Tax savings for Landlords
Employee Tax
by Helen James
3y ago
Extra tax savings for married couples Tax rules concerning wedded couples are confounded yet can empower people to move their benefits between one another in a lawful or more board approach to reduce their tax bill.  Here we will give a review of a portion of the manners by which a couple can do this. Notwithstanding, given the especially intricate nature of tax identifying with wedded couples it might be prudent to counsel an expense proficient to do a full audit of your particular circumstance. If one of you doesn’t pay income tax: Marriage Allowance tax update Marriage Allowance can wo ..read more
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What are self-employed landlords allowed to claim as income tax expenses
Employee Tax
by Helen James
3y ago
HMRC gives a checklist of passable income tax costs for landowners. Precisely what you’re permitted to claim will shift contingent upon whether you’re letting private property, an outfitted occasion let, or business property. The residential landowner can claim for the everyday costs of running their properties, including: Awful obligations  Business costs like calls, travel, and running a home office Expenses for administrations by experts like accountants, letting specialists, specialists, or assessors The ground lease on the property Insurance cover, including for structures, substanc ..read more
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Landlord Taxes: Selling A Property
Employee Tax
by Helen James
3y ago
When you sell a property – capital gains tax At the point when you sell a property that is not your home – a house you purchased, remodeled, and let out for example – and make a benefit, you might be obligated for capital increases. You may likewise be at risk to pay capital additions charge on acquired property. From 6 April 2020, the yearly excluded sum for people and individual delegates will increment from £12,000 to £12,300. For trustees of settlements, the yearly excluded sum will increment to £6,150. We give a tax calculator to turn out how much capital additions charge you need to pay ..read more
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Landlord Taxes: Letting A Property
Employee Tax
by Helen James
3y ago
On the off chance that you bring in cash from letting a property, you may need to finish a self-assessment tax return, contingent upon your complete income. The pace of annual expense you pay varies by salary. In England, Wales, and Northern Ireland, from 2020/21, you make good on no personal expense in the event that you acquire under £12,500 every year. You pay the fundamental rate – 20 percent of your pay – on anything after that pay, up to and including £50,000. The higher pace of 40 percent charge applies to incomes over £50,000 – and in the event that you make more than £150,000, you pay ..read more
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Landlord Taxes: Buying A Property
Employee Tax
by Helen James
3y ago
Stamp duty holiday A stamp duty holiday has now been implemented to all residential purchases on 31st March 2021. The initial threshold for normal purchases has risen from £125,000 to £500,000 Transactions involving additional property, including second homes, and buy to let investments, will continue to attract a 3% surcharge. What are the new stamp duty rates? The new freehold residential stamp duty rates in England and Northern Ireland are shown in the table below: Tax Band Normal Rate Additional Property Below £500k 0% 3% £500k to £925k 5% 8% £925k to £1.5m 10% 13% Above £1.5m 1 ..read more
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DVLA Change of Address Advice
Employee Tax
by AKGreen1
3y ago
New figures released by DVLA show that around 66% of all customers who change the address on their driving licence now do so online. With August traditionally being the peak house moving month in the UK, DVLA is today (27 August) reminding motorists how simple it is to keep their address up to date online, to avoid pitfalls including missed reminders. As well as driving licences, around 1.5 million vehicle log books are also updated with a new address every year. Following the housing market opening up post-lockdown, DVLA launched the new online service for motorists to update the address on ..read more
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New Covid Relief for Self Isolation
Employee Tax
by AKGreen1
3y ago
Government to implement new payment for people on low incomes in areas with high rates of COVID-19, who need to self-isolate and can’t work from home Payments of up to £182 to be made to people who have tested positive for COVID-19 and their contacts Scheme to start first in Blackburn with Darwen, Pendle, and Oldham People on low incomes who need to self-isolate and are unable to work from home in areas with high incidence of COVID-19 will benefit from a new payment scheme starting on Tuesday 1 September, the Health Secretary has announced today. Starting with a trial in Blackburn with Darw ..read more
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Tenants Eviction Notice Extended
Employee Tax
by AKGreen1
3y ago
The government is continuing to help renters with an unprecedented package of support measures. Legislation has now been introduced, so landlords must now give tenants 6 months’ notice before they can evict until March 2021, except in the most serious of cases, such as incidents of anti-social behaviour and domestic abuse perpetrators. The stay on possession proceedings has been extended until 20 September, meaning that in total no tenant can have been legally evicted for 6 months at the height of the pandemic. The package of support for renters includes the extension of notice periods and th ..read more
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Tax Rebate for Redundancy
Employee Tax
by Helen James
3y ago
During these Covid Times , there have been redundancies on a massive scale. Here are some tips on your rights when made redundant. You’re made redundant if you are made unemployed by your employer. If you have worked two years or more with your employer then you’re qualified for statutory redundancy pay which will be paid by your employer. The statutory redundancy pay is fixed by the government and is based upon government rules. Now, you can also apply for tax rebates under some conditions if you are made redundant. When Tax Rebate Will be Handled Automatically You don’t always need to claim ..read more
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What type of Professional Bodies Fees can I reclaim
Employee Tax
by Helen James
3y ago
As part of your job, if you pay an annual / monthly Fee to a Professional Body or Union subscription then you are eligible for Tax Rebate. HMRC identifies these expenses as work-related and provides a tax relief allowance. There are many Professional Organizations / Unions / Societies that are approved by HRMC. You can claim a tax rebate on fees or subscriptions of these professional organizations easily.  But there are some conditions to claim a tax rebate on these Fees to professional organizations. You can claim on those organizations which are approved by HRMC. Being a member of the ..read more
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