Taxation magazine queries ― property income and gains

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

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The following guidance note provides details of queries raised on property income in the last few years in the Readers’ Forum section in Taxation magazine with a link to the full replies. It should be noted that the response to the queries is at a point in time and all relevant legislation should be confirmed as being currently applicable.

Capital expenditure in a letting business

Details of the query as copied from Taxation magazine

We have recently taken on a new client, husband and wife, who operate 12 buy to let properties. The husband provides maintenance services to the property business, and the wife deals with the administration. Neither have any other sources of income. In order to gain tax relief on a van and computer equipment it has been suggested that the husband and wife register as self-employed and invoice the property business for their services. I have searched the HMRC PIM manuals but I cannot find anything that would specifically deny this? Readers’ views would be appreciated.

Link to responses

See

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