John Stankevicius’ Post

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). #LettingsRelief #PrivateResidenceLettings

Landlord concerns grow over potential capital gains tax changes Before the Election we reported that research by Finbrie (a finance broker based in Bournemouth) suggested 45% of landlords were concerned about the impact of capital gains tax (CGT) on their investments. 16 months ago the annual CGT tax-free allowance was £12,300; today it is £3,000. Yes the rate for higher rate payers was cut to 24% [from 28%] but this fooled only a few into believing the situation had improved. Other tax changes of recent years, S24, stamp duty land tax and significantly higher borrowing rates have had a significant impact on profitability for landlords and investors. At Property Tax 360 we have been actively helping landlords to re-structure their portfolios in a more profitable and often, compliant way; negating the impact of S24, returning investors to the ranks of basic rate tax payers, removing the spectre of historical capital gains and securing the lifetimes work - the legacy. Your legacy. If the continuing challenges are causing you to consider what was unthinkable a few years ago then it really is time that you take steps. The solution to your anxieties already exists – you just need to book a discovery call at propertytax360.co.uk. The new Government is unlikely to be any kinder to the PRS than the last administration. Take that first step today.

The other tax people earning rental income are supposed to pay is Value Added Tax (VAT). If someone is in a residential place, they do not pay VAT but if they are renting in commercial property such as arcades, they are required to register and start paying VAT. #FamilyHour #EnrichingLives #finance

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). #LettingsRelief #PrivateResidenceLettings

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). #LettingsRelief #PrivateResidenceLettings

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). #LettingsRelief #PrivateResidenceLettings

Some well known Tax plays for selling a Business or Real Estate: QSBS Section 1202: Provides break on Cap gains taxes. (Business) 1031 Exchange: tax-deferred transaction that allows real estate investors to exchange one investment property for another of equal or greater value without paying capital gains taxes on the sale. (Real Estate) An alternative, not as well known method, that could be considered in both Business and Real estate transactions is the Structured Installment Sale under Section 453. If there arent any 1031 opportunities, you didnt fully plan your exit from a tax persepective within your business or a litany of other factors, this may be something to look into. The Buyer fully funds the Structured Installment Vehicle at the time of sale just like a cash transaction. But here, the seller can structure the installment payments that are now secured by an assignment company, over a number of years to defer the tax liability and reduce it, Create a steady stream of income and take advantage of indexing. Some interesting Articles on the subject: https://lnkd.in/dyKTSYvp https://lnkd.in/dmS_Y2zM https://lnkd.in/dnSJ_pGQ Here to help answer any questions or hear your thoughts on this!

HDMCO TaxReg FAQs [304/2023-24] Q. What is the tax implication if the house property co-owned is a self-occupied property? Ans. If co-owners individually reside in a jointly owned house property, the annual value for each co-owner becomes zero. In such cases, each co-owner can claim a deduction of either Rs. 30,000 or 2,00,000, depending on the circumstances, under section 24(b) for the interest on borrowed capital. This applies if they choose to opt out of the default tax regime outlined in section 115BAC(1A). The combined deduction for interest, pertaining to a loan acquired for a jointly owned house property and any interest on a loan for another self-occupied property owned by an individual co-owner, cannot exceed 30,000 or 2,00,000.

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). #LettingsRelief #PrivateResidenceLettings

There have been significant changes in tax rules on rental properties over the last few years and property tax is an area that HMRC are taking a great interest in. We are here to help – so don’t risk getting it wrong. #propertymarket #rentalproperty #RentalTax #propertytax #investments #housingmarket #accounting #essexbusiness #essex