This course will enable you to:
- Get to grips with the key calculations and tax reliefs relevant to property business owners
- Offer sound advice on key tax-free allowances
- Familiarise yourself with the special tax rules and capital gains tax (CGT) reliefs involved with furnished holiday lettings (FHLs)
- Guide your clients on other property taxes issues including recent developments to stamp duty land tax (SDLT)
Property is always a popular investment, so it's important that individuals understand the range of taxes involved with such transactions. Business and residential property owners rely on accountants for advice and guidance about the complex UK property tax system.
This course provides an overview of UK property business taxes, the eligibility criteria for tax-free allowances, and the appropriate tax treatment for furnished holiday lettings (FHLs). You'll also learn about other property tax issues that you need to be familiar with, enabling you to offer your clients the best advice about various property taxes in the UK.
Overview of property business taxes
- UK property tax
- Property business taxes
- Cash basis
- Cash basis calculation
- Allowable expenses
- Repairs and improvements
- Tax reliefs
- Replacement of domestic items
- Loss relief
- Tax-free allowances
- Property allowance
- Full relief
- Partial relief
- Rent a Room relief
- Property allowance vs. Rent a Room relief
Furnished holiday lettings
- Key tax rules
- Qualifying conditions
- Averaging election
- Period of grace election
- Averaging and period of grace
- Capital gains tax reliefs
- Capital gains – check your understanding of the rules
Other property taxes
- Stamp duty land tax
- Stamp duty savings
- Recent developments
- Non-resident Landlord Scheme
- Letting agents and tenants of non-resident landlords
- Changes to CGT payment rules
- Calculating CGT
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