Buy to Let Property Owners - Time to Start Planning for Tax Changes
Property business owners, particularly buy-to-let landlords, have been hit with a number of quite dramatic changes in their tax status.
Personal Tax and National Insurance changes for 2017-18
In no particular order changes already announced to Personal Tax and National Insurance include:
Tax Diary March/April 2017
1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016.
Tax Diary February/March 2017
1 February 2017 - Due date for Corporation Tax payable for the year ended 30 April 2016.
Beware of Internet Phishers
The end of January, Self Assessment filing deadline, and the approaching tax year end seem to stimulate fraudulent activity focussing on tax issues.
Considering Investing in Plant or Equipment?
Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:
Director Disqualified for Seven Years
Directors have a responsibility to maintain, preserve and deliver up records that are adequate to explain the financial position of their company. If they fail to do so, they run the risk of being disqualified from acting as a director.
Storm Damage and Tax Effects
Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and exclusively” for business purposes in order to be a legitimate write-off for tax purposes.
Rental Properties and Mortgage Interest Relief
A Summary of the Rules/Issues and Planning Suggestions for BTL Landlords.
If you are married or in a civil partnership, you may be able to claim the 'marriage allowance'. This is not a separate allowance, but a reallocation of 10% of the personal allowance from the partner with lower income to the other partner.
Many employers allow employees to pick and choose from a range of benefits such as extra holiday, company car or health insurance. Each employee may be able to sacrifice a part of their salary to receive the benefit, which often results in NIC savings for both parties and a tax reduction for the employee.
Topping up your State Pension
To receive the full amount of the new state pension you need to pay national insurance contributions (NIC) for 35 complete tax years. If you were contracted out of the second state pension, or SERPS, for any part for your working life you may receive less pension than you were expecting.