Significant Changes to the Taxation of Residential Property Category: Taxation - Posted On: May 25 2016 Individuals who own and let property are facing significant changes to the way in which their rental income is taxed and also to the deductions they can make from their rents. There are new increases in certain allowances and additional surcharges due on the purchase of second homes so we would advise you to review your position now to make sure your investments are still viable. We have prepared factsheets on each of the following topics to illustrate the changes and how they may affect you: Restriction to Relief for Mortgage Interest Cessation of Wear and Tear Allowance Allowable expenses Should you incorporate your Property Business? Increase in the Rent-a-Room Limit New IHT Main Residence Nil-Rate Band All Factsheets Please contact us by clicking on the headings above to request a factsheet. If you would like to discuss your individual situation please contact Cheryl Whitton or Sandi Drummond on 01382 312100 or by email at taxation@eqaccountants.co.uk. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology
Significant Changes to the Taxation of Residential Property Category: Taxation - Posted On: May 25 2016 Individuals who own and let property are facing significant changes to the way in which their rental income is taxed and also to the deductions they can make from their rents. There are new increases in certain allowances and additional surcharges due on the purchase of second homes so we would advise you to review your position now to make sure your investments are still viable. We have prepared factsheets on each of the following topics to illustrate the changes and how they may affect you: Restriction to Relief for Mortgage Interest Cessation of Wear and Tear Allowance Allowable expenses Should you incorporate your Property Business? Increase in the Rent-a-Room Limit New IHT Main Residence Nil-Rate Band All Factsheets Please contact us by clicking on the headings above to request a factsheet. If you would like to discuss your individual situation please contact Cheryl Whitton or Sandi Drummond on 01382 312100 or by email at taxation@eqaccountants.co.uk. All News View the latest news stories from all of our sectors. View All News News by category View the latest news stories from a specific sector. COVID-19 EQ News People Experienced Professional Graduate Intern RGU Placement School & College Leaver Services Audit & Reporting Corporate Finance EQ Accounting Bookkeeping Cloud Accounting Management Accounts Payroll Taxation International Tax Making Tax Digital Personal Tax Specialisms Agriculture Charities Engineering & Manufacturing Healthcare Leisure Food & Drink Professions Property & Construction Technology