Barnard Castle Phone: 01833 630400 Shotley Bridge Phone: 01207 507000

Tax Checklist

2013/14
Tax Busting Checklist

(Updated 27 March 2013)

This is our tax checklist – have a look through it and see what relates to you? There may be matters on the checklist that you can benefit from and had not realised. Not everything will apply to you but it will make you think about all your tax affairs and what could work better for you. The checklist may help you to reduce tax on either a personal or business level. Once you have had a look at the list then it may be worthwhile contacting us here at the office to discuss your own circumstances and requirements.

If you would like to download the PDF version of this checklist to fill in, please click on this link:

Download 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

 

Newsflash

2014 Teesdale Business Awards

Butler and Gee were once again proud to sponsor and support the Teesdale Business awards held in February 2015. The awards are a fantastic way to recognise the success of local entrepreneurs in various different fields and sectors. The ceremony...

Read More

Our Offices

  •  

    7 Newgate
    Barnard Castle
    County Durham
    DL12 8NQ

  • Shotley Bridge Office

     

    7 Front Street
    Shotley Bridge
    Consett
    County Durham
    DH8 0HH 

Ask a Quick Question