Short-term property let: does HMRC need to know?
Many websites urge property owners to start earning from their home or spare room – but what they don’t always mention is that HMRC may want a piece of the action.
Many websites urge property owners to start earning from their home or spare room – but what they don’t always mention is that HMRC may want a piece of the action.
Any non-resident landlord (NRL) company with a UK property business will pay Corporation Tax instead of Income Tax from 6 April 2020.
The scheme currently exempts from tax gross rents up to £7,500 where rooms within the taxpayers’ main residence are rented out.
The 2019-20 tax year is the third year of a four year phased implementation of the Chancellor’s strategy to restrict the tax relief residential landlords gain on finance costs.