HMRC £1,000 Annual Tax Allowance for Property Income

From 6 April 2017 HMRC have launched a new allowance to help make the tax system easier –  a £1,000 annual tax allowance for property. But as with most tax rules, its important to understand how they work and what makes you eligible to claim for them. What is the £1,000 Property Allowance The HMRC (more…)

Landlord Tax Reduction

Landlord Mortgage Interest Relief is phasing out from 6 April 2017 to be replaced by a new tax relief called the Landlord Tax Reduction. The phasing in and out of the two reliefs will take place from 6 April 2017 to 6 April 2020. Landlord Mortgage Interest Relief Until 6 April 2017 Landlords were allowed (more…)

An Overview of the Rent a Room Scheme

Under the Rules of the Rent a Room Scheme everyone in the UK is entitled to rent out a furnished room in their own home and collect up to £7,500 rent tax-free every tax year. A tax year runs from 6 April to 5 April. Here’s an overview of how the Rent a Room Scheme (more…)

What to Do About The Mortgage Interest Tax Relief Changes

Unfortunately Landlords with mortgages have fallen out of favour with the Government and the new rules stand to have a major impact on property investors and rental yields. If you are affected by the changes to mortgage interest tax relief then although your options to overcome the affects are limited there may be some things you (more…)

Can I Claim Tax Relief on Mortgage Interest

Yes you can currently claim tax relief on mortgage interest.  However as a landlord you should be aware of the changes that are taking place from 6 April 2017 meaning that by 2020 you will not be able to claim tax relief on the mortgage interest you pay but instead will have your tax relief (more…)

Tax Tip for the Self Employed: 3 Top Tips for Landlords

Tax rules have always changed, but never have they changed so much than they have for landlords recently.  Here are 3 top tax tips for landlords to help reduce your tax bill that you may be able to utilise as well as claiming for all allowable expenses: Claim for Landlord Travel and Mileage As a (more…)

Landlord Travel Expenses: Mileage Claims

A Landlord mileage claim is a flat rate amount that an individuals can claim for travel to/from their rental property. Landlord Mileage Claim Rates The landlord mileage claim rules were bought in from 6 April 2017.  A landlord is entitled to claim a flat rate for each mile travelled in their personal vehicle. Here are (more…)

Allowable Expenses for Landlords: Claiming Part Expenses

Allowable Expenses for Landlords is the term used to refer to all the expenses a landlord is allowed to deduct against their rental profits thus reducing tax payable.  These expenses must be wholly and exclusively incurred in renting out your property but sometimes you may need to pay for something where only part of it (more…)

Wear and Tear Allowance 2017/2018 for Landlords

Wear and Tear Allowance was abolished from 6 April 2016, so there is no such allowance available for 2017/2018.  Wear and tear allowance was something that was available to landlords of furnished rental properties. So from the 5 April 2016 landlords can now claim for the true cost of anything they buy to against their (more…)