Tax Documents
Professionally drafted, regularly updated documents each with its own "how to use" introduction

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Property investment (14)

Election to opt out of rental cash basis
Since 6 April 2017 rental property accounts must be prepared on the cash basis if the total of rents and other income you receive from your properties exceeds £150,000 in a tax year. In some circumstances it may be advantageous for you to use the accruals basis of accounting instead. To do this you... Read more
DOWNLOAD August 2019
Type: Letter
Election for rent-a-room relief not to apply
Where you let part of your home, HMRC calculates the taxable income for a year by deducting a fixed sum from the rent etc. you receive. This deduction is called rent-a-room relief and is £7,500 (2017/18). However, if your apportioned running costs are more than this, you can elect for this relief not... Read more
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Type: Letter
Election for a period of grace to apply to FHLs
Where you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment where various conditions are met.When can you use the election?To count as an FLH the property must during a twelve-month period:have been available for letting to the public for 210... Read more
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Type: Letter
Election to average occupation of FHLs
Where you own a property which you let furnished as holiday accommodation it can qualify for preferential tax treatment if various conditions are met.When can you use the election?To count as a furnished holiday let (FHL) the property must, during a twelve-month period:have been available for letting... Read more
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Type: Letter
Nominating a main residence election
If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneThe general rule is that if you make a gain on the sale of your main residence, then you... Read more
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Type: Letter
Capital allowances election for fixtures in buildings
When a commercial building is sold the seller and the purchaser can agree to apportion part of the price to fixtures which qualify for capital allowances, i.e. plant, machinery and integral features, included with the property. Where an apportionment is made, subject to conditions and restrictions, they... Read more
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Type: Contract
CGT schedule of capital enhancements
The cost of structural alterations or improvements to properties counts as capital expenses (enhancements). They can be deducted as expenses when calculating the capital gain or loss following the sale of the property. Allocating and recording expenditure There may be a long gap between the time you... Read more
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Type: Form
Bank account declaration of beneficial ownership
Interest received on a bank account held jointly with your spouse/civil partner is taxed on you equally, even where the actual ownership of the funds in the account is not 50/50. However, you can send an election to HMRC asking to be taxed on your actual share of interest where it is other than 50/50.... Read more
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Type: Agreement
Chattels checklist
Anything moveable that is sold with a property is generally not considered to be part of it and so is not subject to stamp duty land tax (SDLT). The purchaser will save SDLT by allocating any of the purchase price to chattels. Equally, a seller can make the sale more attractive by identifying chattels... Read more
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Type: Checklist
Rental business employee's job description
You can claim a tax deduction for the cost of paying someone, including a spouse or civil partner, to manage a property you let. HMRC may ask for details of their role so you need to justify paying them. Wages of spouseAs long as they don't own a share in the property, you can pay your spouse or partner... Read more
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Type: Miscellaneous
Licence agreement (commercial property)
Licence agreement for commercial propertyThere are various reasons why you might not want to offer someone a lease over a property. A licence to occupy land or buildings, unlike a lease, does not convey exlusive right over the property. licence agreementA licence to occupy agreement allows you, as the... Read more
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Type: Agreement
Deed of trust for property
If property is owned jointly, HMRC tax any rental income on each of the joint owners equally. However, a deed of trust can be used to transfer some or all of the beneficial entitlement from one joint owner to the other so that they are taxed on their share of any income or gains derived form the property.... Read more
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Type: Document
Capital allowances for fixtures in buildings record
Since April 2014 it has been crucial for prospective buyers of second-hand commercial buildings to ensure that the seller has allocated their expenditure on fixtures to a capital allowances pool before the sale. If they haven't, then the buyer won't be able to claim capital allowances on them. Therefore,... Read more
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Type: Form
Property management company contract
Company tax rates are lower than those for individuals, so it might make sense to divert some of your rental income from properties you own personally into your own property management company. In order to avoid a challenge from HMRC, there should be a formal contract between you and the company.Property... Read more
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Type: Miscellaneous