LETTING & ESTATE AGENT

Our doors may be closed, but we’re still here for you. In line with government advice on the outbreak of Coronavirus (COVID-19), all our Martin & Co branches will be temporarily closed until further notice. The health and safety of our staff and customers is, of course, our number one priority. But while we might not be able to see you, we are still here if you need us. The Martin & Co teams are all working remotely, ensuring we can provide continuous support for all our customers. Please email your nearest branch directly through the website and, most importantly, stay safe and healthy during these difficult times

Knowing your property tax strategy – part one

Knowing your property tax strategy – part one
Understanding your tax liabilities Over the past few years, property  investment has become a profitable way to make money, but unfortunately there are very few people who consider the tax implications of their investment strategy before they decide to invest. Instead, they take a view that they will address the tax issues when they decide to dispose of the property. This can be a very costly mistake as some simple planning can help to avoid large tax bills in the future! The two types of taxes that you are likely to be required to pay are, Income Tax and Capital Gains Tax. Using HMRC definitions: “Income Tax is a tax on income. Not all income is taxable and you’re only taxed on ‘taxable income’ above a certain level.” “Capital Gains Tax is a tax on the profit or gain you make when you sell or ‘dispose of’ an asset.” The type of investment strategy that you use determines the tax that you may be required to pay. The table below gives an indication of this: Screen Shot 2014-06-30 at 16.05.03Screen Shot 2014-06-30 at 16.05.15Screen Shot 2014-06-30 at 16.09.59Screen Shot 2014-06-30 at 16.12.51