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Kate the property expert
Kate Faulkner

Every day I see people stressed and lose money or a dream home because they missed an essential step during a property project or used a bad property company.

My mission: Whether you are buying, selling, renting, letting, investing, building or just redecorating, I want to help you!

How can I do this? Simply, good companies pay me to help you. Together we give you FREE, instant access to independent, up to date, expert property project ‘to do lists’ from the best property companies and organisations – all who care about helping you. 

Kate Faulkner


Rent and let property the right way with these films from the GLA and Kate Faulkner





 

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Buy to Let Tax Checklist

Nicholsons

"Property tax can't be calculated in isolation from
the rest of your income and assets. We offer
specialist Buy to Let tax advice that takes
all this into consideration"

Contact: nicholsonsca.co.uk

Tel: 01522 815100

Nicholsons


Thanks to Nicholsons this Buy to Let Tax Checklist if FREE of charge!

 
FREE Buy to Let Tax Checklist

 Join Now xDonex
Be clear about your buy to let objectives eg income or capital growth?  

Once you own rental property personally, you will need to submit a Tax Return annually, so each year you will need to collate details of:-

  • Rental income

  • Allowable costs – ground rent, rates, insurance, repairs

  • Loan or mortgage interest

Your tax accountant should be able to advise on any other claims you can make to keep your annual tax bill as low as possible.

 

In the case of married couples/civil partners, tax can be mitigated by making sure a property is in the ownership of the lowest rate tax-payer. If jointly owned, legal and tax paperwork needs completing and submitting, but the relatively small cost can soon be covered by tax savings.

 

Consider, or take advice on, the costs and benefits of owning property via a limited company.

 

Keep the following details in a safe place for future reference:-

  • Original price paid for your rental properties, including Stamp Duty Land Tax (SDLT)

  • Dates any of the properties were your main residence

  • Any costs you incurred purchasing / selling, such as legal fees and estate agents fees

  • Any capital improvement expenses

  • Legal information about properties you own

  • Details of how the properties are owned, eg Joint Tenants or Tenants in Common

 

To allow your tax accountant to provide you with best advice on your overall capital and income situation, you will (ideally) need to provide:-

  • A spreadsheet showing original property costs, current values, and outstanding loans

  • Information about all other assets you have, including their values and original costs

  • Bank and Building Society balances (including ISA’s)

  • Stocks and shares – costs and current values

  • Details of all your other annual taxable income

  • Life assurance policies

  • Pension information

  • Details of any Wills in place, and any likely inheritances you may receive

 

All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
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