greater personal liability and also a greater choice when it comes to choosing your mortgage products. It will also give you a choice of lower mortgage interest rates saving you more money, as well as this you do not have to pay corporation tax for this as it’s personal and not part of a corporation. As of this year, the stamp duty has been put on hold for properties priced up to 500k this according to Rishi Sunak save around £4,500 on the average purchase, if you do however purchase additional homes including buy to let properties then you will incur a 3% surcharge on homes up to 500k.

Another benefit of personal investment is the ease of your accounts as they are made less complicated when not being done for a company, along with this because it is an individual investment it is easier for you to have access to your money.

How to transfer personal investment ownership to a limited company

If you are a personal owner of a buy to let property or properties, then you are able to transfer ownership of those properties to a limited company. This is something that a lot of landlords are looking into so they can receive reductions in tax liability. Because this would be classed as a sale of ownership it isn’t actually as easy as you would think, it would need to be done through a property sale and repurchase transaction which can be quite costly.

It can be costly due to the fact you pay capital gains tax along with stamp duty, but as well as these there are legal fees, mortgage costs, and even valuation charges for the properties. While looking into this avenue, it may be worth keeping in mind that you need to keep up with the administration involved with a limited company such as annual accounts and returns filings. Although there are costs involved, it may still be worth transferring because of the savings you can make from expenses that can be claimed back like mortgage broker fees before submitting tax.

Contact us for professional advice

Hopefully, this guide can help you understand buy to let from a personal and corporate point of view and give you the information needed to make your investment decision. It doesn’t matter if you are experienced or not in property investment it is important to understand the positives and negatives of what you are investing in and also to seek help from professionals should you need it.

If you require any further help or information after reading this guide, then please feel free to contact us so that we can assist you further with any advice and help you would like that wasn’t answered in the guide.

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]]> Landlord Self Assessment https://buytolettaxaccountants.co.uk/service/landlord-self-assessment/?utm_source=rss&utm_medium=rss&utm_campaign=landlord-self-assessment Fri, 20 Nov 2020 16:03:33 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=61 Landlord Self Assessment – Get your Tax Returns on properties filed As a landlord, you’ll have certain responsibilities that you need to meet, such as the amount of tax that you pay. On this page, you’ll find plenty of useful advice that’ll make sure that you stay on the right side with the HMRC. What […]

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Landlord Self Assessment – Get your Tax Returns on properties filed

As a landlord, you’ll have certain responsibilities that you need to meet, such as the amount of tax that you pay. On this page, you’ll find plenty of useful advice that’ll make sure that you stay on the right side with the HMRC.

What tax does a landlord need to pay?

Landlords are responsible for a variety of different taxes. Not all will be relevant, but it’s at least important to be aware of them. It’s also recommended to stay on top of any changes in tax procedures since they do change from time to time. In general, though, the main taxes are as follows:

  • Stamp Duty
  • Land Tax
  • Capital Gains
  • Income Tax and NIC

You’ll need to register for and complete a tax return in order to pay your income tax and NIC.

When are the tax return deadlines?

When you need to submit your Landlord Self Assessment tax return will depend on the format that you used to fill it in. If it’s paper, then you’ll need to submit them by October 31. If you’re using an online form, then it’ll be January 31. For example, for the 2019/2020 tax year, you’ll have until October 31, 2020 if you’re submitting them via paper, and until January 31, 2021 if you’re submitting online.

Once you’ve submitted your tax returns, the next step will be to pay the money that you owe. Unless you hear otherwise, assume the deadline to pay is the same as the final date for submitting your forms, which for 2019/2020 tax return year would be January 31, 2021.

What if I stop renting a property?

The losses you take on a rental property will typically be lost, as they can’t be offset against any income. If within the next three years, you begin renting out property again, you should be able to deduct any earlier losses against your new profits.

Do I have to pay stamp duty

You usually have to pay stamp duty on any properties that you buy as a second property, providing the property costs more than £40,000. You’ll pay an extra 3% on the normal stamp duty tax rate.

Is now the ideal time for landlords to invest in their property portfolio?

Yes. Property values are generally lower than what you would expect, and there are also low-interest rates available.

How much will the Stamp Duty holiday save you?

The stamp duty holiday applies to all properties, including buy-to-let investors. The bill begins at 3% on properties up to £500,000.

