Tax On Property
Property can trigger various taxes at various times.
Buying and selling property almost always causes tax implications, but if properly managed tax can be prevented or minimised.
Letting/renting out property can create a charge to income tax, so the right records need to be kept and the right income declared but the relevant expenses can be claimed. It is important to understand that there are different tax treatments for the payments of different types of mortgages. “Can I offset my mortgage interest against my rental income?” is a common question but you will need to come and talk to Astons Accountants to get a detailed answer to this.
Other taxes, like Stamp Duty Land Tax, can apply to property transactions. All of these issues relate to personal tax returns.
Property usually forms a large part of an individual’s estate at death and so can have a huge impact on Inheritance Tax.
We want to help you keep down property taxes, so if you want to know more or talk about your specific situation, call us and we will talk it through with you.