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.
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.
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.
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.
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.
At KNMorris, we believe in collaboration to drive growth and innovation. Through our strategic partnership with Unity Partners, we’re unlocking new opportunities to deliver unmatched solutions that empower businesses like yours.
Choosing the right accounting firm means selecting a partner with proven expertise. With years of experience in tax consultancy and accounting, KN Morris provides accurate, insightful, and actionable advice. Our team keeps abreast of the latest financial regulations to ensure your business stays compliant and thrives.
Every business is different, and so are its accounting requirements. At KN Morris Tax Consultancy, we pride ourselves on offering customized solutions that align with your business goals and industry standards. Whether you’re a startup, small business, or established enterprise, our tailored approach ensures that your financial processes are efficient, compliant, and conducive to growth.
Our services go beyond basic accounting; we aim to empower business owners with the knowledge and resources they need to succeed. Whether it’s understanding tax laws, managing cash flow, or planning for the future, our team is here to guide you every step of the way.
