Residential investment properties – time to consider incorporation?

For residential property landlords subject to higher rate tax, the tax return signed and submitted before the 31 January next year will signify the end of full mortgage interest relief secured on these properties. For those waiting for the outcome of the court case brought by ‘Axe the Tenant Tax’ group or simply for the government […]

Calculating rental profits…simple?

The Spring Budget saw confirmation that the Finance Bill 2017 would include legislation to offer some unincorporated property businesses the option to calculate their rental profits using a simplified cash basis of accounting, rather than the Generally Accepted Accounting Principles (GAAP) currently demanded. The announcement was originally part of HMRC’s Making Tax Digital (MTD) initiative […]

Changes ahead to tax relief for residential landlords.

The Summer Budget  included three significant announcements which signaled changes to tax relief for residential  landlords. These are likely to have far-reaching implications for many property investors, including farmers and estates with surplus farmworkers’ cottages which are let out. Relief for landlords’ finance costs: loss of tax relief The most significant change is the reduction […]

Budget 2016 Summary- Key facts and figures

Whether the Budget is aimed at putting stability first or the Next Generation first, George Osborne’s eighth Budget included a number of surprise tax announcements. Mr Osborne described his Budget as being “fit for the future”, intended “to keep Britain living within its means”, “against a dangerous cocktail of risks”. Our Budget 2016 summary contains a few of […]

Landlords Tax Update

Landlords Tax-  Beware the end of ‘wear & tear’ Landlords Tax and taxation of rental profits has become an area of government focus in recent times. In the summer 2015 Budget, the government announced that from April 2016 landlords of fully furnished residential property will no longer be able to claim the 10% ‘wear & tear’ […]

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