If a disposal of a property currently qualifying for lettings relief is on the cards, it may be beneficial to sell before 6 April 2020 rather than afterwards.
First-time buyers are able to benefit from Stamp Duty Land Tax (SDLT) relief when they buy their first home – but only if the property that they are buying does not cost more than £500,000.
Your income consists of the rent you receive from your tenants and any funds you receive for covering varied service charges.
New rules means that certain financial costs will be more restricted in the future and primarily affects mortgages, loans and overdrafts. This is being phased in from 2017 and will be complete by 2020.
Just as for individuals, businesses pay tax on assets that are disposed of. Assets may be partially or fully owned by the business. Businesses that this applies to include the self-employed, sole traders and business partnerships.
Our network is expanding and we are working hard to bring experts to your home city. We also provide services remotely. You can contact us by phone and online if you need help with your accounting and tax compliance.
