Heighten Accountants
As a landlord, you have to pay various types of taxes subjected to your properties. One of these taxes is subjected to rental income as well. All rental income that you earn from your UK properties is taxable and has to be reported to HMRC through the Self-Assessment system. Whether you’re a first-time landlord or […]
In recent years, the trend of buying properties through a limited company has grown and has become very popular among landlords and property investors. This trend is especially appealing to people who want to optimise their tax position and build an expandable property portfolio. Even though using this process can be beneficial, one can not […]
Stamp Duty Land Tax (SDLT) is a government tax on property purchases in England and Northern Ireland, applied when the transaction price exceeds a certain threshold. It is one of the most significant upfront costs for property buyers in the UK. It often adds thousands of pounds to the overall expense for said buyers. There […]
What Is the Non-Resident Landlord Scheme? The Non-Resident Landlord Scheme (NRLS) is a UK tax system which is designed to ensure that landlords who live abroad pay taxes on their rental income from their UK properties. This scheme is managed by HMRC, and it requires letting agents or tenants to deduct basic rate tax (20%) […]
What is inheritance tax? Inheritance tax (IHT) is a specific tax imposed on the estate of someone who has passed away. It applies to the value of their property, money, and possessions above a certain threshold. In the UK, the standard tax-free allowance (nil-rate band) is £325,000 per individual. Married couples and civil partners can […]
Mortgage interest relief refers to deductible mortgage interest costs from taxable income, which helps lower the overall tax liability. This tax relief was initially available to both homeowners and landlords, but over the years, the rules have changed significantly. Tax rules in the UK are always evolving and changing for homeowners and landlords. In such […]