What about The Rent a Room Scheme?

If you’re using the rent a room scheme, then you won’t need to keep a record of expenses if you don’t intend to claim them as part of the scheme.
If your rental income exceeds £7,500, you can pay tax in the usual way.

What if I carry out work on a property before leasing or renting?

The costs associated with this will be capital expenses rather than allowable expenses. It doesn’t matter if the property was a “fixer upper.”
This is because they are not repairs; they’re capital expenses as they’re aimed at improving the property. As such, they’re not considered to be allowable expenses.

New item or improvement?

If you have to decide to buy an item to improve the one you currently have, then remember that the allowable deduction is reflected by the cost of replacing the original item. For example: let’s say you buy a sofa bed to replace your sofa. A new sofa would have cost £500, but the sofa bed was £700. Under this rule, you can only deduct £500.

Where the new item is an improvement on the old item, for example, replacing a sofa with a sofa bed, the allowable deduction is limited to the cost of purchasing an equivalent of the original item.

You’ll need to make a judgement call whether the new item is better than the one that you’re replacing. If it’s the exact same function (say, one stove top for another), then it’s the same item. It depends on functionality. The sofa bed you buy has a different function to just the sofa that it’s replacing, so that won’t apply.

Later on, if you decide to replace that sofa bed with a new one, then you can claim the full cost because it’s the same function. This only applies if the item is replacing will no longer be used in the property.

Note that you’re allowed to make upgrades that bring them in line with modern standards and claim the full amount.

Step One: Register for self assessment

If you haven’t registered for self assessment, then that’s the first thing you’ll need to do. Once you have, you’ll be able to file your tax return. You’ll need to fill out the self assessment tax return form. They’re available both online and in paper formats, though it’s likely that in the near future, it’ll be online only, as the government is trying to transition to a digital future.

How To File Self Assessment

To calculate how much tax you owe, you’ll need to fill in information about the income you’ve acquired throughout the year. You’ll balance that against the expenses that you want to deduct from your bill.

For this reason, it’s important that you set up a system throughout the year that’ll make it easy for you to retrieve your income/expenses when it’s time to fill out the form.

Your UTR (Unique Taxpayer Reference) is another key detail. This is a number that was assigned to you when you first registered for self assessment. It’s best to keep it written down for your own convenience, but it will usually be printed on any communications you receive from HMRC.

Allowable Expenses for landlords and rental property owners

You’re allowed to deduct certain expenses that’ll help to reduce the amount of tax you need to pay. Examples of allowable expenses are as follows:

  • Landlord insurance
  • Costs of services (for example, a weekly cleaner, if it’s included in the rental agreement).
  • Water rates, council tax, the cost of electricity, and gas.
  • Direct costs (for example, calls and advertisements related to finding new tenants).
  • Accountant’s fees

Property and Rental Income

If you’re a buy-to-let landlord, then there are some things you’ll need to know about your taxes. There have been changes to the mortgage interest tax relief scheme, and there are also some expenses that you can deduct too.

To begin, you’ll need to determine whether you need to file a self assessment tax return. Whether that’s the case will depend on how much income you received from your rentals in the 2018-2019 tax year.

You don’t pay tax on your first £1,000 of rental income.
income you received from your rentals in the 2018-2019 tax year.

Those with rental income between £1,000 and £2,500 should contact HMRC. They may use your tax code to collect the money rather than through self assessment options.
income you received from your rentals in the 2018-2019 tax year.

Those with a rental income that exceeds £2,500 should file a tax return form.
income you received from your rentals in the 2018-2019 tax year.

To determine how much tax you need to pay, you need to determine which income tax band you’re in. They are as follows:

  • Up to £12, 500: 0%
  • £12,501 to £50,000: 20%
  • £50,001 to £150,000: 40%
  • £150,001 or above: 45%

You will add any other income you’ve earned throughout the year to your rental income. Be mindful as this could push you into a higher tax bracket.

Assess your property portfolio as one business

It doesn’t matter how many properties you own, at least when it comes to tax. Whether it’s two or twenty-five properties, they’ll all be grouped together. All of your profits and expenses from all your properties will be used to tally a final figure.
Examples of properties include:

  • Work out your property income
  • Furnished holiday homes.
  • Airbnb.
  • Residential properties rented out.
  • Commercial properties rented out.

