Property investors should be thinking about tax planning options as year end approaches (5^th April):

• If property repairs & refurbishment works are needed, get these scheduled in before tax year end.  It doesn’t matter if the invoice is paid, or even received, by tax year end.  If the repair work has been done, or you have incurred the legal liability to pay, it is allowable against THIS year’s income tax bill.  Obviously don’t incur costs just to save tax!

• Consider changing the ownership split for property held jointly with a spouse – HMRC treat all income as taxable 50-50 UNLESS the taxpayer has elected differently!

Use up your personal allowance, and your Basic Rate tax band if possible  These allowances are lost each year if not used.

Contact Stephen Fay ACA at Fylde Tax Accountants for specialist advice on all aspects of property tax:

Tel: 01253 350 123
Email: stephenfay@fyldetaxaccountants.co.uk