Tax Services for Property Owners in London
Choosing Your Main Residence
As a property owner in London, it's possible to nominate one of your properties as your main residence for tax purposes. At KN Morris Tax Consultancy, we can provide advice on the implications of making this decision, the qualifying conditions, and whether it would be beneficial for you based on your personal circumstances. It's important to note that there are strict time limits for making this election, which must be filed with HM Revenue & Customs.
Selling Property
If you've sold or given away a second property or holiday home, you may need to pay Capital Gains Tax. Our team of experts can advise you on any tax planning opportunities available to help minimise your liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.
Rental Properties
If you rent out property in London, you will need to pay income tax on the rents charged, less any allowable expenses and charges. Our team can help ensure that you claim all the expenses and reliefs you're entitled to, including deductions for maintenance and repairs. We'll discuss your options with you to help you optimise your tax position and make the right choice. We can also assist with claiming finance costs for any loans or mortgages you have on your properties.
Furnished Holiday Lets
Our team can provide guidance on the qualifying conditions and implications of treating your property as a Furnished Holiday Let. The conditions for such treatment are now more stringent, and the benefits have been reduced.
Letting Rooms in Your Home
If you let rooms in your own home in London, you may be exempt from paying tax if the total rents charged are under £7,500 per tax year. However, there are conditions that must be met to apply for this exemption. Our team can discuss these conditions with you to help you determine if you qualify.
At KN Morris Tax Consultancy, we provide comprehensive advice on all tax aspects of buying, selling, and letting property. Our team can assist with a wide range of services, and we're always available to help with any property-related tax queries you may have.
