Indicator - FL Memo
Telephone: (01233) 653500. Fax: (01233) 647100 customer.services@indicator-flm.co.uk - www.indicator-flm.co.uk
Calgarth House, 39-41 Bank Street, Ashford, Kent TN23 1DQ VAT GB 726 598 394. Registered in England. Company Registration No. 3599719
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[loyalty_agent] => Gemma Rump
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[loyalty_time] => <strong>Contact online support for any issues relating to the use of this online solution</strong>, for example logging in, using the search facility, understanding how the resources differ, how to save content, etc. <br />
If you have a <strong>technical question</strong> about <strong>content</strong>, please contact our <strong>dedicated Helpline</strong>.<br />
Mariam, your online support, can be <strong>contacted during normal business hours</strong>:
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Search - Tips & Advice Business Database
Income from letting one or more rooms in your home can be tax free where rent-a-room relief applies. However, if you also provide services to your guests the income might count as a trade. Does
rent-a-room relief still apply?
Airbnb and other short-term letting businesses face greater government regulation. The relatively good news is that at least there are no proposals to change the tax regime. So, if you’re thinking of
becoming an Airbnb landlord, what are the key tax considerations?
Landlords of residential properties are now facing tough restrictions on tax relief for borrowing, so there’s all the more reason to maximise other let property tax reliefs. What hidden deductions
might you be missing out on?
You let out a property for several years, but as it was loss making you didn’t declare it to HMRC. It’s now started turning a profit but you’ve been advised that because you didn’t declare the losses
it’s too late to use them. Is this correct?
Phasing in of the restriction for tax relief on finance costs began in 2017/18. The next stage takes effect on 6 April 2018. What do you need to know and how can you minimise the impact?
For 2017/18 and later years most private landlords will be expected to work out their profits using cash-basis accounting. This can make preparing your tax returns simpler, but it does have
drawbacks. What’s the full story?
You own a property abroad which you let out. The foreign tax authorities charge you various taxes because you’re a landlord. How much of what you pay can be deducted from your UK tax bill?
The financial side effects of coronavirus on your tenants may result in the costs of your rental business outweighing the rents you receive. What are your options for claiming tax relief for the
losses?
From 6 April 2017 the tax relief on finance costs relating to let residential property will be restricted. The amount of the restriction can be affected by your other income, but working it out is
far from plain sailing. What do you need to know?
In July 2018 HMRC proposed new legislation to limit the circumstances in which rent-a-room relief can be claimed. When and how will the new restriction apply?