If you’ve lost money on one of your properties, then you can offset some of the losses against the financial profits you’ve made on others. Though be aware that this will only apply to properties within the UK.
income you received from your rentals in the 2018-2019 tax year.

5 tips for buy-to-let landlords filing a tax return

If you’re looking for a little help filling out a tax return, try the following:

01. Start early

02. Keep a good record of your incomes and expenses

03. You can deduct money through the Mortgage Interest Tax Relief program, which allows landlords to deduct money on the interest they’ve paid on a mortgage throughout the tax year.

04. If you use money to improve your property or as part of your business operations, you can claim that money as part of Capital Expenditure.

05. Remember that you’ll need to pay tax on any properties that you sell. This is called capital gains tax.

Property jointly owned but not with a spouse or civil partner.

You’ll figure out your rental income profits based on the percentage of the property that you own. This only applies if the person with whom you own the property is not a spouse or civil partner

If you need advice on your property or help to file your Landlord Self Assessment tax return, then get in touch.

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]]> Inheritance Tax https://buytolettaxaccountants.co.uk/service/inheritance-tax-advisor/?utm_source=rss&utm_medium=rss&utm_campaign=inheritance-tax-advisor https://buytolettaxaccountants.co.uk/service/inheritance-tax-advisor/#respond Fri, 20 Nov 2020 16:02:20 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=51 Inheritance Tax Planning Advice for your property investments We provide inheritance tax planning advice for properties and investments that you may pass onto family and future generations. It can be hard thinking about what will happen to your family and loved one when you are gone, but you can take some comfort in knowing that […]

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Inheritance Tax Planning Advice for your property investments

We provide inheritance tax planning advice for properties and investments that you may pass onto family and future generations.

It can be hard thinking about what will happen to your family and loved one when you are gone, but you can take some comfort in knowing that you are doing your best for them financially – by making sure that they inherit as much of your wealth and financial assets as possible. If your total combined assets are over the inheritance tax threshold (IHT), your family will have a bill to pay to HMRC shortly after your death – and no one wants to be thinking about that. However, with some careful planning and preparation for inheritance tax, you can keep that bill to a minimum.

We provide inheritance tax planning advice for investments and properties so that you can rest assured that your family is provided for and cared for after your death, without worrying about inheritance tax bills.

What is inheritance tax?

Inheritance tax is a tax on the property, possessions, and money, otherwise known as the estate, of someone who has died.

How much you pay depends on what your estate is worth. The following things are taken into account:

  • Investments
  • Cash in the bank
  • Properties that you own
  • Businesses that you own
  • Vehicles
  • Life insurance payouts

Once these have been calculated, any debts or liabilities attached to your name are taken out.

What is the UK tax inheritance?

Everyone has an NRB – the Nil Rate Band. This means that the first £325,000 of your estate can be passed on without paying inheritance tax on it, so if it is worth less than this, you avoid paying any tax. However – if you make any significant financial gifts in the seven years leading up to your death or reserved a benefit, inheritance tax will be due on this, assuming it takes you over the NRB.

What do we mean by reserving a benefit? Well, it simply means when you give someone something in your name, such as a house, but you don’t let them use it (i.e., you carry out living in it yourself) until after your death.

If your assets take you into the inheritance tax threshold, you only pay the tax on the excess. So, if your assets are worth £450,000, you will pay tax on £125,000.

The NRB is not the only allowance; there is also the Residence Nil Rate Band (RBRB). This allowance comes into effect if your estate includes a property that is to be passed onto immediate dependents, such as your spouse, children, grandchildren, and civil partners. This gives you an additional £175 000 tax-free.

Who has to pay inheritance tax?

Assuming that you have a will, the person you named as executor will be in charge of making the payment to HRMC in the event of your death. If you do not have a will, the administrator of your will is responsible for it. It is paid for by using funds from the estate or from money raised by selling assets. Once the tax bill has been paid, the remaining assets are shared among those named in the will.

One of the main problems with inheritance tax is that it needs to be paid within six months of death. However, in many cases, especially complex ones, it can take a lot longer to sort out probate. To add to the problem, probate (where assets are released from the estate) is not granted until the inheritance tax has been paid, leaving beneficiaries and next of kin in a tricky position.

