LETTING & ESTATE AGENT

Following the government’s update on 13th May 2020 regarding home moving in England during the Covid-19 outbreak, we are pleased to announce our branches in England will start re-opening their doors for booked appointments over the coming weeks. Health and safety remains our main priority, and a number of strict measures will be put in place to protect our staff and customers. Our offices in Scotland and Wales will continue to support customers from home. Visit our branch page to find contact details for your local office.

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