Since property itself is likely to be a long term investment, savings by getting the structure and tax planning right, can be maximised through the benefits of a Montgomery Taxation Services Limited Tax Review. Terms for this on application. When you buy property to rent for the first time, it is easy to overlook opportunities with which quite legitimately you can reduce your tax burden. Getting it right from the start can replicate savings over many future years and if relevant, over more than one property. A change in tax treatment of a property expense is perhaps more likely to meet a challenge from the Inland Revenue at a later stage, than if the correct treatment was adopted from the beginning.
Repairs are sometimes disallowable through poor planning.
As the numbers become larger, mistakes or missed opportunities become more costly. The provisions relating to property letting, including holiday letting, are extremely complex. If you have not considered all aspects of VAT, we believe you should. Holiday Lettings Different rules apply. Could you sell and use retirement relief - while it lasts up until 5 April 2003.