There are three ways of getting around this; firstly, the executor of the will can pay directly to HMRC from the estate if there is enough money to cover the bill. If not, a loan may be secured from the bank to pay it and be repaid in full when probate has cleared. Thirdly, if the assets are in the form of property, the HMRC may agree to payment over instalments.

Reducing your inheritance tax

While it is a legal requirement if assets exceed the NRB, no one wants to pay more than necessary, and luckily, there are some things that you can do to reduce the amount that has to be paid – and remain on the right side of the law. These include:

Gift to your partner: If you are married or in a civil partnership, your assets can be given straight to them, and no inheritance tax will need to be paid, assuming they are from the UK. If they were born outside of the UK, the rules are different, so you should call us for advice from an inheritance tax advisor.

Gift to family: This one can be a challenge because if you were to die within seven years of giving it, it would still be counted towards your assets. However, you can give away limited amounts while you are alive – up to £3000 a year, and you can gift to your children and grandchildren when they get married.

Put assets into trust: If you put property, money, or investments into trust – perhaps for a grandchild – they are no longer part of your estate and are therefore not counted when it comes to calculating inheritance tax.

Frequently Asked Questions

Is inheritance tax applied to foreign assets?

If your main home is in Wales or England, your estate has to pay inheritance tax based on your assets owned across the globe. Overseas assets are only exempt if your main home or domicile is abroad as well.

How does inheritance tax affect a business?

If your estate includes business assets, it could qualify for business property relief (BPR). This means no inheritance tax is paid on any business properties, business interests, or shares in unlisted companies. It can also reduce IHT to 50% on some other business assets. If you work in the agricultural industry, there are exceptions there as well. It is a complex area, though, and you would benefit from specialist advice from an inheritance tax advisor.

What about unmarried couples?

While property transfers between married couples and those in a civil partnership don’t qualify for inheritance tax, unmarried couples do. It becomes problematic if you own a property or assets with someone and are not married. Again, it is essential to make sure that you seek advice from an inheritance tax advisor in this situation.

For more information about any of the information that we have provided here, give us a call and find out how we can help you.

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]]> https://buytolettaxaccountants.co.uk/service/inheritance-tax-advisor/feed/ 0 Capital Gains Tax Advice https://buytolettaxaccountants.co.uk/service/capital-gains-tax-advice/?utm_source=rss&utm_medium=rss&utm_campaign=capital-gains-tax-advice Fri, 20 Nov 2020 16:01:57 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=62 Capital gains tax advice for landlord and property investors What is Capital Gains Tax? Capital Gains Tax, or CGT, is a tax levied on the profit you make when selling an asset that has increased in value. Second homes fall into the category of relevant assets, therefore CGT is liable on the sale of second […]

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Capital gains tax advice for landlord and property investors

What is Capital Gains Tax?

Capital Gains Tax, or CGT, is a tax levied on the profit you make when selling an asset that has increased in value. Second homes fall into the category of relevant assets, therefore CGT is liable on the sale of second homes. You are taxed on the gain that is made, rather than on the total selling price of the property.

If you are selling your primary private residence, there are specific reliefs from Capital Gains Tax available, which usually means that there is no tax to pay.

If the property that is being sold is not the primary private residence or was only your primary private residence for part of the time you owned it, CGT may arise. There is no primary private residence relief when selling your second home, or property that is owned as an investment.

What does it mean to ‘dispose of’ an asset or property?

The disposal of an asset refers not just to selling it, but to other types of relinquishing the property, such as gifting it or transferring it to somebody else, exchanging it for another asset, or receiving compensation if the asset has been damaged. This means if you gift a second property to a family member, perhaps in advance of an expected inheritance, the asset will have been disposed of, and CGT may be liable.

How much is Capital Gains Tax on second homes?

The rate of CGT payable depends on your income tax band; CGT is also higher on the sale of property than on other assets, such as artwork. If you are in the basic rate tax band, you will pay 18% on the gain made on selling a second property. If you are in the higher or additional rate tax bands, the percentage you pay increases to 28%.

For non-property assets, the basic rate of CGT is 10%, and the higher or additional rate is 20%.

