Property Tax

Second Home
Any second property that you buy will be subject to capital gains tax when you sell, if you make a profit on sale. This is payable whether you rent out the second property or keep it for your own use.

Landlords
When you rent out a property, you will pay income tax on any profit made in that tax year (Rental charge less any allowable expenses and charges).
Allowable expenses include:
• Furniture replacement
• Repairs
• Loan or mortgage interest

Rent a Room in your property
You can let rooms in your own property and not pay tax on the total rents charged if they are kept under £4,250 per year.

Holiday Homes
To qualify as a holiday home it must:
Be available for holiday letting to the public on a commercial basis for 140 days or more, and let commercially for 70 days or more, and let for periods of longer-term occupation (more than 31 consecutive days) for not more than 155 days during the year.

Capital Gains Tax
Capital Gains Tax is charged when gains are made from selling of assets. You don’t pay Capital Gains Tax on some assets, for example personal possessions worth £6,000 or less, and your classic motor car is exempt and in most cases, your main home.
Common assets that attract Capital Gains Tax when they are sold or disposed of include:

• Land
• Buildings, for example a second home
• Shares and Securities
• Personal possessions worth more than £6,000, such as an antique
• Business assets, for example business premises or goodwill

We can help businesses or individuals in calculating their capital gains liabilities and advise on any relief and allowances that are available to reduce this amount.

Paying too much tax?
We can help in making tax savings for your business. If you do not have time to keep up to date with current tax legislation, you will find the service we provide invaluable, with effective solutions for your budget and outstanding client support and care provided by an extremely helpful team of forward thinking staff.