• 
  Autumn Budget 2024: key points at a glance
  Autumn Budget 2024: key points at a glance: The UK Budget is that occasion each year (and sometimes twice in a year) when the UK government outlines the extra money it needs and how it is going to spend it. Changes to the tax rules are what interest us here. The Budget of 30th October 2024 included a lot of tax changes – some quite big in effect, and we… Read more: Autumn Budget 2024: key points at a glance
• 
  Reform of the “non-dom” regime
  The non-dom regime is set to end on 5th April 2025 – what does this mean? Residency and domicile are two separate, and quite different, legal concepts, with quite different effects. Domicile ceases to be relevant for UK tax purposes after 5th April 2025, but some transitional relief is available. Aspects of UK tax for which domicile was relevant are now governed by new rules with a connection to residency. Published 4th November 2024… Read more: Reform of the “non-dom” regime
• 
  End of the Furnished Holiday Letting regime
  The end of the Furnished Holiday Letting (FHL) tax regime on 5th April 2025: With effect from 6th April 2025, all Furnished Holiday Lettings will be treated the same as any other residential letting business and all the benefits of an FHL will disappear. In the notes below we describe the transitional arrangements. After 5th April 2025, former FHL properties will form part of the taxpayer’s UK or overseas property… Read more: End of the Furnished Holiday Letting regime
• 
  Labour’s upcoming Budget and what it means for property investors
  What changes will the Budget bring to property tax? As the UK anticipates the release of the first Budget of this Labour government, landlords are paying close attention to potential policy shifts that could significantly impact the housing market. Understanding the likely proposals and preparing for them will be crucial for property investors looking to navigate the changing landscape. Published 2nd October 2024 How will the Budget reshape the private… Read more: Labour’s upcoming Budget and what it means for property investors
• 
  Returning to the UK? Here are 7 nasty surprises you might want to avoid
  Been living abroad and are thinking of moving back to the UK? Here are a few nasty surprises you might want to avoid. Every year about 60,000 people return to the UK, having lived abroad for several years. If you are planning to return, here are some surprises to avoid: Charges on importing your belongings into the UK; Credit Score; Renting a home; Car Insurance; Bank Accounts; Pensions; Capital Gains… Read more: Returning to the UK? Here are 7 nasty surprises you might want to avoid
• 
  Top 5 tips for non-resident landlords
  Top 5 tips for non-resident landlords Published 15th August 2024 Managing UK property from abroad can be a rewarding investment strategy, but it comes with its own set of challenges and responsibilities As a non-resident landlord, staying compliant with UK tax laws and maximising your returns requires careful planning and attention to detail. Here are the top five tips to help you navigate the complexities of being a non-resident landlord… Read more: Top 5 tips for non-resident landlords
• 
  What to expect from the new Labour government
  What tax changes should we expect under the newly elected Labour government? Significant policy shifts are on the horizon, particularly in the area of housing and property investment Published 30th July 2024 As the newly elected Labour government settles into office, significant policy shifts are on the horizon, particularly in the area of housing and property investment This article explores potential tax changes that could impact landlords. Whether you own… Read more: What to expect from the new Labour government
• 
  Making Tax Digital: an introduction
  Making Tax Digital (MTD) for landlords: our free guide to the changes coming in for property landlords. Confirmed: MTD will arrive in April 2026 – If it sounds like a long time away, think again! In tax terms, April 2026 is just around the corner and it will creep up faster than you think. NOW is the time to start preparing, as there is a great deal for you and… Read more: Making Tax Digital: an introduction
• 
  Capital Gains Tax has changed
  Beware of the changes: the deadline to submit a Capital Gains Tax Return, and pay any CGT due, on a disposal of UK land or buildings is 60 days from completion (transfer) Published 29th April 2021; Updated 24th April 2024 The deadline to submit a Capital Gains Tax Return, and pay any CGT due, on a disposal of UK land or buildings is 60 days from completion (transfer). The calculation… Read more: Capital Gains Tax has changed
