UK Property Tax: 8 Tax Mistakes to Avoid
Discussing property taxes would not be complete without including the topic of common mistakes that property investors make when it comes to taxes.
If you’re on top of these, then you’ll be well on the way to ensuring you don’t fall foul of the taxman and also keeping your tax liability to a minimum.
1. No planning at all
It continually surprises me how many people complain about the taxes they pay and yet then invest without any strategy to minimise taxes. There are taxes that are simply unavoidable, of course, but the informed investor is a better investor.
Improve your tax planning on all your investments by committing to learn about the taxes you have to pay and the allowances and deductions that apply to you. Treat your property investment as a business
, and understand your tax position. It may very well be the domain of your accountant to ensure that your tax liability is as low as possible, but never shirk the responsibility that is yours – after all, it is your money.