February 16, 2016

From 1st April 2016, if you are purchasing additional residential properties in England, Wales and Northern Ireland, you will need to pay an additional 3% above the current stamp duty land tax (SDLT) residential rates. This includes second homes, holiday homes and buy-to-let properties.   Freehold sales and transfers: Property...

From April 2016, the Wear and Tear Allowance for furnished properties is to be replaced by a new Replacement Furniture Relief for all landlords whichever type of property, furnished or unfurnished.  The rules allow for the deduction of costs actually incurred for the replacement of furnishings.  The type of items...

The amount of relief for finance costs (mortgage interest) on residential properties will be restricted to the basic rate of Income Tax.  This will be introduced gradually from 6th April 2017. Finance costs include mortgage interest, interest on loan to buy furnishings and fees incurred when taking out or repaying...

From April 2015, Self Employed Working Tax Credit (WTC) claimants will need to meet new criteria. From 6th April 2015, all new claimants who are using self-employed work to meet the qualifying remunerative work test for WTC must show that they are trading on a commercial basis and their business...

In April 2015, a marriage tax allowance was introduced. So, if you are: a) Married or have a civil partnership b) Either you or your partner have an income of £10,600 or less (this is the personal allowance and will move each year) c) Your spouse has income between £10,601...

From April 2016, new tax codes will be issued to all Scottish residents. The new tax code will begin with an ‘S’. Initially, the Scottish Parliament have held the Scottish Rate of tax to be the same as the rest of the UK. However we do not know what will...

The Savings Tax Legislation is changing. From April 2016, a Savings Interest Allowance is being introduced. Going forward, your bank or building society will no longer deduct 20% tax on interest earned on your savings. Instead, they will pay interest on your savings in full (gross). Basic Rate Tax payers...

Under the current legislation, dividends attract a 10% tax credit which means that basic rate tax payers pay no tax on £28,800 of dividend income (assuming all of the personal allowance has been used by on other income), while higher rate tax payers pay an effective rate of 25%. This...