What Is IR35? There is a lot of information about IR35 and urban myths of which many aren’t true.
Continue ReadingMonth: November 2016
Changes to tax on savings and dividends
From 6 April 2016, there have been a number of changes in the way that savings income, including interest and dividends, is taxed. As with all tax changes, there will be new opportunities for taxpayers to reduce their tax burden by ensuring that their affairs are structured efficiently. The changes have been billed as a simplification which would lift many taxpayers out of self-assessment. However, whilst the changes will bring simplification for some, they will also mean that others need to complete a tax return, where they did not before.
Continue ReadingResidential property income – tax changes are upon us
Buy to let landlords of UK residential properties have been bombarded with tax changes in the last year.
In the past, letting residential property (even by individuals) was treated as a ‘property business’ for the purposes of calculating the taxable profit. Therefore, on normal business tax rules, interest paid on a loan used to purchase a property which is let, was deducted from the rental income received in the property business. For individuals who are landlords, the Government has changed this longstanding rule.
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