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Increase in Personal Tax Allowances

When the budget statement was delivered at the end of October 2018 the main headline was the increase in personal tax allowances happening one year early. Higher tax allowances mean slightly more income is received tax free and it is that tax free amount which gives a saving. For someone earning below £46,384 this tax […]

Annual Tax on Enveloped Dwellings (ATED)

  As interest rates rise and tax relief for rented properties falls, many owners are considering the benefits of incorporating their property portfolios. If you have a number of properties and the portfolio is run as a business this may well be a sound idea, however, a 3% Annual Tax on Enveloped Dwellings (ATED) will […]

Rent-a-Room Scheme

Budget 2017 announced that the Government intends to review the rent-a-room scheme, but it currently remains a tax-efficient way of letting out a spare room. The Rent-a-Room Scheme allows owner occupiers and tenants to receive tax-free rental income if you provide furnished accommodation in your only or main home. The current annual Rent-a-Room limit is […]

Making tax digital to start next year

Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, the new system of quarterly reporting will commence in April 2018 for the self-employed and property landlords. There were 1200 responses to the consultation documents issued in summer 2016 and a […]

Personal Savings Allowance Explained

From 6 April 2016 a basic rate taxpayer is able to earn up to £1,000 in savings income tax free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest and banks and building […]

Tax relief slashed for property owners

Currently, landlords can claim tax relief on monthly loan interest payments at their highest rates of tax. So if a person is paying 45% tax, then a monthly loan interest charge of £100 effectively only costs £55 (£100 less tax relief of £45). Chancellor Osborne, clearly not happy with this situation has brought in drastic […]

Learn How to Qualify for the Rent a Room Scheme

In the recent budget, the government announced that the level of rent-a-room relief will be increased from the current level of £4,250 to £7,500 from April 2016. This means that from 6 April 2016, an individual will be able to receive up to £7,500 tax-free income from renting out a room or rooms in their only or […]