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Are you a residential landlord thinking about selling up?
03.02.2022
Private Client
Are you a residential landlord thinking about selling up?
Residential buy-to-let is losing its appeal.
According to ‘The National Residential Landlords Association", navigating the buy-to-let world is harder than before with...
- Tougher tax rules resulting in uncommercial after-tax returns
- The prospect of additional costs to go green
- Tighter restrictions on evicting tenants.
All of these factors can absorb extra time from you as a landlord and lead to months without income.
If the administrative hassle of managing your buy to let is taking its toll and you decide to sell up, the capital gains realised on the sale of the residential property needs to be reported to HMRC and Capital Gains Tax paid within 60 days of completion.
If you have spent significant amounts of cash renovating your investment property or before renting it out you previously lived in the property as your home the calculation of the taxable gain can get very complicated.
If you would like to discuss how you could alter the ownership of your property to potentially make it more profitable or, if you have simply had enough and want to sell, call CKLG on 01223 810100 for friendly help and support or email us with your questions at help@cklg.co.uk
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