Taxation for Residential Properties
When letting residential property there are a number of taxation issues to consider.Your net letting income needs are to be declared to HM Revenue & Customs each year taking into account letting fees, mortgage interest and repairs. VAT is a cost that most landlords will have to bear but if you are already in business and are VAT registered this VAT may be recoverable.
There also capital gains tax, stamp duty land tax and inheritance tax issues. We have prepared a note, which you can access here, on the common issues surrounding these taxes and if you would like to discuss any of these in more detail then please do give us a call.
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