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Landlords Require Financial Help To Meet EPC Targets

The organisation Propertymark has urged the government to provide financial and tax incentives to landlords to meet ambitious EPC targets. As part of the government’s plan to be net zero by 2050, all properties in the private rented sector (PRS) in England and Wales will require an Energy Performance Certificate (EPC) rating of C or […]

Read more November 23rd, 2022

Accounting Software For Landlords

When choosing accounting software, there are a few key features to look for. Surprisingly, not all accounting software will work for landlords. In fact, the majority of accounting software does not accommodate smaller landlords who operate as individuals, own less than 5 properties and don’t treat property as their primary income. With Making Tax Digital […]

Read more November 22nd, 2022

Stamp Duty Threshold Changes

In the UK mini-budget in September, the government announced that it would increase the threshold at which Stamp Duty Land Tax (SDLT) must be paid on the purchase of residential properties in England and Northern Ireland. From 23 September 2022, the ‘nil-rate’ threshold was increased from £125,000 to £250,000 for residential properties. This means that […]

Read more November 21st, 2022

Rising Interest Rates And The Effect On Mortgages

In September, the Bank of England raised rates by 0.5 percentage points to 2.25%, the highest level in 14 years. They also mentioned that they wouldn’t hesitate to make further increases. One estimate suggests that rates could reach as high as 6% next year. Due to these concerns, hundreds of residential mortgage deal offers in […]

Read more November 21st, 2022

Budget Summary Autumn 2022

On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. Chancellor Jeremy Hunt laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public […]

Read more November 18th, 2022

Government Rental Reform Causing Concern Among Landlords

A recent survey, published by Goodlord and Vouch, has revealed that the government’s rental reform white paper is worrying landlords, agents and tenants across the country. The rental reform white paper, published in June, was created to explain the government’s plans to reform the private rental sector and level up housing quality. However, the feedback […]

Read more November 16th, 2022

Scotland’s Rental Crisis And The Effect On Buy-To-Lets

Scotland has seen a dramatic increase in rental prices in recent years, as the shortage of homes has led to tenant bidding wars and price surges. The situation is most extreme in Scotland, but it is starting to become a problem in other parts of the UK as well. The recent legislation changes in Scotland […]

Read more November 15th, 2022

Sharp Increase In HMRC Fines To Landlords And Freelancers

The number of fines issued by HMRC to freelancers and landlords spiked last year in a supposed attempt to close a £32bn tax gap. According to The Telegraph, HMRC civil servants were put under pressure to bring in as much money as possible, resulting in 90,000 penalties being issued in the 2021/22 tax year – […]

Read more November 14th, 2022

Investment Support To Continue

£1 million Annual Investment Allowance to stay The Government will continue to support business capital investment by keeping the level of the 100% Annual Investment Allowance (AIA) at £1 million. This deduction is available to unincorporated businesses as well as limited companies if they invest in new or second-hand equipment. We are, however, expecting the […]

Read more November 9th, 2022

Off-Payroll Working Lives To See Another Day

The 23 September Fiscal Statement included the unexpected news that the “off-payroll working” (OPW) rules would be scrapped from 6 April 2023. These rules were introduced for public sector employers from 6 April 2017 and then extended to large and medium-sized private-sector organisations from 6 April 2021. It has now been announced that the OPW […]

Read more November 8th, 2022

Income Tax Rates Stand Still

Undoing all measures announced since 23 September 2022, the rates of income tax applicable to non-dividend income remain as they are now; namely a 20% basic rate, a 40% higher rate and a 45% additional rate (for those with income over £150,000). For dividends, although the associated 1.25 percentage point supplement on NICs is being […]

Read more November 7th, 2022

Corporation Tax Rates To Increase

Another of Liz Truss’ flagship policies was to halt the planned rise in corporation tax rates from 1 April 2023. These increases will now go ahead. From 1 April 2023, corporation tax will increase to 25% where a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply where profits […]

Read more November 4th, 2022

Stamp Duty Changes Go Ahead

On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000. Like the abolition of the 1.25 percentage point increase in NICs, the legislation to enact the SDLT change was already in progress when the U-turns were being made. As […]

Read more November 3rd, 2022

NIC Rate Change Goes Ahead

The legislation to abolish the 1.25 percentage point increase in the rate of National Insurance Contributions (NICs) paid by workers, employers and the self-employed was already in progress when the U-turns were being made. The reduction, therefore, continues to go ahead and the rate of NICs on salary payments made on or after 6 November […]

Read more November 3rd, 2022

U-Turns To Steady The Financial Markets

In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and were being funded by increased borrowing. Furthermore, the plan was not accompanied by a […]

Read more November 2nd, 2022