Wanted - Tax advice in relation to residential property letting

[Isserlis]

Can anyone recommend a tax expert/accountant who can give advice on tax liability in relation to residential property letting? I may have to let or sell my house later this year due to a job move and need to know what the tax situation would be. Many thanks!

[dbboy]

I think you'll incur Capital gains Tax

[KidKruger]

Capital gains tax for extended periods the property is NOT your main residence I believe.

Pretty sure this is clarified on Tax website.

[goldilocks]

There is basic info on the HMRC website if you feel like looking into this yourself. In summary if you let your house and then sell it, depending on timings you may have to pay capital gains tax on a portion of the gain relating to the let period, but there are a number of rules as to the time held etc. You would also need to give consideration to the impact of second home stamp duty if you bought elsewhere, having let your first property out.

Alternatively, any accountants locally should be able to give you basic advice on this, together with details as to the filing obligations you'd have as a landlord for tax purposes and what services they could offer around drawing up accounts /tax returns.

Providing your house has been your principal private residence throughout the whole time you have held it and up to the point you sell, there should be no tax on the sale.