How will the summer budget effect tax bills for landlords

by Heather Dandridge  23-Oct-2015 at 11:34

How will the summer budget effect tax bills for landlords?

With the new Budget that came out in the Summer, there have of course been decisions made by the government that will result in changes to the tax system, and therefore changes that will effect working people.

One issue that is ripe for discussion at the moment is that of how the changes will effect tax bills for landlords. In April 2016, the 10% wear and tear allowance for landlords who let out furnished property will be replaced. Instead they will only be allowed to get tax relief when they replace furnishings. Also, going forward there is going to be a reduction in the interest that is able to be offset against income. At the moment, interest is 100% allowable, but in 2019/20 only 25% will be allowed.

You can read more about this at:
http://www.accountingweb.co.uk/article/huge-tax-bills-ahead-landlords/591330

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