Property Archives - Merranti Accounting
Relief for excess mortgage interest
March 10, 2023Since 2020/21, the deduction of mortgage interest and other finance costs (e.g. arrangement fees) from residential rents is completely blocked for tax purposes for individual landlords (not companies). Instead, the landlord receives tax relief at the basic rate (20%) as a tax credit against the tax due on the property income. With interest rates rising,
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Tax-free rent
February 5, 2023When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at gross rents of £7,500 per year. Where more than one person receives the rent from the property, each person has a tax-free exemption for rent
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Furnished holiday lets
August 2, 2021Landlords who let holiday accommodation have largely been left out of the covid-related business support. Where the property was registered for business rates, the owner qualified for some small local authority grants, but other landlords received nothing. Holiday letting businesses have also suffered from the various lock-downs that restricted travel across the country. This has
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Capital Gains Tax on sale of homes
July 16, 2021When do I pay Capital Gains Tax? The profit you make on selling a buy-to-let property or a second home is generally subject to capital gains tax (CGT). Also, you may have to pay some CGT on the profit you make from selling your main home if you have not lived in that property for
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When will Commercial Evictions start?
July 16, 2021When will the Commercial Evictions Start again? There has been no rent holiday during the pandemic, but landlords have been barred from evicting tenants from commercial premises. This restriction will now remain in place until March 2022. In addition, the existing debts of unpaid rent accumulated during the pandemic will be ring-fenced, in order to
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What is an SPV in Property?
March 16, 2021An SPV, Special Purpose Vehicle, is a standard limited company that has been set up purely to transact for one purpose or transaction. When you intend to purchase a property or land to build residential or commercial development, it is common for this to be bought in a newly registered company that has no liabilities
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Construction Industry VAT changes
February 3, 2021Construction Industry VAT changes From 1 March 2021, the responsibility for accounting for VAT on building works will shift up the supply chain to larger contractors. Building sub-contractors will no longer charge VAT to other businesses in the construction industry. Instead, their building customers will account for the VAT as both a purchase and sale
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Land Tax / Stamp Duty Holiday
December 11, 2020When do pay Stamp Duty? All property in the UK is subject to a land tax which normally paid by your solicitor once the completion has occurred and Land Registry has been notified. How much you pay in Stamp Duty is all dependent on how you buy the property and whether your buying as an
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Residential Stamp Duty Holidays.
November 5, 2020When you buy a home, you normally have to pay stamp duty tax on the purchase price. There are three different forms of land tax that apply in the UK and each has its own starting thresholds, rates and bands. One common element of all the UK stamp duty tax is the lowest threshold has
Read MoreDevelopment Finance Raised
April 2, 2014Merranti have assisted a client by raising £6 million in development finance for construction and unconditional purchase of land. Funding your new development can be a difficult task with the broker or bank requesting more and more information, not only about your project, they want your history to know that you are able to manage
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