As the saying goes, “tax doesn’t have to be taxing”, but most of us find it unpleasant enough to deal with! This is why many landlords don’t pay too much attention to it, employing professionals to manage this for them on their behalf.
However, it is always helpful to be aware of changes, and as of 6th April, there is a drop in the level of Capital Gains Tax (CGT) exemption a landlord is entitled to when they sell a property. In March of 2023, a landlord selling their property will only pay tax on the profit if the profit exceeds £12,300.
As of April, this year, that amount drops to £6,000, meaning you pay tax at a much lower profit level when selling your home. As of April 2024, the exemption level falls to £3,000, which means most landlords who sell their property at a profit will be liable for tax.
Now, with the incentives for selling property dropping and demand remaining high in London, and Finchley, landlords should avoid this CGT concern by retaining their rental property and letting it out with our help.
We have highly experienced property management professionals in Finchley, know the market well, and have tenants lining up for rental accommodation. Also, you can check out our reviews to see if we have an excellent track record in pleasing tenants and landlords alike, so you can rest assured your property is in great hands.
Whatever you decide to do, sell property or let property, we are here to assist you as best we can.
We know these are challenging times for many reasons, and many London landlords are unaware of new legislation and how it is likely to affect their rental property, tenants, and themselves. At David Harris & Co, we pride ourselves on staying up to date with every legislation, which means our landlords don’t need to worry about staying in touch.
If you like the sound of generating monthly rental income in Finchley but don’t want to spend all your time reading rules and regulations, put your trust in the people who do this for a living. We’ll always keep you informed of changes, but if you want a property manager who takes care of things, so you don’t have to, David Harris & Co is here to help you.
We have assisted many Finchley landlords connect with tenants, and we know where these groups are looking for rental property. You can take the stress out of connecting with your ideal tenant by turning to a local letting specialist in Finchley.
If you want to make an informed decision in and around Finchley’s letting market, we are here for you. If you have any questions about the local market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
