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  • 1,500+ Business Documents - Agreement to sever a joint tenancy
    Agreement to sever joint tenancy Owning a property as joint beneficial owners means each joint owner is taxed on an equal share of income or gains derived from the property. However, if one of them dies, their share automatically passes to the others before any will comes into effect. Severing the joint tenancy and instead owning the property as tenants-in-common means that each owner is entitled to a specific share of the property which can be bequeathed to anyone they wish. Automatic transferMost couples that...
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  • 1,500+ Business Documents - Election for rent-a-room relief not to apply
    Election for rent-a-room relief not to apply Where you let part of your home, HMRC calculates the taxable income for a year by deducting a fixed sum from the rent etc. you receive. This deduction is called rent-a-room relief and is £7,500 (2017/18). However, if your apportioned running costs are more than this, you can elect for this relief not to apply.Making the electionWhere you own the property jointly this relief is halved. And where the relief is given you are not entitled to deduct other expenses related...
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  • 1,500+ Business Documents - Nominating a main residence election
    Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneThe general rule is that if you make a gain on the sale of your main residence, then you don't have to pay capital gains tax. This is called private residence relief. An unmarried individual or a married couple can only have one main residence for this relief at any...
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  • 1,500+ Business Documents - Licence agreement
    Licence agreementWhere your company makes a payment to you in return for being allowed to use your home or other property for its business, you should draw up an agreement to formalise the arrangement. A licence agreement, rather than a lease, provides your business with non-exclusive rights over the chosen part of your home.Use an agreementIf your company uses part of your home, e.g. for you to work from or to store stock, you can charge it rent. As long as the property is used by the company for its business,...
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  • 1,500+ Business Documents - Bank account declaration of beneficial ownership
    Bank account declaration of beneficial ownership Interest received on a bank account held jointly with your spouse/civil partner is taxed on you equally, even where the actual ownership of the funds in the account is not 50/50. However, you can send an election to HMRC asking to be taxed on your actual share of interest where it is other than 50/50. HMRC may require evidence to support your election, such as a declaration of beneficial ownership.HMRC changes its mindUntil 2011 HMRC wouldn't allow an election...
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  • 1,500+ Business Documents - Chattels checklist
    Chattels checklistAnything moveable that is sold with a property is generally not considered to be part of it and so is not subject to stamp duty land tax (SDLT). The purchaser will save SDLT by allocating any of the purchase price to chattels. Equally, a seller can make the sale more attractive by identifying chattels that are included.  SDLT - chattelsYou have to pay SDLT when you buy a property over a certain price threshold. SDLT is calculated as a percentage of the purchase price of the property and is...
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  • 1,500+ Business Documents - Licence agreement (garage)
    Licence agreement (garage)Where you use your garage for storage on behalf of your company, it can pay you rent. The arrangement should be formalised by a licence agreement which gives the company non-exclusive rights over the property.Company storageYou will need to record any payment made to you by your company for use of your garage, both in your company's books (as an expense) and on your own tax return (as income). On your personal tax return you now get to claim for any additional costs of meeting your...
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  • 1,500+ Business Documents - Deed of trust for property
    Deed of trust for propertyIf property is owned jointly, HMRC tax any rental income on each of the joint owners equally. However, a deed of trust can be used to transfer some or all of the beneficial entitlement from one joint owner to the other so that they are taxed on their share of any income or gains derived form the property. This can be espically useful where you and your spouse or civil partner are joint owners.  Jointly owned propertyThere may be situations where it is preferable for you to own a property...
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  • 1,500+ Business Documents - Capital allowances for fixtures in buildings record
    Capital allowances for fixtures in buildings recordSince April 2014 it has been crucial for prospective buyers of second-hand commercial buildings to ensure that the seller has allocated their expenditure on fixtures to a capital allowances pool before the sale. If they haven't, then the buyer won't be able to claim capital allowances on them. Therefore, it's important to have an up-to-date record of all expenditure on fixtures and the capital allowances claimed.Identify the fixturesFor the seller. To ensure...
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  • 1,500+ Business Documents - Land and buildings tenancy in common declaration
    Land and buildings tenancy-in-common declarationYou may need a tenancy-in-common declaration for a variety of reasons. Use it as evidence to satisfy HMRC that the property is now actually owned in unequal proportions.Split to your needsA Tenancy-in-common Declaration is usually used when you would like to change the proportion of ownership from an automatic 50:50 split under a joint tenancy. Therefore if you sever a joint tenancy you will need to use this document instead.This declaration should also be used...
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