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Do you own one or more properties that you rent out?

If so, the chances are that you will have to complete you own tax return. And, the property section is likely to be one of the most complicated sections that you complete. However, it is important to remember that there are lots of ways that you can reduce your tax liability from rental income. Here are our top three ways to save tax.

Maximise your tax expenses

The best and simplest way to reduce your tax bill is to ensure that you have claimed all the tax expenses you incur in renting out your property. You are able to deduct the following expenses from your rental income:

• Buildings and contents insurance
• Letting agent’s fees
• Interest on any mortgage or loan you have secured on the property
• Maintenance and repairs to the property
• Utility bills and Council Tax
• Ground rent and service charges
• Accountant’s fees
• Other costs of letting the property, e.g. phone calls, advertising

You should remember that only maintenance and repairs are eligible expenses: improvements are not. You can also only claim the expenses you incur solely for letting your property. If the expense is only partly for running your property business, or if you use the property yourself, you may only be cable to claim some of the expenses.

Take advantage of tax allowances on furnished holiday lettings

If the property that you rent out is a ‘furnished holiday letting’, either in the UK or overseas, the tax rules are slightly different.

For your property to qualify as a ‘holiday let’ it must be:

• in the European Economic Area
• furnished
• commercially let as holiday accommodation at market rates for at least 70 days per year
• available for letting by the general public for at least 140 days per year

If you own a qualifying furnished holiday letting in the UK or in the European Economic Area you can claim a ‘capital allowance’ for the cost of each item of furniture and equipment you provide with the property. Capital costs include expenditure you make on assets like furniture and machinery.

Use the ‘Rent a Room’ scheme

If you already have a lodger or if you are thinking about letting furnished rooms in your home, you can receive up to 4,250 a year tax-free (2,125 if letting jointly). This is through the Government’s ‘Rent a Room’ scheme.

The room that you let to a lodger must be furnished. However, if you take advantage of this scheme you can receive up to 4,250 of the income you receive tax-free. Any income you receive from lodgers above this amount is taxed in the normal way.

Save tax

Whatever your property business, make sure that you take advantage of all the property tax allowances and tax expenses that you can. You could save yourself a fortune in tax.

As many papers report, its been discovered that more than 10 million people may be in line for a tax rebate due to errors in the HM Revenue and Customs tax code system whilst nearly 6 million people in the UK have paid the wrong amount of tax in the past two years, with some facing bills of up to 5,000.

Its claimed that the problems arose because at the end of each year HMRC manually checked that the amounts deducted in tax and national insurance by employers using the PAYE system match up with the information held on their records. Those checks have now been, at least partly, computerised.

There will, of course be howls of protest not least from those saying they do not want to pay and its not their fault they have to. Thats nonsense. You will hear no such protest from those receiving a refund.

The truth is multifold.

The first is you cant get decent IT on the cheap and this has been tried for too long.

Second is you cant run a tax system without enough people whether you have the right IT or not.

The third is that if people dont want to submit annual tax returns then they have to accept this risk.

Fourth, cuts now will only exacerbate this problem in the future.

The reality is that this tax is due and the vast majority of those who owe it know that and have been trying to get away without paying for too long. No one with a company car not paying tax on it is innocent: everyone knows tax is due on them, and this is by far the most common cause of the underpayments. I have little sympathy for them: I do with those who have overpaid but research has always shown people like tax rebates and would prefer getting them than to risk underpaying.

But the deeper reality is that tax is key to the relationship between a subject and the state in the UK and running tax on the cheap is, has been and will be a mistake. Tax justice demands we invest in the process of tax collection. We must do so now.

The South Carolina Taxation Realignment Commission (TRAC) voted yesterday to recommend some significant changes to the Legislature:

• Eliminate the sales tax exemption for residential electricity, natural gas, and water bills and instead apply a 1.25% rate, after a 75% exemption.
• Eliminate the sales tax exemption for prescription drugs and instead apply a 1.25% rate, with a maximum payment of $100 per year before an income tax credit kicks in. Prescriptions for Medicare and Medicaid recipients would remain exempt.
• Eliminate the sales tax exemption for groceries and instead apply a 2.95% rate. Groceries bought with food stamps would be exempt. Before 2007, South Carolina taxed groceries at 3%. Republican gubernatorial candidate Nikki Haley was recently protested by Tea Party activists for her support of eliminating the grocery exemption to eliminate the corporate income tax.
• Lower the general state sales tax rate from 6% to 5%. (Local sales taxes add a further 1.26% average).
• Apply the 5% rate to some services: tanning/piercings/tattoos, salons/hair/nail care, weight loss counseling/spas, cleaning/maintenance/repairs, heating/cooling repairs, home appliance repairs, and computer repairs.
• Two options for the currently 16.9 cent gasoline tax: either a 7 cent rate adjusted every 6 months with the wholesale price, or raising the current tax by 5 cents.
• They dropped a proposed limit the state’s sales tax holiday to just school supplies instead of clothing, shoes, and computers in addition.
• The committee suggested some options for reducing income tax exemptions and exclusions, urging that the revenue be used for lowering the top income tax rate of 7%.

The proposals are revenue-neutral, except for the gasoline tax option that would adjust with wholesale prices. But they already have some critics. On one hand:

Sue Berkowitz, the director of the South Carolina Appleseed Legal Justice Center, was among a list of witnesses before the state Taxation Realignment Commission.[...] Berkowitz praised some of the proposals but said South Carolina’s poor would feel the sting of others. She warned that though the changes would not affect recipients of federal food stamps and Medicaid, which are exempt, they would harm residents struggling just outside the poverty definitions and the state’s 650,000 uninsured.

“You can’t receive food stamps if you are over 130 percent of the poverty level,” she said. “That means about $2,300 for a family of three. I have two teenage boys. I can tell you that’s practically our food bill every month.”

One the other:

Commissioner Don Weaver, who’s also president of the South Carolina Association of Taxpayers, told the other commissioners, “For me to turn around to my members and say, ‘We’re raising your grocery taxes. We’re raising your gas taxes and now we’re going to add a new tax on water and electricity that’s never been there’, I just, I can’t look my members in the face and tell them that. I just can’t.”

More on South Carolina here.

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