Shocked Chancellor George Osborne has ordered a closer scrutiny of buy to let tax reliefs after finding out that some of Britain’s richest landlords pay little or no income tax.
The Chancellor was shown redacted copies of tax returns with all personal data removed, and naively realised that instead of paying around a third of their income in tax, many were handing the tax man just 10% or less. Continue reading Shocked Chancellor orders landlord tax scrutiny
Clever Chancellor George Osborne is masking landlord tax increases with smoke and mirror financial tricks that make income tax bills look better than they really are.
Many believe they are better off this year and next after all the talk about big increases in the personal allowance that lifts the poorly paid out of the tax system and lets everyone else earn more before they start contributing to the Government’s coffers. Continue reading By George! The feel-good tax giveaway is really a con
Keeping accounts for a buy to let business could be a lot simpler if the Government adopts cash accounting for small businesses.
Chancellor George Osborne announced in Budget 2012 that he was launching consultation on a dispensation that will let small businesses turning over less than £77,000 switch to a simpler way of calculating profits. Continue reading Budget plan to make accounting easier for landlords
It’s not often the tax man gives something away, but from the start of the next tax year landlords can pick up a little extra.
For many landlords, big tax savings do not often come from major strategies, but from adding together several small reliefs and allowances.
Two to watch are home as office costs and business mileage. Continue reading Tax saving tips for landlords
-By Guest Columnist Mary Latham-
Landlords may be invisible but their properties are not and neither are their tenants, especially if they are among the increasing number who rely on benefits to pay their rent.
Following a meeting of the Homestamp consortium this week, I was standing on a busy street outside of a small shop talking to one of my colleagues who is an officer with one of my local authorities. Our conversation was about how we could get more landlords to work with the authority to provide homes and reduce the number of people on their homeless lists. We were soon joined by the owner of the shop who is a landlord and works with this authority to provide decent homes, so we asked him why he thought landlords were not coming forward. Continue reading Holding your umbrella upside down will not keep off the reign of the taxman
Chancellor George Osborne should give buy to let owners a new tax deal to stimulate more investment in private rented homes, claims a landlord lobby group.
The Residential Landlords Association (RLA) argues the current tax regime for buy to let is unfair and chokes investment if landlords want to grow the number of properties they let.
Continue reading Give landlords more tax relief, RLA urges Chancellor
Dozens of firms offer to help shared house landlords claim thousands of pounds in lost tax reliefs – but does the lost relief really exist?
The confusion surrounds houses in multiple occupation – HMOs – which are homes where several tenants have their own rooms, but share cooking and bathroom facilities.
Tax rules ban claiming capital items, like boilers and fire safety equipment in residential property unless they are in communal areas. Continue reading Are HMO landlords really missing out on tax relief?
Penalties for £100 are winging their way to 850,000 taxpayers who failed to file their tax returns on time.
Most of the returns will have no excuse for being late and are contributing £85 million to the government’s coffers unnecessarily.
The number is 550,000 down on last year, according to HM Revenue & Customs. Continue reading HMRC fines late filing taxpayers £85 million
Landlords late with their tax returns can breathe a sigh of relief as the filing deadline is delayed due to striking civil servants.
Tax office staff belonging to the Public and Commercial Services union PCS are away from their desks for 24 hours to protest over trials of private call centres by HM Revenue and Customs. Continue reading Tax Filing Deadline Extended by 48 Hours
The tax man is tracking down landlords with undeclared rental income by demanding lists of property clients from letting agents.
Letting agents all over the UK are having to submit client lists with names and addresses of landlords and their rental properties to HM Revenue and Customs.
For many letting agents, this is the first time HMRC has asked for the information. Continue reading HMRC Tightens Tax Screw on Landlords