Gateley’s Post

Did you know that staying in occupation of your rented premises after the end of your lease term can cause stamp duty land tax (SDLT) issues? Read on to hear about the problem and what you can do to tackle it

So what did Deirdre do wrong? What happens when you don't report a taxable gain on the sale of your residential property to HMRC within 60 days? Deirdre learned the hard way. Deirdre recently sold her property at a taxable gain but failed to report it to HMRC and pay the tax within 60 days. Unfortunately, this mistake will cost her. 💸 A Penalty of £100 late reporting 💸 A Penalty of 5% of any tax due for late payment 💸 Plus interest Since October 2021, it's mandatory to report a taxable gain on the sale of residential property within 60 days of the sale. This is a significant change from the past when you could just declare it on your Self Assessment Tax Return. Don't make the same mistake as Deirdre - talk to your accountant when about to make these transactions! Those of you who 'DIY' your taxes, you're unlikely to know these rules! I hear those of you in the back asking "Wait, if I sell my home I have to pay tax?" The answer is probably not. Although, in some cases it is possible! The next and final installment of the CGT mini series is the most important. I'll break it down into a real world example and highlight the reliefs and allowances that make CGT far more stomach-able! #taxation #property #hmrc #capitalgains #realestate #TheCyclingAccountant -------------------------------------------- 👋 My name is Ben Rose 🚴♀️ The Cycling Accountant ⚙ Helping YOUR Business keep it's wheels spinning If you liked this post and want to see more Ring that 🔔 on my profile Follow #TheCyclingAccountant and #TaxTipsTuesday And of course, ➕ Connect with me

🚨 Heads up for commercial property buyers and sellers! Starting July 1, 2024, a new Victorian state tax will affect new owners. Stay informed if you're planning transactions post-July 1! 🏢💼 Click to find out more... #PropertyTax #Victoria #CommercialRealEstate

Understanding Stamp Duty is important when buying a property. This tax affects your buying costs and varies depending on where you are. It's a good idea to budget wisely and seek professional advice to understand exemptions and compliance. Interested in learning more about Stamp Duty? Check out our blog for additional insights! If you need personalised assistance, give us a 📞 call at 131 546 or visit us at https://lnkd.in/gUcv-SSt #JimsConveyancing #StampDuty #HomeBuying #RealEstateTips

The application of section 5(a) in the context of a Schedule 6 case requires careful consideration. Primarily, section 5(a) is generally interpreted to address scenarios where an individual owns both a house and a tenancy, particularly when the tenancy holds no significant value. Regarding the applicable law, it is crucial to determine whether the relevant legal framework is that which was in force at the time of the case's initiation or at the time of the decision. Typically, the law at the time of the decision is the one that applies unless there is a specific provision or transitional arrangement indicating otherwise. In summary, the relevance of section 5(a) to a Schedule 6 case hinges on the specifics of ownership and tenancy value, and the applicable law will generally be the current one, subject to any particular legislative provisions.

The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty

What is Stamp Duty: In many countries, including the UK, buying a property involves paying a tax called stamp duty. The rates can vary significantly based on the property's value and the buyer's circumstances. This can sometimes be a big shock and extra expense when purchasing your property however you may be able to qualify for relief that enables first time buyers to get onto the property ladder. #government #stampduty #firsttimehomebuyer #residential #conveyancing https://lnkd.in/eFUfttSU

The property tax differences between states is astounding Do you know what your effective property tax rate is? #propertytax #realestate #taxdisparities #taxes #UnitedStates #propertyvalues #homeownership #taxation #taxreform #taxpolicy #taxsystem #inequality #taxburden #taxrates #taxlaws #homeowners #taxcode #taxfairness #taxesaretoohigh #taxrelief https://lnkd.in/eFs9agka

An American who speaks to a Brit of being dressed in vest & pants risks conjuring up an image more startling than intended. Similar care must be taken between Stamp Duty Land Tax and Land and Buildings Transaction Tax. SDLT is charged on property transactions in England and Northern Ireland. The very similar but subtly different LBTT applies in Scotland. Our latest article explores a recent example: the Scottish case of Blue v Revenue Scotland.

The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty