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Cut your property-related tax liabilities to the bare minimum

With property prices down, more and more rental properties hitting the market everyday and cashflow no doubt tight, the importance of reducing your outgoings has never been more important.

That includes what you pay to the tax man.

Property Tax Secrets is the most comprehensive, up to date guide to helping you cut your tax bill and sleep soundly at night.

What's new?

We have updated all Income Tax and Capital Gains Tax and other tax thresholds. How each of these changes - and more - will affect you and your property investments is clearly explained in Property Tax Secrets. The book is packed with easy to understand examples, key tips and strategies designed to save you money and cut your tax bill.

In fact, all 69 examples have been reviewed and updated to reflect the new tax rates for 2009/10. Examples like...

Example: Offsetting bad debts

Mr Investor lets his property to a professionally employed individual for £650 pcm. The professional loses his job and falls into arrears. Mr Investor starts legal proceedings to get the tenant evicted. The tenant vacates the property and disappears two months later without notifying Mr Investor. This leaves him with lost rental income to the value of £1,300 (he never bothered taking a deposit off the tenant!!).

If the rental income was owed for the previous tax year, and Mr Investor has already submitted his tax return for that year, he would need to notify the Inland Revenue. His tax liability would need to be recalculated with the £1,300 of lost income and costs in retrieving the rent arrears being offset.

Offsetting against your income is a great way to reduce your tax bill - but do you know all the costs you are allowed to offset? Property Tax Secrets will tell you.

From cost of repairs and furniture through provision of services to travelling costs - all can be used to bring down your tax bill.

Even your own home mortgage can be in order to save tax - did you even know you COULD do that?

Property Tax Secrets will tell you how.

What do you get with Property Tax Secrets?

In addition to the comprehensive examples provided, Property Tax Secrets contains 26 key tips which could save you hundreds of pounds on their own, a chapter containing 19 things you can do to make sure your money stays with you, not the tax man and a 10 step guide to fighting a tax investigation!

For example...did you know...

Key Tip: Tax Strategies

If you have purchased a new property that does not require any immediate work, then consider making the changes/improvements after the property has been let. This will allow you to offset the cost against any rental income.

...or that...

Tips for paying less: Travel & Subsistence

Travel costs incurred visiting your existing properties or scouting for new ones should be allowable. If your trip necessitates an overnight stay, you will also be able to claim accommodation costs and meals. These costs will only be allowable if your trip was purely for business purposes, and any private element of the trip must be merely incidental.

...or you should...

Tax Investigation: Deal with things promptly

It's not rocket science - simply by reacting to enquiries or any issues which arise promptly, you will gain a good reputation and standing with the tax office, which could stand you in good stead at a later date. There's no harm in it and it's never a bad thing to be known for being reliable and efficient.

You'll learn all that and much, much more with Property Tax Secrets, including:

• Who you are - investor or dealer?
• What you are - a sole trader, a partnership or a Limited Company?
• What you do - Buy to let, buy to develop, buy to sell?

All vital to know before you develop your tax strategy. Property Tax Secrets will give you a full understanding of taxation too.

• Income Tax - how to save it!
• Capital Gains Tax - how to use your allowance effectively
• Inheritance Tax - how to reduce your liability
• Corporation Tax - how to keep it to a minimum
• Stamp Duty / Land Tax - avoid it!
• Local Taxes - what relief can you claim

In addition to understanding the various forms of taxation you could be liable for, Property Tax Secrets will also give you a deeper understanding of the Inland Revenue and what they expect from you. This includes important tax dates for your diary, which tax returns you will need to complete...and which common blunders that can land you with an investigation.

Finally, Property Tax Secrets will explain in clear, easy to follow chapters the best tax strategy for you. Whether that's as a sole trader, in a partnership, a Limited Company, REITs, Trusts or offshore planning - Property Tax Secrets has all the information you need to cut your tax bill and sleep soundly at night.