property taxation Archives - Page 14 of 18 - Whitefield Tax - Isle of Wight Accountants

New Trading and Property Allowance £1,000

by Jessica Garbett | Mar 16, 2017 | business taxation, personal taxatation, property taxation

From 6th April 2017, there is an exemption from registering for Self Assessment if you either: Turnover less than £1,000 from Self Employment Have rental income, before expenses, of less than £1,000 If you have turnover or rental income of over £1,000 then you can...

Landlords under MTD

by Jessica Garbett | Mar 16, 2017 | ACCA, personal taxatation, property taxation

How will landlords be affected by making tax digital? Below are extracts from the options for landlords under MTD which impact the 2017/18 tax year. Landlords with under £150,000 turnover will use the cash basis rather than generally accepted accounting practice...

Wear and tear allowance – a reminder

by Jessica Garbett | Mar 14, 2017 | ACCA, HMRC, personal taxatation, property taxation

The wear and tear allowance for fully furnished residential properties was abolished from April 2016. This affected companies from 1 April 2016 and individuals and others (such as trusts and other unincorporated entities) from 6 April 2016. Instead, for the current...

Relief from business rates

by Jessica Garbett | Feb 24, 2017 | ACCA, business issues, property taxation

Summarising the changes coming into effect in April. In 2015 the government launched a wide-ranging review of national business rates which was designed to pave the way for changes to how businesses across England pay the tax. The outcome of this review was to...

Rental expenses

by Jessica Garbett | Jan 3, 2017 | ACCA, property taxation

Guidance on revenue and capital expenditure on rental income. Generally, when calculating the rental business profits, expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a...

Changes to tax relief for residential landlords

by Jessica Garbett | Nov 17, 2016 | ACCA, personal taxatation, property taxation

It is now only six months until the changes to tax relief start to be phased in. Here is a quick refresher on the impact of the new finance costs restrictions. What’s changed? In a nutshell, the tax relief that landlords of residential properties were able to claim...

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New Trading and Property Allowance £1,000

Landlords under MTD

Wear and tear allowance – a reminder

Relief from business rates

Rental expenses

Changes to tax relief for residential landlords

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