Every taxpayer has an annual allowance for Capital Gains Tax, which means that you can have a gain up to a certain amount tax free. For the tax year 2019/20 the allowance was £12,000 per individual; if you jointly own your assets with your partner, you can combine your annual allowance, therefore avoiding CGT up to £24,000.

This annual allowance cannot be carried forward or backwards to retrospective tax years, so you either use it or lose it.
It is important to remember that any gains you make on the disposal of assets are included in the calculation of your tax liability, therefore any additional income could push you into a higher tax bracket. Book a meeting with our expert advisors today to determine if you are at risk of impacting your tax bracket.

Reduce Capital Gains Tax on a Property Sale

There are several scenarios in which it is possible to avoid paying Capital Gains Tax on the sale of the property. The main scenario is when the owner is selling their home. There are several criteria that must be met in order to avoid CGT when selling your principle private residence. Firstly, the house has to be the primary residence of the owner and be the only home that the resident has. The house that is being sold should also have served as the primary home for the whole time that the seller has owned it, without parts of it being let out to others, although having a single lodger in the home is allowable. Additionally, the owner must not have used part of the house for their business, which could limit the relief, available for sole traders or self-employed people working out of their own home. Furthermore, the entire property must consist of less than 5,000 square metres, otherwise CGT may be levied on it.

Finally, the owner of the home must demonstrate that they didn’t purchase the property purely to make a gain, which could be problematic if the owner hasn’t lived in it for several years, declaring it as their primary residence, or if the house was bought as a quick fixer-upper in order to turn around a profit within a short period of time.

If all the above criteria are met, the government will automatically provide the homeowners with a tax break known as Private Residence Relief. However, if not all the above criteria are met it may be difficult to avoid CGT at the end of the tax year. Talk to one of our expert advisors before selling your property to determine if you are at risk.

Reducing Capital Gains Tax on Inherited Property

If an individual inherits property and does not want to keep it and therefore sells it immediately, that individual may not be liable for CGT. The death estate of the deceased does not have to pay Capital Gains Tax on any property that has not been sold before they died. These are considered ‘unrealised gains’, and therefore inheritors do not need to pay CGT. However, if the property value increases after the person has died, then the individual who inherits the property will need to pay CGT upon sale during the probate process.

Reducing Capital Gains Tax on Foreign Property

As the UK does not require CGT to be paid on an individual’s primary residence, it is possible to avoid paying capital gains tax on foreign property if the owner declares it as their primary residence. Usually, the owner must declare this to the UK government within two years of purchasing the foreign property. This could become problematic if the owner sells foreign property and UK property in the same year.

Transferring a Residential Property Investment to a Limited Company

If a landlord wishes to transfer an investment property to a limited company, this will be deemed a land transaction, and therefore Stamp Duty Land Tax will be chargeable; as it is likely not the primary private residence of the owner, an additional 3% SDLT charge will also be payable. Transferring the investment to the limited company will also give rise to CGT, and your personal mortgage will not be transferrable to a limited company. All of this means that transferring a property to a limited company can be a costly exercise.

Letting Relief

As of April 2020 Letting Relief is not available on second homes, as only those homeowners who let our part of their main residence while they still live there will qualify for Letting Relief upon the sale of the property.

Speak to a property accountant

Capital Gains Tax on the sale of a second property is a highly specialised area, which interacts with multiple different tax types as well. Book an appointment with one of our expert advisors today to discuss how it can impact your finances.

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]]> Buy To Let Company Accountants https://buytolettaxaccountants.co.uk/service/buy-to-let-accountants/?utm_source=rss&utm_medium=rss&utm_campaign=buy-to-let-accountants Fri, 20 Nov 2020 16:00:26 +0000 https://buytolettaxaccountants.co.uk/?post_type=service&p=536 Buy To Let Property Accountants for Landlords and Property Investors We are buy to let property accountants for landlords and property investors specialising in all aspects for accounting and tax for rented property. Maybe you are about to tentatively dip your toes into the world of buy to let and property investment. Perhaps you are […]

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]]> Buy To Let Property Accountants for Landlords and Property Investors

We are buy to let property accountants for landlords and property investors specialising in all aspects for accounting and tax for rented property.

Maybe you are about to tentatively dip your toes into the world of buy to let and property investment. Perhaps you are an experienced investor with a portfolio bursting with successful lettings.

