Who is likely to be affected? Individuals who own one or more residential properties that they have lived in as their main residence at any time. What are the main changes? This measure makes a number of changes to Capital Gains Tax, Principal Private Residence Relief (PPRR) where individuals have more than one residence. Change… Continue reading Changes to Capital Gains Tax Private Residence and Letting Reliefs
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?
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?
On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement. “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement. In recent years the Autumn Statement… Continue reading Autumn Statement 2016
On Wednesday 16 March 2016, George Osborne delivered his eighth Budget. I will be the first to admit that I was expecting this to be a spending- rather than tax-focussed budget. In fact, I was wondering how much there would be for me to write a blog about, particularly as we have the “tax lock”… Continue reading Budget 2016: Move over Ranieri, there’s a new “Tinker Man” in town!
The last of our blogs in this series is upon us! Let’s take a look at the changes in the area of property tax, starting with a little gem that was announced in December 2015’s Autumn Statement.... From 1 April 2016, there will be a 3% higher rate of Stamp Duty Land Tax (SDLT) on… Continue reading What Changes in April 2016? (Part 3 – Property Tax)