If you own any buy-to-let properties, have you considered owning them jointly with your spouse/civil partner to reduce tax?
Tip: For Capital Gains Tax purposes and Inheritance Tax purposes, it can often be more advantageous to hold assets jointly. However, if one of the couple is a higher rate tax payer and the other pays tax at basic rate, then annual income tax bills may be higher than necessary. Owning the property jointly, as tenants-in-common, will allow the couple to allocate the income in unequal shares, e.g. say 90% to the basic rate spouse and 10% to the higher rate tax payer.
If you would like to arrange a free meeting with a Liverpool accountant to discuss cutting your personal tax bill, either at our office or at your premises, please contact us on 0151 724 3960 or by email at [email protected].
Alternatively, you can use our website contact form.
For tax tips and ideas to boost your profits, please sign up for our email updates.
Added by Jon Davies