Whichever one you are, you need an experienced accountant who has up to date knowledge and experience of accounting and tax for rented properties. This is where we come in.

We can help you, whether you have property here in the UK or overseas and whatever type of property you are letting out. We can talk to you about the strategies involved, such as buying through a limited company, and the benefits and downfalls of doing so.

Limited company vs personal investment

When it comes to investment, property development and buy-to-let is always an attractive prospect. Of course, like any other form of investment, the property market has its fluctuations but generally, it is one of the more stable tangible assets and can pull in a decent return over time.

Some people choose to do it as a way of earning a secondary income, while others make a living from doing it. Whichever path you are taking, it is vital that you treat it as a business and consider the various ways of managing it. Landlords and property investors must get the correct advice for their portfolio from an accountant.

Our team work closely with all sorts of landlords and are up-to-date with various acquisition methods and structures, and can discuss these in more detail with you as you prepare to add to your property portfolio.

How can we help you?

To help you get the most out of your properties, we can help you with the following:

  • Preparing rental accounts
  • Looking at your expenditure to ensure you maximise tax efficiencies
  • Advice on capital gains tax
  • Preparation of tax returns
  • Advice on property tax
  • Landlord specific reliefs
  • Improve profit levels
  • Advice on acquisition and structure – do you choose limited company or personal investment?

For more information about buy to let mortgages, limited companies, capital gains tax or your financial responsibilities as a landlord, get in touch with our team today. We can help you to get the most out of your buy-to-let property business, whatever scale it is on..

What are your responsibilities?

If you rent out a property, whether as an individual or as a limited company, you have certain responsibilities. These responsibilities are both financial and administrative in nature. If you are doing it for additional personal income, you must register for self-assessment and declare your earnings in an annual tax return. If you have a portfolio as part of a limited company, you are required by law to submit accounts and returns every year. It is vital that these are all completed and submitted to the required timescale too. Failure to do so can lead to significant financial penalties and investigation for tax evasion from HMRC.

Keeping on top of your financial responsibilities and obligations as a landlord can be challenging, especially when you are juggling them with the everyday management of your properties and maintaining a good relationship with your tenants. This is where landlords and property investors would do wisely to use the services of a specialist property accountant.

What are the disadvantages of using a limited company for a buy-to-let portfolio?

If you choose to use a limited company for your portfolio, you may find that you have to pay out more, to begin with. Limited companies are charged higher interest on buy-to-let mortgages than those who buy it as a personal investment. Not only that, but if you purchase a buy-to-let property as an individual, and then transfer it to the name of the business, this makes you liable for stamp duty.

Do limited companies pay stamp duty on buy-to-let properties?

If you are buying a property with the intention of letting it out, you have to pay stamp duty. This goes for both limited companies AND personal investors. Due to the current economic situation and COVID-19, stamp duty has been reduced until March 2021 in England and North Ireland For properties under £500, 000, the current stamp duty rate is 3% and increases incrementally thereafter.

What is the availability of buy to let mortgages for limited companies

As a general rule of thumb, only around a quarter of buy to let mortgages are available for limited companies, with the remaining three-quarters going to individual investors.

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]]> VAT On Residential & Property Development https://buytolettaxaccountants.co.uk/service/property-vat/?utm_source=rss&utm_medium=rss&utm_campaign=property-vat Mon, 16 Nov 2020 16:08:13 +0000 http://shtheme.org/demosd/avitorewp/?post_type=service&p=58 VAT Guide for Landlords & Property Investors – can you claim a refund ? Our VAT guide for landlords and property investors and how you could claim refunds on property development work carried out. When discussing VAT (Value Added Tax) rules concerning residential and investment properties, the rules can be complex. As the letting of […]

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VAT Guide for Landlords & Property Investors – can you claim a refund ?

Our VAT guide for landlords and property investors and how you could claim refunds on property development work carried out.

When discussing VAT (Value Added Tax) rules concerning residential and investment properties, the rules can be complex. As the letting of the building is exempt from VAT a residential landlord as such doesn’t need to worry about VAT.

However, landlords and property developers may be able to claim VAT on property development if they have paid it on building costs and materials for renovation works they have carried out.

VAT Rate in the UK

In the UK, there are three different rates of VAT. The standard rate of VAT is 20%, but there is also a reduced rate which is 5% and a zero-rate. Reduced rate and zero-rate VAT are applicable in specific circumstances.

