Tax Breaks with a Family Home
A Tips & Advice book about...
In a nutshell
This book is all you need to save tax with your home. It's full of realistic strategies to take advantage of the tax breaks linked to the family home. It provides concise advice to safely navigate your way through all the rules and regulations. Plus we've included several case studies that show how to save tax in real life situations.
Whether you work from home or rent out a room, special rules apply. This book covers the full range of property ownership scenarios in relation to:
- Income tax
- Capital gains tax and principal private residence relief
- Reclaiming VAT
- Inheritance tax
- Stamp duty land tax
Tax potentially affects home ownership more than any other possession. Given the value of a home, there can be a huge amount of tax at stake. This book ensures that you don't overlook any tax breaks. Full of legitimate tax-saving strategies, it helps you take full advantage of the available breaks and avoid any traps.
We've created this Tips & Advice book especially for...
Property owners that want to:
- Know how to use all the tax breaks linked to the family home and avoid the traps
Tax advisors and accountants that want to:
- Know how to help their clients take advantage of the tax-saving opportunities linked to the family home
You'll get the following free extras with this Tips & Advice book...
An Online Service with ready-to-use documents
- To immediately apply our advice and solutions in practice
- That you can easily adapt to suit your own requirements
In this Tips & Advice book you'll read about...
Table of contents
Part 1 - Income tax
1. Letting a second property
1.1. Taxation of rental income
1.2. What can you claim as expenses?
1.3. Shared ownership
2. Renting out part of your own home
2.1. Rent-a-room relief
2.2. Property income allowance
3. Running a business from home
3.2. Apportionment of expenses
3.3. Fixed deductions for home running costs
3.4. Business partners
4. The employee or company director
4.1. HMRC’s tax-free allowance
4.2. Where no homeworking allowance is paid
4.3. Renting a room to your company
5. The holiday home
5.1. Furnished holiday let
Part 2 - Capital gains tax
6. The family home
6.1. PRR basic planning
6.2. When is PRR reduced?
6.3. Periods of absence
6.4. Can you claim relief for more than one main residence?
6.5. Extending PRR beyond the walls
6.6. Use of the property other than as a residence
6.7. Relief for letting
6.8. Divorce and the family home
7. Furnished holiday lets
7.1. Basic capital gains calculation
7.2. Rollover relief
7.3. Gift holdover relief
7.4. Entrepreneurs’ relief
Part 3 - VAT
8. Homes and VAT
8.1. Building a new home or converting a non-residential building
8.2. Converting a building
8.3. Converting non-residential to a dwelling: DIY scheme
9. Working from home
9.1. Reclaiming VAT on household expenses
9.2. Homeworking as a director or employee
9.3. Partners and partnerships
10. Letting a second home
10.1. What is holiday accommodation?
10.2. Differences between ordinary and holiday letting?
10.3. When can or must you register for VAT?
10.4. What are the pros and cons of registering?
10.5. Off season letting
10.6. Selling holiday accommodation
10.7. Longer term letting of a second home
Part 4 - Inheritance tax
11. IHT and your home
11.2. Inheritance tax on death
11.3. Main residence nil rate band (MRNRB)
11.4. Inheritance tax on lifetime gifts
11.5. Giving away the family home - catches
11.6. Pre-owned assets charge
11.7. Tax-free lifetime gifts
11.8. Debt schemes
11.9. Buying homes for your children
11.10. IHT saving - property sharing options
11.11. IHT planning and equity release
11.12. Furnished holiday lettings
11.13. Paying IHT on homes
Part 5 - Stamp duty land tax
12. Buying your home
12.1. Rates of SDLT
12.2. Reducing the SDLT due
12.3. Fittings and furnishings - pitfall?
12.4. SDLT on gifts
12.5. The marital home and marriage breakdown
12.6. Converting a property
12.7. Paying SDLT
12.8. Land and buildings transaction tax (LBTT)
Part 6 - Case studies
Part 7 - Appendices
Appendix 3. Option to tax
Appendix 4. Paying inheritance tax by instalments
Part 8 - Documents
Schedule of capital costs
Nominating a main residence election
Rollover relief claim
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