Tax Checklist

Property and loans
    Has your Accountant mentioned this?
81 Consider buying your next buy-to-let property in the joint names of yourself and your spouse/civil partner as tenantsin- common. The rental income can then be divided between you according to the proportion of the property you each own, e.g. 20%: 80%, giving the lower earning partner a bigger share, so the rents may be taxed at the lower income tax rates. Yes No N/A
82 If you are moving home consider letting your old home instead of selling it. When you do sell that property in a few years time, most of the gain will be protected from capital gains tax. Yes No N/A
83 If you are buying a house watch out for the valuation points at which stamp duty land tax (SDLT) steps up a level to be applied to the whole transaction. For example when buying a house for £125,000 the purchaser pays no SDLT (£250,000 for first time buyers), but if the house is sold for just £1 more the purchaser must pay SDLT of £1250. The other critical valuation points are £250,000, £500,000, £1,000,000 and £2,000,000. Try to negotiate down the price below these thresholds by offering to buy any extras such as garden furniture or curtains in a separate deal./td> Yes No N/A
84 If you rent a room out in your own home, the first £4,250 of rental income you receive each year is free of tax. Yes No N/A
85 If you let out furnished property out you can claim 10% of the rent as an allowance for wear and tear on the furnishings. Yes No N/A
86 When you are installing insulation of almost any type in your let residential properties, check the total cost per property. You can claim a special tax allowance of up to £1,500 per property to cover these costs, but any excess will not get tax relief. Yes No N/A
87 If you are buying a property to let out, it can often make sense to borrow the money to finance the property, even if you don’t need to, as you get tax relief on the loan interest. You may then have an alternative use for the money. Yes No N/A