Are you paying tax at 60%?
For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal
Category: Income Tax
Autumn Budget 2017 – Income Tax Rates & Allowances
The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate
Change to tax relief on re-mortgaged buy-to-let property?
HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance
Are your earnings approaching £100,000?
For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable
Landlords’ finance charges restrictions
The government’s move to restrict the tax relief landlords receive on finance charges started to take effect from April this year. This is the first year that finance charges are being restricted. The
Self-Assessment e-filing deadline
As existing Self-Assessment tax filers will be aware, the deadline for online submission of your 2016-17 Self-Assessment tax return is 31 January 2018. This is also the date that the payment is due
Holiday lets occupancy rules
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting,
Carry back charitable contributions
Donations to charities are a recognised way to benefit charities and certain tax payers. To facilitate these advantages, taxpayers must ensure they keep a proper record of all donations to back up
Landlords, what expenses can you claim?
It is important that landlords are aware of the expenses that can be deducted from their rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the
Let property disclosure campaign
HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any