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Accommodation is classed as furnished if it has a bed, an easy chair and dining facilities for each guest.
Unfurnished accommodation may be bare or include carpets, curtains and white goods but is essentially any property that is not furnished. Income from each should be listed separately for tax purposes.
A tenant is usually the person who is living in the property, regardless of the reasons why, they may have a legal right or not. The lessee has a legal agreement, i.e. the legal right to live there.
Example 1:- Son buys a flat for Mum to live in – Son is lessee and Mum the tenant.
Example 2 – Investor buys a flat, and then sublets it out to a family. Investor is lessee, family are tenants and Mum, who signed the lease, is both lessee and tenant.
Yes, you are subject to income tax in the UK on UK property. But take care you do not also become liable to foreign tax where you are working.
If you are UK resident, then you are subject to income tax in the UK on worldwide property income. But take care you are allowed to buy and you do not also become liable to foreign tax wherever you are planning to buy
If this is your first purchase, then First Time Buyer relief may be available to reduce your SDLT bill for properties worth less than £500,000
If you are purchasing more than one property, then you may be entitled to SDLT relief for multiple dwellings.
The most recent changes are:
Overall the recent changes are so significant that operating as a BTL investor in a partnership or as a sole trader can lead to a negative cash flow and have a devastating effect on landlords with high interest charges. So, make sure you budget costs in advance.
Many buy to let landlords with rental property will be seriously affected by the recent changes, with overall tax payable increasing to such an extent that the rental property may be creating a loss annually. Please refer to example on page 11 which shows how the mortgage restriction affects the tax liability. Some Investors may not be able to continue this as a business and may have to look for other jobs to survive. The only options available will be restructuring including:
One straight forward solution if you have a small portfolio of properties, is to structure these investments through a limited company. The immediate benefit is that the full mortgage interest is allowed as an expense against rental income before tax. Additionally, you can use a number of other means to benefit from using a limited company