In the 2024 Spring Budget, the Chancellor announced the abolition of the tax-advantageous regime for furnished holiday lets from April 2025. There is a limited window of opportunity for property owners to review their property letting activity to take advantage of the key tax benefits available for qualifying rentals. 

The update now puts the onus of the SDS (Status Determination Statement) on medium or large companies using contractors. Companies which HMRC defines as a small company will not have to complete the SDS.

HMRC has a new £100m weapon to help identify individuals who may not be declaring all of their income and, therefore, paying too little tax.  

Have you checked your personal tax account recently? If at all? 

Latest research from the Post Office shows that 46% of UK workers have never checked their personal tax account.
 

• You can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders),

The 2019/20 tax year started on the 6th April and contains a number of changes which buy-to-let landlords should be aware of for the year ahead. 

Typically, those who are older and have applied for a buy-to-let mortgage have faced barriers due to the limited options available to them. 

The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.

Commercial property firms are being urged to ensure their capital allowance provisions are in order after a tribunal sparked a debate over claims.

As bricks-and-mortar retailers continue to struggle, landlords have to brace themselves for more tough negotiations ahead.