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Directors may incur expenses when on the company’s business. Most travelling expenses involve the cost of running a car.
It used to be a good tax planning idea to have the company own a car and allow the director to use it for both business and private purposes, as the rules for taxing directors on their private use of a company car were very generous.
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If you have incurred a revenue expense for the purpose of your property, then you can offset it against the rental income.This means that you can continue to lower your tax bill – legitimately!
Moving Properties into Joint Ownership to Avoid Income Tax
Because you can save tax by holding your property in a partnership, you may well be thinking about how to transfer to joint ownership.
It is actually very easy to do and you will incur no capital gains tax liability if you are transferring part ownership to your spouse, i.e., your husband or wife.
PLEASE NOTE: if part ownership of the property is to be transferred to anyone other than your spouse, there may be a capital gains tax liability triggered.
Three Simple Steps to Follow
The following three steps will show you how you can transfer the property into joint ownership.
In December 2007 we underwent a re-branding exercise where we hired a software marketing specialist and conducted a major survey with our existing customers.
This week we have been busy upgrading our existing software customers to the newly launched software versions.
What branding has been done?
Well, Landlords Property Tax Manager, which we had been selling since 2003, has now been rebranded to Landlords Property Manager Professional.
And Property Portfolio Software has now been rebranded to Landlords Property Manager Regular.
Why has the software been rebranded?
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