mgr’s Post

The property market is tricky at the moment to say the least so congratulations on selling your property! But, are you aware of what you need to report to the taxman and the deadlines you need to pay your Capital Gains tax by? If you have gained a profit from the sale of your property (which isn’t your home) then this must be reported to HMRC. If the completion date of the sale of the property was on or after 27th October 2021 then you need to report and pay the tax owed within 60 days of completion. If the completion date was between 6th April 2020 and 26th October 2021 then this should have been reported within 30 days of the completion date. Read more here: https://lnkd.in/eqxvr_Dz

The property market is tricky at the moment to say the least so congratulations on selling your property! But, are you aware of what you need to report to the taxman and the deadlines you need to pay your Capital Gains tax by? If you have gained a profit from the sale of your property (which isn’t your home) then this must be reported to HMRC. If the completion date of the sale of the property was on or after 27th October 2021 then you need to report and pay the tax owed within 60 days of completion. If the completion date was between 6th April 2020 and 26th October 2021 then this should have been reported within 30 days of the completion date. Read more here: https://lnkd.in/euDKXWGv

🏠📈 Breaking News: Capital Gains Tax (CGT) on residential property sales is making headlines! 📊 🔍 Key Stats: In the 2022 to 2023 tax year, CGT liabilities surged by 7% compared to the prior year. A whopping £1.9 billion in CGT was owed by 149,000 taxpayers due to property disposals, up from £1.8 billion and 141,000 taxpayers in the previous year. 🤔 What’s CGT? Capital Gains Tax is the fee you pay when selling a property that isn’t your primary residence. It’s like a farewell gift to the taxman when you make a profit. 💸 💡 Annual Allowance Rollercoaster: Remember the good ol’ days of a £12,300 tax-free allowance in 22/23? Well, it’s been a wild ride:23/24: £6,000 (ouch!) Current year: A mere £3,000 (double ouch!) 🏡 Advice for Property Sellers: Brace yourselves for CGT. Consider tax-efficient strategies. Maybe hug your accountant. They’re dealing with this too. 🤗 What do you think about these tax twists? Are you feeling the pinch? Let’s chat! 💬👇 Source: HMRC’s latest data, because numbers don’t lie! 📈

Recent analysis from the NAHB’s Eye on Housing says that $129 billion in taxes were paid by property owners in Q3 of 2023. They point out that In the four quarters ending Q3 2023, state & local governments collected $757 billion of property tax revenue—an 11.6% increase over Q3 2022. #housing #property #propertyownership #propertytax #realestate #realestateinvesting #nationalreia https://lnkd.in/gBHXrMwc

HDMCO TaxReg FAQs [290/2023-24] Q. What is the Gross Annual Value (GAV) of a house property when the rent is not realised from the tenant? Ans. As noted in yesterday's FAQs, the actual rent received or receivable should be adjusted to exclude any amounts that is not realistically recoverable (i.e. unrealised rent). Today, we're delving deeper into this topic for further clarification. As per Income Tax Act,1961, if house was let out but rent could not be recovered from tenant then such rent is treated as lost/irrecoverable. To deduct such unrealised rent from the actual rent received/ receivable an owner needs to be satisfied the following conditions: (i) The tenancy is bona fide (i.e. Agreement should be valid). (ii) The defaulting tenant has vacated or steps has been taken to compel him to vacate the property. (iii) The defaulting tenant is not in occupation of any other property of the owner. (iv) The owner has taken all reasonable steps to institute legal proceedings for the recovery of the unpaid rent or satisfied the assessing officer that legal proceeding would be useless.

Property Tax Revenue Continues to Climb 🏡 Recent analysis from the NAHB’s Eye on Housing says that $129 billion in taxes were paid by property owners in Q3 of 2023. ➡️ Learn more here! https://ow.ly/sV1r50QqLWb #PropertyTax #RealEstate #Revenue

Assessed Value is the monetary amount assigned a municipality assigns to a property to determine relevant taxes, derived from factors such as property condition and market comparisons. This value, set by government assessors, is typically lower than the property's fair market value and is used exclusively for property tax purposes and may vary significantly across different jurisdictions.

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. Homeowners can opt out of the scheme and record property income and expenses as usual if this is beneficial. #RentARoom #TaxFreeLetting

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. Homeowners can opt out of the scheme and record property income and expenses as usual if this is beneficial. #RentARoom #TaxFreeLetting

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. Homeowners can opt out of the scheme and record property income and expenses as usual if this is beneficial. #RentARoom #TaxFreeLetting #WimbledonAccounting #FarringdonAccounting #CigmaAccounting