Some of the key announcements in the Spring 2016 Budget : Residential Landlords A number of changes happening: First, the 10% wear and tear allowance on furnished properties goes from April 2016, to be replaced with a deduction for actual repairs and replacement costs incurred. Secondly, starting from 17/18 and tapering over four years, relief.. read more →
Since the recent announcement of various changes to the taxation of unincorporated property businesses, there has been renewed interest in incorporation: would it be possible to shelter property income and capital gains inside the lower Corporation Tax regime? Unfortunately, this apparent quick-fix for property business owners is fraught with dangers for the unwary. For example:.. read more →
Just a quick friendly reminder that very soon after Christmas comes – chucking out dying trees, returning unwanted gifts, decluttering baubles and… preparing for the 31st January tax deadline! While you’re taking time off work, this could be an ideal opportunity to get your paperwork in order. I can do all of the organisation at.. read more →
HOW THE RESTRICTION OF RELIEF ON BTL MORTAGE INTEREST WILL AFFECT LANDLORDS By now I am sure you are all aware of the buy to let “bombshell” within the Chancellor’s Summer Budget – the proposal to allow income tax relief on BTL finance costs at the basic rate of tax only – but I thought.. read more →
A brief summary : From 6 April 2016: Rent-a-room relief to be raised to £7,500 The 10% wear and tear allowance may be reformed (subject to consultation) From 6 April 2017: Higher rate relief on mortgage interest will be restricted for buy-to-let landlords. Rent a room relief The applies to private landlords, the owners of.. read more →
Recent Blog Entries
- 10 Jan 2017Good excuse for being late submitting your tax return ?With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest...
- 16 Nov 2016RENTAL INCOME – When are pre-letting expenses allowed?A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capita...
- 23 Mar 2016The BudgetSome of the key announcements in the Spring 2016 Budget : Residential Landlords A number of changes...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation