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UK Property Refurbishment To Reduce & Avoid Property Tax Explained 

International Tax Advice for US & UK Expats
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Free Refurb Tax calculator
www.optimiseaccountants.co.uk...
UK landlords that refurbish their buy to let properties will be surprised to know that most of the costs are revenue in nature. This means that that costs help reduce property tax paid to HMRC on their UK self assessment tax return.
If you are looking for a new property tax specialist or international tax advisor then please visit the website of Optimise Accountants: www.optimiseaccountants.co.uk/
Please ensure that you register for our free UK tax saving seminars: www.optimiseaccountants.co.uk...
Read our article on Buy to let property allowable refurbishment costs to reduce UK HMRC tax www.optimiseaccountants.co.uk...
In this video you will learn from Simon Misiewicz, your Finance & Tax Director
1. How to keep and store your receipts
2. What information must be shown on your expenses
3. Refurbishment costs that may be offset against your property income
4. Refurbishment costs that will be treated as capital costs
5. Costs that most accountants think are capital but are in fact allowable to offset against your property income
6. Capital allowances and how they may be used to reduce total taxable income
7. What VAT issues landlords must be aware of.

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18 дек 2018

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Комментарии : 37   
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 2 года назад
Free Refurb Tax calculator www.optimiseaccountants.co.uk/revenue-or-capital-property-refurb-calculator/
@kogantivijay
@kogantivijay 4 года назад
Very informative
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
Thank you most kind
@marcchurch3924
@marcchurch3924 5 лет назад
Very helpful
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
Thank you Marc What was the most useful aspect? What new materials could we develop to make our channel even more useful?
@marcchurch3924
@marcchurch3924 5 лет назад
Personally I'm just looking into buying a second property to rent out so I'm trying to work out how tax will effect me. I have a very basic understanding at the moment. It's was useful to get an idea of what I can claim for and what receipts I should be keeping. There's not much UK content on RU-vid so I'm very surprised this video hasn't got more views.
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
Thank you for the kind words. Do you have a property strategy in mind type (single let, HMO, serviced accommodation etc) or location in mind?
@marcchurch3924
@marcchurch3924 5 лет назад
@@Simon-Misiewicz-US-UK-Taxes not a HMO, I've been a property manager before and I know it was becoming a lot harder to get a licence for that in my area (Oxford) I'll be looking to get a basic 3 bed to start with. I've got enough equity in my house to move forward so I need to find out what the banks will offer. Any advice is always appreciated. Thanks
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
Get a good mortgage broker to save you a lot of time and energy
@ketanshah2358
@ketanshah2358 4 года назад
Hi Simon. Great Video. One question - are training costs allowable, e.g. property mastermind fees etc. Thanks
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
Provided these costs are adding to your knowledge and not new knowledge then these costs will be allowed. If you have attended a course before this one then it will be allowed
@tamshora090
@tamshora090 5 лет назад
Thanks for your videos Simon, Will capital allowance such as double glazed windows or equipment and machinery in other businesses will come off the net profit in one go ( the whole amount of cost) in the same year or will it spread across the useful life of these asserts which is set up by the HMRC?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
If you treat the cost as a replacement then you will offset the cost in full in the first year If you have a holiday let or a HMO or a commercial building and claim capital allowances it is still possible to write off the full cost in year of acquisition.
@tamshora090
@tamshora090 5 лет назад
@@Simon-Misiewicz-US-UK-Taxes Thnx Simon
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
You are very welcome. May o ask how this video has helped? What other videos would be useful to you?
@tamshora090
@tamshora090 5 лет назад
@@Simon-Misiewicz-US-UK-Taxes these videos helped me a lot to understand things in more details compare to other people videos , if you explain more details in each topics with real examples could help more :) but hounestly yours are still one of the best to watch.
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 5 лет назад
Great feedback about examples. I have to say that I have not done that enough but will get better with each video Thank you for the kind feedback and time writing it Have a great week Simon
@mimak5303
@mimak5303 Год назад
Hi Simon, very useful clip. Are the bank transfer payment together with invoice as evidence strong enough to claim for cost allowable?
@Simon-Misiewicz-US-UK-Taxes
Absolutely they are good evidence
@sophiamousoulides2257
@sophiamousoulides2257 2 года назад
Thanks for such an informative video. I have two questions: can I claim mileage for visiting properties, estate agents etc on a self assessment? If it's a yes, can I claim 45p per mile or should I provide evidence such as petrol receipts?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 2 года назад
Yes to 45p for the first 10,000 miles then 25p thereafter
@paulboston992
@paulboston992 2 года назад
Hi Simon, Will the upkeep of a grade 2 listed building be allowed as an offset on a buy to let, and also the building insurance and service charges?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 2 года назад
The upkeep may be split between a revenue expense and capital dependent of the required work. Most times it is just maintenance and 100% allowed to be offset against rental income
@paulboston992
@paulboston992 2 года назад
@@Simon-Misiewicz-US-UK-Taxes Thank you Simon.
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 2 года назад
You are very welcome 🙏
@drallamsetty
@drallamsetty 2 года назад
Hi, Buying few rental properties which don’t have fridge/freezer, dish washer, tumble dryer etc. If I buy these for the rental properties, are these costs allowable pls? Thank you
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 2 года назад
These costs will be considered capital in nature and won’t reduce income tax liabilities
@DIPU1036
@DIPU1036 4 года назад
If you have never claimed the 45p/mile, can you backdate this expense? How many years?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
You can reopen two lots of SA tax returns to make such amendments
@DIPU1036
@DIPU1036 4 года назад
@@Simon-Misiewicz-US-UK-Taxes Looking forward to a consultation in due course and building up a mutually beneficial long term relationship.
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
@@DIPU1036 Most kind and good luck with the tax resubmissions
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
Allowable costs tax calculator £9.95 bit.ly/3gbI4yc Download the buy to let tax calculator today and start to save tax tomorrow.
@moecomments
@moecomments 4 года назад
Hi Simon, could you use a director's loan (assuming you used a spv) as an expense?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
Sadly not. A directors loan is a debt / balance sheet item
@annmarieh4619
@annmarieh4619 4 года назад
If you are buying a house to rent and need to do these works to renew a kitchen / boiler etc are these allowable or is that something that you claim from capital gains - I was always of the impression that you can only claim as a yearly loss if it’s something you have already rented out and THEN had to repair?
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
You can claim costs before a property is let out. This is provided that the property is in a lettable state. A buy to let mortgage has a condition to say that the property must be in a lettable state
@Simon-Misiewicz-US-UK-Taxes
@Simon-Misiewicz-US-UK-Taxes 4 года назад
To add to the above comment you can only get a buy to let property mortgage if the property in question is in a lettable state This informs you that the costs of refurbishment will be allowed despite it being before the property is actually let out
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