On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job. It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business
So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good… Continue reading Autumn Budget – 29 October 2018
If you’re building a new home, you may be able to reclaim the VAT back on the materials used, potentially making a lot of difference to the final costs. You can apply for a VAT refund on building materials and services if you’re: building a new home converting a property into a home building a non-profit communal… Continue reading VAT on building a new home
We have known for some time that Landlords have been hit hard by recent tax changes: Clause 24 restricting relief for interest; 8% extra capital gains tax; 3% extra stamp duty. Clause 24 of the Finance Act set out restrictions for individuals on claiming loan interest as a cost against property investment income, for individuals… Continue reading Clause 24 in the Finance Act – Is it affecting you?
Applying for a mortgage always sounds like a tricky task, especially if you’re self-employed as you do not have a set and secure amount of income every year. Previously, you could apply for a self-certified mortgage – this allowed you to disclose to your lender how much you were earning without actually providing any evidence.… Continue reading I’m self-employed, what do I need for my mortgage?
From 1 April 2018 all privately rented properties must have a minimum energy performance rating of “E”. This means landlords must make improvements to homes, upgrading insulation or heating systems for example, which should make them cheaper to heat. The regulations will come into force for new lets and renewals of tenancies with effect from… Continue reading Lower heating bills for renters – Landlords do you need to make changes?
The following Tax Events are due on 31st January 2018: Personal Tax Events Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due. This deadline is relevant to individuals who… Continue reading 14 Days left to submit your 2016/17 self assessment return
Yesterday saw a budget that focused, as expected, on housing and a stormy economic forecast. Our full summary is available on our website, but the key tax developments are summarised below. Personal Tax Rates and Allowances The personal allowance is currently £11,500 and will increase to £11,850 in April 2018. The higher rate threshold similarly… Continue reading Autumn Budget 2017
You can become a landlord for many different reasons; you might not even think of yourself as one. This could be because you’ve: inherited a property rented out a flat to cover your mortgage payments moved in with someone and need to rent out your house. If you follow this link http://bit.ly/2w4rf17 it takes to… Continue reading Have you become a landlord?
HMRC's form SA302 is a tax calculation produced when you have filed your Self-Assessment Tax Return online. It is a calculation for a particular tax year showing your income, your tax allowances, the amount of tax you’ve already paid and what tax, if any, you still owe or which should be repaid to you. If… Continue reading Applying for a Mortgage? SA302’s are no more. A Tax overview is what you need.