Taxation magazine queries ― property income and gains

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

$imgtext$

The following guidance note provides details of queries raised on property income in the last few years in the Readers’ Forum section in Taxation magazine with a link to the full replies. It should be noted that the response to the queries is at a point in time and all relevant legislation should be confirmed as being currently applicable.

Capital expenditure in a letting business

Details of the query as copied from Taxation magazine

We have recently taken on a new client, husband and wife, who operate 12 buy to let properties. The husband provides maintenance services to the property business, and the wife deals with the administration. Neither have any other sources of income. In order to gain tax relief on a van and computer equipment it has been suggested that the husband and wife register as self-employed and invoice the property business for their services. I have searched the HMRC PIM manuals but I cannot find anything that would specifically deny this? Readers’ views would be appreciated.

Link to responses

See

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Enterprise investment scheme tax relief

Enterprise investment scheme tax reliefOverview of EIS tax reliefsThe enterprise investment scheme (EIS) offers significant tax reliefs to encourage individuals to invest money in qualifying shares issued by qualifying unquoted companies. The scheme is designed to encourage investment in small,

14 Jul 2020 11:36 | Produced by Tolley Read more

Personal Tax

Self assessment ― estimates and provisional figures

Self assessment ― estimates and provisional figuresIf the taxpayer does not have sufficient information to enable them to complete the tax return in the time allowed, they should include either a best estimate or a provisional figure. The taxpayer should not either leave a box blank or enter

14 Jul 2020 13:37 | Produced by Tolley Read more

Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more

��Ƶ