Tax Advice for Selling a Home

Tax Advice on How to Get Tax Relief from Selling a House

Do you want good tax advice? Are you selling your home? If you are, hold your horses. You may not need tax advice at all as people selling their main home don’t have to pay tax on the house.

If the property you’re selling is your main home, however, chances are you’ll pay Capital Gains Tax.

If you want to be covered by this tax exemption, you have to meet the following requirements:

· This property has been your only house all throughout the time in which you owned it
· You bought the property and paid for it as your main house instead of as a means to earn profit
· Your house’s total land area, including the front and backyard, does not go beyond 5,000 square meters
· Over the entire period that you lived in the house, not once did you use the house other than as a shelter for you and your family.

Moreover, if you’re in a civil partnership or are married, and not separated, you and your partner should have only one residence.

Tax Advice: How to Get the Tax Relief
To apply for the tax advice, you have to work out the time period wherein you owned the home. This time frame starts on the day you acquired or purchased the house, and ends on the day you formally disposed of it.

The last 36 months (three years) of your ownership qualify for relief, even though you did not live there throughout those three years. What’s important is the property was your only living space at some point throughout the time that you owned the property.

Restrictions. When Will You NOT Get the Relief?

You will not get a chance to enjoy the full amount of the relief if:

– You purchased the house with the primary intention to earn money from selling it.
– You have rented out part or your entire home. If you’ve taken in lodgers even just once, you may be eligible for the Letting Relief instead.
– You have used a part of the whole house for business purposes.
– The site of the garden plus the house measures beyond 5,000 square meters.

Losses vs. Gains

You can be qualified for the Private Residence Relief if you make a gain after the property is sold. However, if you make a loss instead, whatever gains you’ve made won’t be able to set off the loss.

The relief can still apply if only part of your house meets the Private Residence Relief criteria.

Don’t Forget the Paperwork

Of course, no tax relief will be granted if you don’t show HMRC the right documents. HMRC suggests that the following documents be kept:

1. Contracts for the property’s purchase, sale, exchange or lease
2. Documents about properties acquired but not bought, i.e. properties given as a gift
3. Papers that record your calculation of losses or gains
4. Information that say you put a property into a trust or given it away
5. Records of your sale, improvement, or purchase of the property. Examples are check stubs and bank statements.

Now that you have a good idea of this task advice, consider the situation of your property sale and take advantage of the tax relief.

Free Divorce Help – Divorce Advice for Men

Men who are going through a divorce have some special considerations to make in order to make the divorce go as smooth as possible. This is especially true for those who are going through a contentious divorce. Of course, divorce cases are different, and not all women will give their husbands a hard time out of spite. Still, there are some things to keep in mind during these times. Here are some free divorce advice for men:

1. File first – If things have taken a bad turn at home recently, it’s better to be the first one to file for a divorce and be in front of the judge speaking rather than be on the other end, defending yourself. It’s unfortunate but unless you handle your divorce well, courts often side with the women on many things.

2. Don’t leave the marital home – It’s best not to leave the marital home unless your wife has a court order to do so. Leaving the marital home can be construed as abandonment and could change your chances in custody hearings. However, this isn’t something easy to do, especially if you’re dealing with a slighted soon-to-be ex spouse. There’s always the danger of being wrongly accused of domestic violence, and of the home environment to turn quite toxic over a short period of time.

3. Close all joint accounts – As a precautionary measure, close all joint accounts in order to remove the possibility of your wife racking up debts that you may end up paying. Keep the marital debt as it is, open a new individual account, and request for a copy of your credit report as soon as possible. This will give you a good idea of whether there are other credit accounts you should be closing, or if there’s a debt that you are not aware of.

4. Don’t use the same lawyer– Some people opt for this in order to save money on legal fees. However, it’s not always a good idea, especially if you’re not in agreement about a lot of things. Even if you are in agreement with how the divorce will go so far, there’s really no telling what will happen down the road and whether your wife will suddenly have a change of heart about things.

5. Keep a journal of your whereabouts – Always keep track of your whereabouts and who can verify that you are in a certain place at a certain time. This is to protect yourself from being falsely accused of domestic violence. It sounds paranoid but the truth is that these things happen and you don’t want to be unpleasantly surprised by a court order kicking you out of the house because you beat your wife or children up. If your wife is the type to pick a fight with you, it would also be a good idea to keep an audio recorder on your person so that you can gather proof that you didn’t do anything wrong. You should also resist the urge to retaliate, even in the form of leaving nasty messages on her answering machine or voicemail.

6. Join a divorce support group – Divorce support groups can give you free divorce tips for men and free divorce help. Many people will attest that joining a support group has helped them through a difficult time. This could be very useful to you, especially if it is your first time to go through a divorce.

Time to Buy a House? Best Mortgage Advice Services and Important Information

This informative mortgage advice article will highlight all the stages you need to consider when taking this big step. With so much news about at the moment regarding the recession and the downward spiral of the housing market, it would be easy to conclude that this market is best left alone. One must remember though, that the feeling of owning your first house will be vastly rewarding and will make all your hard work and effort worth it.

Affordability

It is common knowledge these days that most lenders have significantly constricted their borrowing terms and conditions. As house prices have continued to fall, the affordability measures that lenders will look for have now been stepped up.

Be sure to source many different opinions on your specific circumstances. When you are comparing lending rates you should consult the lender’s standard variable rate, the lower this rate, the less likely you will end up having a big jump in payment when your deal has ended.

Predicting costs

After a lot of homework on your house buying budget, it is an unfortunate case in this industry that it will cost more than you bargained for. This may include additional VAT charges, mortgage arrangement fees, percentage of loan charges, council tax bills and service charges. All these costs and many more could soon add up and begin to squeeze the bank balance.

To avoid any nasty surprises, get a first, second and even third opinion and speak to as many people within the mortgage advice industry as you can about your situation. The Internet is home to many great mortgage advice services that will be happy to spend time going over your specific house purchase. This mortgage advice is free and will most probably save you a lot of money.

Stay Realistic

When you’re looking around what could be your new house it is important to not get sidetracked by fixtures and fittings, furniture, or even the wonderful smell of fresh bread and coffee. Many estate agents will try these tricks to make you feel more at home fall in love with the house. Stay focused on what will actually cost money. Does the kitchen need a refit? Does the bathroom need re-plumbing? These kind of costs will soon add up, so be sure to include this as part of your overall budget.

Be sure to run through the house information pack (HIP) with a fine tooth comb. This contains all the information about the house from the title deeds to a home energy assessment, all important factors to consider.

If the Price is Right

So, it’s got to that point. You’ve done all your homework, and you are completely happy that this is the property for you. Now comes the time to put in an offer. The opening offer is very important; go in too high and you may regret it later, but too low and the deal may be lost. It has never been more important though, to consider the state of the housing market. Many a bargain is out there to be found. If you think you’ve found an absolute bargain, you need to act quickly.

The best mortgage advice is to stick within your original budget. If the price can’t be worked out to your wants, don’t be afraid to walk away. There are many houses on the market at the moment, and a great deal will be just round the next corner.

Mortgage advisers have never been more proactive about giving out good, solid mortgage advice to help their clients succeed in purchasing a house.

Happy house hunting!