Q. I am a residential landlord looking for advice on the top tax considerations I need to take into account for my property portfolio, can you provide me with some information? 

A. They say never answer a question with a question but in my profession, this is never the case. I will therefore address your question with 10 of my own!

 1. Are you aware of the PPR/ Lettings relief changes which are due to be introduced with effect from April 2020?

 2. If you are a non-UK resident landlord, are you aware of the non-resident tax rules? 

3. Do you know how to maximise your residential mortgage interest relief, which is currently being restricted? 

4. Have you been made aware of how to benefit from transferring nil rate bands between spouses for Inheritance Tax (IHT) purposes?

 5. If you co-own properties with your spouse, have you declared your beneficial interests in the property income arising? 

6. Do you know that Stamp Duty Land Tax (SDLT) is now due within 14 days of transfer completion?

 7. Are you developing any land and if so, are you aware of the difference between income and capital treatment for tax purposes? 

8. Do you know which property repairs & renewals you are able to claim income tax relief on? 

9. Have you heard that Making Tax Digital (MTD) is on the horizon for residential landlords? 

10. Do you realise that seeking professional advice from a property specialist tax adviser can save you time and money? 

At Shaw Gibbs, our tax team have significant experience in advising landlords on the above questions and many more. We will be publishing articles on each of the above questions over the Summer. 

Please visit www.shawgibbs.com/news or email our marketing team to opt-into email updates via info@shawgibbs.com Whether you are looking to rent out your second home or expanding your existing portfolio, we can make sure you get the most out of your property.