• 
  Replacement of furnishings and equipment
  UK property letting: what replacement can you claim on your UK tax return? Read our simple guide to find out Published 31st March 2017; Updated 8th March 2024 Replacement of Domestic Items Relief This relief provides a deduction for the cost of replacing items of furniture or equipment when computing the taxable profit, subject to several conditions: The “like for like” restriction means that where a replacement item includes an… Read more: Replacement of furnishings and equipment
• 
  Pensions for high earners
  I am a UK high earner and receive a pension: what changes have been made to the Lifetime Allowance? Published 3rd April 2023 This note applies to UK residents only Lifetime Allowance The government announced that from 6th April 2023, the Lifetime Allowance Charge (applied where the Lifetime Allowance was exceeded) will be removed. The Lifetime Allowance will be fully abolished from the 2024/25 tax year (this will be included… Read more: Pensions for high earners
• 
  Capital Gains Tax and the Private Residence Relief
  When you sell a UK property, you may be entitled to the Private Residence Relief which will reduce the CGT payable. Published 11th February 2013; Updated April 2023 When you sell a UK property, you may be entitled to the Private Residence Relief which will reduce the CGT payable. Everyone thinks they know the rules, but few get it right Capital Gains Tax (CGT) is a tax on the gain… Read more: Capital Gains Tax and the Private Residence Relief
• 
  Non-Residents: beware of changes to Capital Gains Tax
  Changes to CGT for non-residents: non-resident landlords disposing of UK property: beware of changes to Capital Gains Tax (deadlines for submission of the CGT return, payment of the tax due, changing rates of tax applicable. Read on to find out more. Published 5th March 2019; Updated April 2024 The deadline to submit a Capital Gains Tax Return, and pay any CGT due, on a disposal of UK land or buildings… Read more: Non-Residents: beware of changes to Capital Gains Tax
• 
  ATED: Valuation date
  First published 27th March 2017; Updated 15th November 2018 / April 2023 Residential property owned by a company is potentially subject to Annual Tax on Enveloped Dwellings where the value on the valuation dates is more than £500,000 Relief from Annual Tax on Enveloped Dwellings (ATED) may be available if the use of the property meets one of several criteria including commercial letting or development. Whether your property qualifies for… Read more: ATED: Valuation date
• 
  Register of Overseas Entities for non-resident companies
  Published 9th August 2022 Register of Overseas Entities: new laws have been enacted that impact directly on non-resident companies holding UK property New laws have been enacted that impact directly on non-UK companies holding UK property For many years the UK Government has been concerned about the UK property market being used to conceal proceeds of crime, and in particular the ease with which non-resident companies can acquire UK property… Read more: Register of Overseas Entities for non-resident companies
• 
  The Capital Gains trap for non-residents
  Published 10th May 2022 Are you a non-resident owning property in the UK? Be aware of your obligations when you sell We have all become used to the idea that since April 2015 non-residents could be liable to Capital Gains Tax (CGT) on the disposal of UK residential property and the same applies to the disposal of purpose-built student accommodation and other non-residential property since April 2019. In each case… Read more: The Capital Gains trap for non-residents
• 
  Finance cost relief
  Restricting finance cost relief for individual landlords, S24 restriction on mortgage interest: how do I claim mortgage interest on my tax return? Published 17th February 2020; Updated September 2021 Still puzzled by the S24 restriction or finance cost relief? See the easy-to-read full explanation ‍From 2020 the tax relief that landlords of residential properties get for finance costs is being restricted to the basic rate of Income Tax. The finance… Read more: Finance cost relief
• 
  Your UK bank account may be closing soon
  Published 6th November 2020; Updated 2nd August 2021 The Brexit effect In November 2020 we published an article explaining why a number of UK banks were closing the accounts of customers living in the EU. That was a consequence of Brexit. The article is reproduced at the bottom of this newsletter. We must now report that a number of other transactions are being frozen and in some cases accounts are… Read more: Your UK bank account may be closing soon
