{"id":154,"date":"2010-07-02T08:27:43","date_gmt":"2010-07-02T08:27:43","guid":{"rendered":"http:\/\/blog.legal4landlords.com\/?p=154"},"modified":"2010-07-02T08:27:43","modified_gmt":"2010-07-02T08:27:43","slug":"offshore-tax-warning","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/offshore-tax-warning\/","title":{"rendered":"Offshore Tax Warning"},"content":{"rendered":"<p><strong>W<\/strong>ith capital gains tax now levied at 28%, it has been revealed that H.M Revenue &amp; Customs are ardently investigating people who they think may be evading the tax by placing taxable profits in offshore accounts.\u00a0 Buy &#8211; to -Let Landlords who sell property and don&#8217;t declare the be warned!<\/p>\n<p>Ordinarily income, which is taxed from rent from a second home or a buy-to-let property can be offset against certain expenses and is separate from CGT that you pay when you sell the asset.<\/p>\n<p>Tax Relief on Income<\/p>\n<ul>\n<li>Accountancy      fees;<\/li>\n<li>Tax      relief on interest of the loan (But not the capital);<\/li>\n<li>Furniture      &amp; fittings wear &amp; tear (10%) of original value;<\/li>\n<li>Replacing      damaged fixtures, doors, cupboards etc can be claimed as long as the new      replacements are of equal or less value than the original one.\u00a0 Higher value replacements can be deemed      as capital.<\/li>\n<li>Double-glazing      to replace broken single glazed windows is acceptable.<\/li>\n<\/ul>\n<p>Capital Gains Tax can be offset against capital expenses.<\/p>\n<ul>\n<li>The      cost of the property;<\/li>\n<li>Stamp      duty, legal fees, surveyor fees, estate agent fees;<\/li>\n<li>Extensions,      upgraded kitchens, bathrooms, conservatories or anything structural, which      adds extra value to the property;<\/li>\n<\/ul>\n<p>Income tax can be reduced when married couples or partners own a rental property jointly.\u00a0 Dividing rental profits equally, the profit from rent would be offset against two separate sets of applicable personal allowances.\u00a0 Income tax is usually dealt with under the terms of self-assessment, based on the tax year itself, (April \u2013April) and is based on simple rental income minus expenses.<\/p>\n<p>By<br \/>\nMadalena Penny<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With capital gains tax now levied at 28%, it has been revealed that H.M Revenue &amp; Customs are ardently investigating people who they think may be evading the tax by placing taxable profits in offshore accounts.\u00a0 Buy &#8211; to -Let Landlords who sell property and don&#8217;t declare the be warned! Ordinarily income, which is taxed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[36],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Offshore Tax Warning - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/offshore-tax-warning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offshore Tax Warning - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"With capital gains tax now levied at 28%, it has been revealed that H.M Revenue &amp; Customs are ardently investigating people who they think may be evading the tax by placing taxable profits in offshore accounts.\u00a0 Buy &#8211; to -Let Landlords who sell property and don&#8217;t declare the be warned! 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