News

Landlords – year end planning tips

A few housekeeping tips for readers with buy to let or holiday let properties to think about and action – if applicable – before the end of the current financial year, 5 April 2021.

Buy-to-let

  • Have you experienced a drop in rental income since April 2020? If yes, make sure you let us have estimates of your buy-to-let income and expenses to say 31 December 2020 (covering the nine months from 1 April 2020) and we will see if an election to reduce tax payments on account is possible.
  • If you are contemplating repairs to your property(ies) consider the timing of expenditure. Incurring costs before or after 5 April 2021 will affect your tax payments.
  • If you have improved your rental property during 2020-21, please keep details as we will need those if and when you come to sell the property.
  • In 2023, you may need to computerise your record keeping meeting HMRC’s Making Tax Digital regulations. There are a number of cloud based software packages you could use. 

Holiday Let Properties

  • To retain the tax advantages you enjoy – holiday let property businesses are treated as trades – you must meet certain occupancy rules. As it is likely occupancy has dropped during 2020-21 due to lock-down periods, a review is critical.

We can help. Please call if you need more information on any of the above matters. 

Source: Other Tue, 02 Feb 2021 00:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK