UK Inheritance Tax and Capital Gain Tax are much more complicated than income and corporation tax. As we’re a member of the Federation of Tax Advisors (FTA), we can advise you on any tax planning opportunities available, in order to minimise your Inheritance Tax (IHT) and Capital Gains Tax liability.
If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by filling a tax return. If your rented property generate a loss, you may want to disclose it to HMRC on a voluntarily basis, because this allows you to make use of the loss in the future if the property turn profitable. In contrast, if you let room(s) in your own house, you may not pay tax if the total rental charged per tax year is under £4250. We are here to help you in order to claim all the allowable expenses and reliefs that you are entitled to.