• 
  UK tax compliance to get more complicated for some non-resident companies
  Published 25th September 2018; Updated 15th November 2018 / April 2021 The content of this newsletter applies to non-UK companies holding UK investment property and which derive most or all of their UK income from the property. With effect from April 2020 all non-resident UK property rich companies have been subject to the full UK Corporation Tax regime instead of the previous simplified Income Tax regime. The note from HMRC… Read more: UK tax compliance to get more complicated for some non-resident companies
• 
  Not filed your Tax Return yet? It is now about to get very, very expensive
  Published 22nd February 2013; Updated April 2021 So just how much will you have to pay? It used to be the case that it didn’t matter if you filed your Tax Return late if there was no tax to pay because the penalty could not exceed the tax due. No longer such luxury. Now whether you have tax to pay or not there are automatic penalties for late filing and… Read more: Not filed your Tax Return yet? It is now about to get very, very expensive
• 
  British and own property in the EU? Read this
  Published 19th December 2019; Updated April 2021 UK based owners of property situated in the EU may pay higher taxes after Brexit Several EU countries charge higher rates of tax to non-EU residents and after Brexit everyone living in the UK is in that category. For example, the Spanish rate of Income Tax on rentals jumped from 19% to 24% immediately Britain left the EU. On top of that, under Spanish… Read more: British and own property in the EU? Read this
• 
  Don’t pay twice: an introduction to Tax Treaties
  Published 18th February 2019; Updated 24th April 2024 Relief for UK tax paid – an introduction to Tax Treaties and Double Taxation Conventions and how they can help you The UK has entered into a Tax Treaty with over 130 countries. The Tax Treaty between the UK and another country gives us guidance as to which country has first taxing rights, and what relief you may get in your own… Read more: Don’t pay twice: an introduction to Tax Treaties
• 
  Can your house be stolen?
  Published 6th October 2012; Updated 29th November 2018 / April 2021 The quick answer is YES! Here is a true horror story of how a teacher in Hove had his house stolen. In 1998 Mr Hawthorn decided to take a sabbatical from his job as a science teacher in Sussex. He rented out his home in Hove and went as a volunteer to Laos. In 2000 he decided he would stay… Read more: Can your house be stolen?
• 
  Too late? HMRC may not refund you
  If you are due a tax refund from HMRC because of an overpayment you have made to them, don’t leave it too late to claim your money back: HMRC may not refund you! HMRC says the taxpayer must make the overpayment relief claim within four years of the end of the relevant tax year or accounting period. That means that if the overpayment occurred in the year ended 5th April… Read more: Too late? HMRC may not refund you
• 
  Emails offering tax refunds are fraudulent
  The email you have received purporting to be from HMRC owing you a tax refund is a scam. Many clients ask us about emails they have received offering refunds of tax. They are all fraudulent scams. HMRC only informs you about tax refunds through the post or through your pay via your employer. All emails, text messages, or voicemail messages saying you have a tax refund are a scam. Do… Read more: Emails offering tax refunds are fraudulent
• 
  Property Income Allowance
  The £1,000 Property Income Allowance deduction: is it worth it? The Property Income Allowance is available from April 2017 and is an allowance of £1,000 that may be used instead of the normal or usual method of calculating deductions from rents, etc. It will only be of benefit to those with very low outgoings. Published 27th March 2017; Updated 19th October 2024 The Property Income Allowance is available from April… Read more: Property Income Allowance
• 
  Who you should tell about your UK income
  If you are a non-resident landlord, the way you are taxed will depend on the Tax Treaty between the UK and the country in which you reside. If you have income arising in a country of which you are neither resident nor a citizen, that country will have the first right to tax that income. So, you may find you have to report your income to three tax authorities If… Read more: Who you should tell about your UK income

Need help with tax matters? Contact us now