Category Archives: Tax

Tax (again). Will it affect availability of housing for private tenants?

Tax

Sorry to be repetitive, but myself and Liz (your other blog editor) are still finding landlords who have no idea of how recent tax changes might affect them. Particularly the changes on how tax relief on mortgage interest is gradually being removed. We have been raising the issue, both on the blog and at landlord forums since it was first announced but even some of the landlords we are in regular contact with seem to have let this pass them by.

 
The impact of the changes is potentially massive. Some landlords could have all their profit wiped out on buy-to-let properties. Meaning they decide to sell up and quit the market so that less rental accommodation is available for those who need it. Something that advice workers and social housing providers might need to be aware of as there could be a knock-on demand for their services.

 
If you are not already familiar with how you could be affected – please make it your priority to find out now. Firstly – for some of the basics about landlords and tax – if you are new to the whole subject are here gov.uk / landlords and tax. Then this page has some more detailed information about how the changes will actually work and how landlords will gradually start to lose tax relief on mortgage interest in a phased change over four years.

 

Stats Table

Most of the landlord advice websites cover this subject and if you google, you can also find some useful online calculators. It’s a complex subject so please get yourself informed before you get too nasty a surprise from the taxman.

 
Oliver

Advertisements

Tax (again).

  • Buy-to-let landlords should be doing their sums as new rules start to take effect.
  • More advice from HMRC
  • Keeping up to date with Council Tax bills.

The new financial year sees major tax changes for some landlords starting to take effect from this month. I won’t go into detail –I’m just going to link straight to the relevant gov.uk page but if you are a buy-to-let landlord, please read this and make sure you have your calculator handy to can work out how it will affect you. For some landlords, these changes will be very significant so please don’t ignore this issue.

We also blogged recently about online help from HMRC for landlords who want to make sure they are up to date and fully compliant with their responsibilities. HMRC are about to host another interactive ‘webinar’ on tax and income from properties. You can book a place for free and also find general information below:

170424 IFP Golden Envelope (3)

Finally … don’t forget, if your tenant moves in or out of a property, tell us as soon as possible, to help us get your Council Tax bill right. The best way of keeping in touch with us is via our new ‘MySandwell account which you can use for a whole range of actions on your account.

Oliver