What landlords need to know about Making Tax Digital
Making Tax Digital (MTD) has already impacted VAT, with income tax and corporation tax due to follow in the coming years. There are significant implications for those who pay income tax via self assessment (ITSA), including landlords with taxable income of more than £50,000 a year. In this article, Clayton & Brewill highlights what landlords… View Article
Key takeaways from the Autumn Statement 2022
From tax increases to tighter public spending, Chancellor Jeremy Hunt has unveiled his plan for the UK to “weather the economic storm” in his Autumn Statement. The chancellor outlined the government’s medium term fiscal plan to put public spending on a sustainable footing, get debt falling and restore stability. He began by acknowledging that the… View Article
Which mini-budget tax cuts have been reversed?
Having been appointed as chancellor last week following Kwasi Kwarteng’s resignation, Jeremy Hunt has dismantled many of the policies announced in the former chancellor’s September mini budget in a major U-turn for Liz Truss’s government. The new chancellor, who brought forward his fiscal statement by two weeks in a bid to stabilise financial markets, made… View Article
Mini budget 2022: the chancellor unveils plan for growth
From income tax to stamp duty and national insurance, Kwasi Kwarteng’s first announcement as chancellor proved to be far from the ‘mini’ budget that had been expected. Clayton & Brewill provides an overview of the mini budget 2022 and what it means for businesses. UPDATE 17th October 2022: please read our update to this article… View Article
Furnished holiday lettings: how to preserve your FHL status?
Furnished holiday lettings (FHLs) have their own tax treatment, reliant on a set of strict day-count rules. With the impact of Covid-19 on occupancy, business owners may need to take stock of their position, as Nottingham chartered accountants, Clayton & Brewill, explains. There are special tax rules for rental income from properties that qualify as… View Article
Section 21 notice changes: an update for landlords
The government has announced its plans to abolish the use of Section 21 notices, with landlords now expected to use Section 8 if they wish to evict their tenants. This change coincides with the Tenant Fees Act 2019 coming into place last month, which has capped the amount allowed for a tenancy deposit and banned… View Article
Landlords to be impacting by Nottingham City Council Selective Licensing scheme
In August, Nottingham City Council is introducing a new licensing scheme for landlords who have rental properties in the Nottingham City area. Nottingham chartered accountants Clayton and Brewill explains more about the Nottingham City Council Selective Licensing scheme and how it will impact landlords. What is the Nottingham City Council Selective Licensing scheme? Selective Licensing… View Article
Buy to let tax changes – minimising the impact
From April 2017, a tougher tax regime is being introduced for buy to let landlords. Jack Moore, from Nottingham chartered accountants Clayton & Brewill, explains the forthcoming buy to let tax changes and how landlords can minimise the impact. The current situation Currently landlords can claim tax relief on their mortgage interest payments, basically offsetting… View Article
Digital tax and landlords – Clayton & Brewill
By 2020, most businesses, self-employed people and landlords will be required to manage their tax affairs digitally and update HMRC at least quarterly via a digital tax account. Consultation on the proposals closes on 7 November 2016 so now is the time to make your voice heard. It’s almost 12 months since the government announced… View Article