As a general rule, if a supply is Vatable at any of the three rates, you can claim back any VAT you have paid out to suppliers. If the supply is exempt from VAT, you cannot claim back any VAT you have paid. Any activity you carry, which is zero-rated will benefit property developers the most. Making sure you fully understand what you can and can’t claim when it comes to VAT on property development is very important.

VAT for residential property developers

If you are looking to convert a residential property, it can take time and be a long-drawn-out process. It is important to make sure you factor in the costs and tax issues before you start so you can know exactly what you can expect to pay out with regards to VAT for residential property developers.

Knowing where you stand and what VAT on property development, you need to pay can help you determine how to go ahead and what you can expect to pay during your renovation.

VAT on new residential buildings

New residential buildings and those that are partly constructed fall into the zero-rated tax bracket. This bracket will apply to those developments where a developer turns a commercial property into a residential property.

Other zero rated cases are in the instance of a grant of a lease for more than 21 years. The first payment or premium payment will be zero rated and all subsequent payments are fully exempt.

When constructing or converting a building in relation to the zero rating of the first grant mentioned above, this will apply slowly to the person constructing or converting the building but it can be used by more than one person if this is different from the developer.

When claiming VAT paid on costs incurred on zero rated projects, developers are entitled to claim full recovery.

Refurbishment

If you need to carry out any refurbishment or repair work on a property you let, you will have to bear the cost of any additional VAT. This includes accountancy or legal costs too. If you can pass any of these costs onto the tenant, then you may be able to claim back VAT costs as detailed in the following section.

The Option to Tax

One option available to property investors is to opt into tax a commercial building. If you choose to opt in to tax a building, VAT must be charged on any rent, leases or sales of the property in the future. Once you have made this decision, you must inform HM Revenue and Customs of your decision within 30 days. It is recommended you use the VAT1614A form to inform them of your decision.

You can choose to opt-in one property, all of your properties, properties in a specific location. You can also choose to exclude certain properties. Once you have chosen your option, this will then apply to the land the building is on; meaning if the building was demolished or more properties are added, this option still stands unless specifically excluded by the owner.

Conversion

Residential conversions can benefit from reduced VAT rating of 5% in some cases. The reduced rate includes the supply of qualifying services and the materials supplied with those services too. Materials supplied separately of accompanying services will be at the standard rate.

For property developers simply refurbishing and redecorating properties, the standard rate applies. For larger, more complex renovations such as turning a commercial property to a residential property, changing the number of dwellings from one unit to more or from multiple dwellings to a single let unit i.e. flats into one single residence will benefit from the reduced rate.

VAT on Residential Lettings

VAT on residential properties isn’t payable meaning, as a property developer or a residential landlord, you won’t have to worry about VAT unless your income is above the £85,000 threshold. For the majority of residential landlords, VAt won’t be something they need to think about whether you rent out a single dwelling or HMO.

If you supply extra services such as a gym, laundry or cleaning services, then these are potentially taxable services, and you could be able to claim back VAT on services offered. For this reason, if you offer these services, you may want to consider registering for VAT.

One particular letting option which is not exempt is serviced accommodation. So if you plan to use your property as a holiday rental accommodation, 20% VAT needs to be invoiced to the dweller to account for this. However, should your income from serviced accommodation come under the VAT threshold, you will be exempt from registration. It is vital to get qualified legal advice retaining VAT to make sure you are following legal requirements as fines and penalties issued can be hefty.

Airbnb

Choosing to list your rental property as an Airbnb applies to the same VAT regulations as other holiday rentals and as such, are included in the 20% VAT bracket. Making sure you are properly registered is vital should you be using your property to rent out via sites such as Airbnb.

Student accommodation and care homes

If you are a developer of other types of accommodation such as care homes, student housing etc, you will be subject to the same VAT rules as developers in the build to rent sector.

VAT recovery in these sectors can cause some issues. The category your building falls under will determine the VAT recovery. Issues can arise when student letting is used for short term lettings during the times when students are away for holidays or the end of the school year, for example. Remember, VAT recovery for these types of properties take into consideration the ten years following the completed works.

Need Advice?

Contact us to find out more about VAT on residential property and VAT on property development.

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