Buy-to let landlords have been hit with reductions to the tax reliefs available including mortgage interest. It was announced in the budget that the government will restrict the amount of income tax relief landlords can claim on residential property mortgage and other finance costs.
This means that landlords will no longer be able to deduct all their finance costs from their property income, they will instead be restricted to the basic rate.
This measure will be introduced gradually from 6 April 2017.
Landlords operating through limited companies, or who specialise in commercial property or furnished holiday lets will not be caught by these rules.
Other changes announced include the replacement of the Wear and Tear Allowance with a new relief that allows residential landlords to deduct the actual costs of replacing furnishings.
Summer Budget 2015
July 12, 2015
George Osbourne announced the second Budget of 2015 to parliament on Wednesday 8 July. There has been an overhaul in the taxation of dividends, whilst there have also been adjustments to the employment allowance for National Insurance and to future corporation tax rates. For a full breakdown of all of the changes please click on the link below for more information:
The directors are delighted to announce that Michelle Westbury has accepted their invitation to become a director of Friend-James Limited and partner of Friend-James LLP with effect from 1st April 2015.
The Budget 2015
March 18, 2015
The Chancellor, George Osbourne announced the 2015 Budget to parliament on Wednesday 18 March 2015. If you would like to know how this might effect you, please click on the link below for more information: