Capital allowances and property

Landlords of residential property are at a disadvantage when it comes to claiming capital allowances on plant and machinery. Plant in a ‘dwelling house’ does not qualify for capital allowances. It is, however, still possible to claim capital allowances on plant installed in common areas. Common areas, for example, in a block of flats. Commercial…

Tax refunds on holiday property

If you have a commercial furnished holiday let within the EU, then there is potential for a tax refund. Did you know up to 30% of the purchase price of a furnished holiday letting may be eligible for capital allowances? If these allowances are higher than your profits from rental income, any excesses may be…

Company Car Tax

Image via Wikipedia The taxable benefit on the use of company cars and fuel for those vehicles has increased from 6 April 2010. Take for example a petrol-powered car with CO2 emissions of 160g/km. In the tax year to 5 April 2010 you were taxed at 20% of the vehicle’s list price. From 6 April…

Property tax update

Business Rates Business rates became due on most vacant business property from 1 April 2008 when previously such properties were exempt from rates. In last year’s Pre Budget report the Chancellor announced an exemption from business rates for empty properties which had a rateable value of less than £15,000, but only for the 2009/10 financial…

Business rates – new rateable values

It is very important to check the detail of the new valuation to make sure that the rateable value applied to your property is correct. The rateable value is determined by a number of factors primarily the open market rental value on the valuation date. The valuation date for the 2010 changes is 1 April 2008. We are aware of cases where business rates have been reduced, following appeals on the basis that rental values have fallen.

Furnished Holiday Let Property – abolished

The EU seems to have caused a problem for the Chancellor. As a direct result of EU rulings the UK has been compelled to extend the various tax advantages of ‘Furnished Holiday Lettings’ status to properties located within the European Economic Area (EEA) – as long as they meet the required qualifying criteria. Clearly the…

Selling property abroad

Sterling has depreciated considerably against the Euro in the last year. Whilst this is of great interest to other Euro zone residents, who can buy property in the UK at much lower Euro cost, the opposite applies to UK residents who have purchased property elsewhere in the Euro zone. For instance a property in Spain…