Top tips on where to look for financial help to get a head in property

Posted by Tungsten Management Group
Last updated 5th May 2021
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  • There are 268,385 long term empty homes in England (that is a 1/4 of all homes), NRLA
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  • What tax reliefs are there for those in property?

    I have found that having a property specific accountant is vital to your power team as they will be able to give you specific advice on what relief you are eligible for. But as a starting point have you looked at

    • Principal Residental Relief which allows you to pay no capital gains tax on the same if your home or any income if you rent it out for a short period. For the later relief you can get up to £7500 tax-free rental income.
    • As a landlord most costs are tax deductible and as business partner you can share rental income unequally to juggle the amount of tax one partner pays compared to another - and the asme applies to married couples.
    • Remember there are ways to save on SDLT and pension contributions can be tax deductible, plus if you sell the business you can get Business Asset Disposal relief.

    This area is very complicated and is why I use Perrys Accountants who are property accountant specialises.

    What tax reliefs are there for those in property?