Documents for Business

In excess of 1,000 customisable documents covering every conceivable business issue.
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Flow chart - claiming rent-a-room relief

Flow chart - claiming rent-a-room reliefRent-a-room relief is an automatic tax relief which applies to rent and related income received from letting all or part of your only or main home. The relief exempts income up to £7,500 per tax year. Naturall... Read more
 
 

Flow chart - claiming the property allowance

Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more
 
 

Flow chart - reclaiming additional stamp duty land tax

Flow chart - reclaiming additional stamp duty land tax If you own a residential property and purchase another, you must usually pay the stamp duty land tax (SDLT) additional charge (also called the higher rate or supplementary charge). If the new pro... Read more
 
 

Flow chart - taxation of income from jointly owned property

Flow chart - taxation of income from jointly owned propertyWhere a jointly owned property is let, determining for tax purposes how much of the income, profits or losses each owner is responsible for is not always straightforward. It depends on the ty... Read more
 
 

Election to opt out of rental cash basis

Election to opt out of rental cash basisSince 6 April 2017 rental property accounts must be prepared on the cash basis if the total of rents and other income you receive from your properties exceeds £150,000 in a tax year. In some circumstances it m... Read more
 
 

Property rental business loss relief claim

Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
 
 

Election for rent-a-room relief not to apply

Election for rent-a-room relief not to apply Where you let part of your home, HMRC calculates the taxable income for a year by deducting a fixed sum from the rent etc. you receive. This deduction is called rent-a-room relief and is £7,500 (2017/18). ... Read more
 
 

Election for a period of grace to apply to FHLs

Election for a period of grace to apply to FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment where various conditions are met.When can you use the election?To count as an FLH t... Read more
 
 

Election to average occupation of FHLs

Election to average occupation of FHLsWhere you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment if various conditions are met.When can you use the election?To count as a furnished holiday ... Read more
 
 

Nominating a main residence election

Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneT... Read more
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