Documents related to 'Flow chart - taxation of income from jointly owned property'
Order by:
Agreement to sever joint tenancy for married couples and civil partnersEach joint owner of a property is generally entitled to propertionate share any income or capital derived from the property and taxed accordingly, e.g. if there are four joint own... Read more
03 Nov 2022
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, provid... Read more
26 Nov 2013
Business formatsMany businesses start organically as sole trader enterprises, evolving into partnerships or companies as they grow. But what are the other options? Incorporated v unincorporatedBusiness formats fall into two categories: incorporated a... Read more
23 Sep 2022
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 storage... Read more
02 Apr 2009
Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more
15 Dec 2020
Partnership agreementWhere two or more people set up a business with a view to making a profit, a partnership has been created whether or not a formal contract or deed has been executed. However, if nothing is drawn up, it becomes a partnership a... Read more
18 Apr 2016
Year-end tax planning checklist There are a number of tax allowances, exemptions and rate bands which if not utilised in one tax year cannot be carried forward for use in later years. Use our checklist to help you ensure that you're not missing out on... Read more
UPDATED12 Apr 2024
Flow chart- inheritance tax - gifts during lifetimeIf you give money, investments or other assets away it can trigger an immediate inheritance tax (IHT) charge. However, there are many exemptions and exceptions. If none of them apply it still does no... Read more
15 Dec 2020
