Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) represents a significant shift in how individuals, including landlords, must report their income and manage their tax affairs.
Short-term let owners to face new planning permission requirements
For owners of an Airbnb or other short-term let properties, new planning legislation is set to come in by Summer 2024, which could lead to new fees and penalties for non-compliance.
Sharpest house price fall in two years
The average house price in the UK fell at the sharpest pace since early 2021, according to figures from Halifax. Prices fell by 0.4% in October, which was the third decline in four months. The annual rate of growth in house prices fell to 8.3% from 9.8%. Across the UK, the average house price in […]
Autumn Statement: Slashing CGT huge blow to landlords
Capital gains tax (CGT) is a tax levied on the profit you make when you sell an asset that has increased in value. Currently, there is an annual exemption of £12,300, which means that you only have to pay CGT on any profit you make above this amount. However, from next year, the exemption will […]
Autumn Statement: Stamp duty cut will end in 2025
In September, the Chancellor of the Exchequer, Kwasi Kwarteng, announced a cut to stamp duty in the mini-budget. The tax break, which applied to properties worth up to £250,000, was initially introduced as a permanent measure. However, in the Autumn Statement, Chancellor Jeremy Hunt confirmed that the stamp duty cut will only remain in place […]
Councils given the flexibility to increase council tax and social rents capped at 7%
Jeremy Hunt announced that English local authorities will be able to increase council tax by 5% annually without a referendum. Following the Autumn Statement, local authorities will be allowed to raise council tax by 3%, and those which also have social care responsibilities can increase it by a further 2% (a total of 5%) without […]
Landlords targeted over undeclared income from residential property
Landlords are being targeted by HM Revenue & Customs (HMRC) over what appears to be undeclared rental income or income related to residential property.
Time to rethink your property portfolio? What you need to consider
Investing in property can still provide a strong return, but it needs careful planning to achieve the best outcomes. Just buying new properties without a clear strategy would be risky. While it is true that rates of interest continue to increase, as do many of the costs associated with being a landlord, with the correct […]
The energy price cap and what to expect from your energy bills
Household energy bills are being capped by the government at £2,500 per year (from £1,971) from October 1st, to combat soaring costs. Prior to the announcement, energy bills were expected to rise to £3,549 per year. The energy price cap will apply for 2 years to all households in England, Scotland and Wales. However, the […]