PROPERTY - 08.07.2024
Improvement and finance losses and how to claim them
You’re making substantial repairs and improvements to your buy-to-let property. You’ve borrowed from the bank to finance the repairs and these loans will wipe out the profit for a few years. What tax relief are you entitled to and how can you claim it?
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VAT - 24.06.2024
Selling a holiday home - what about the VAT?
Our subscriber owns a cottage which he lets as holiday accommodation. He plans to redecorate, make minor improvements and then sell the property. Can he reclaim the VAT on these costs and, if so, how will it affect the VAT position when he sells?
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INCOME TAX - 24.06.2024
Two important tax changes dropped
New law. The Finance (No.2) Act 2024 (FA No 2) received Royal Assent and so became law at the end of May. The general election being called for 4 July meant there wasn’t enough time to include all the tax changes announced in this year’s Budget. ...
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GROUPS - 19.06.2024
Moving property to a holding company: tax implications
One of your clients has recently put a holding company in place for asset protection purposes and is about to transfer a trading premises to it. What price should the transfer take place at, and what taxes do you need to consider?
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PROPERTY - 12.06.2024
Holiday homes - RIP FHL?
The Spring Budget 2024 announced the abolition of the furnished holiday lettings regime from April 2025. What steps should you be considering to mitigate the possible tax consequences?
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INHERITANCE TAX - 12.06.2024
Can cash savings in your company save IHT?
Our subscriber recently read a report about inheritance tax business property relief. It claimed that holding very large cash savings in a company can reduce the tax bill on your estate. Is this tactic something you should consider?
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