House Rental

Record your Rental Property Losses

From April 2017 the way property income is taxed will change and the allowable interest paid to the lender will not be deducted as an expense but instead given as a basic rate tax credit. This will impact on all higher and additional rate taxpayers, in addition it will push some basic rate taxpayers into the higher rates of tax.

VAT Flat Rate Scheme guidance updated

HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover, rather than netting off output and input VAT due on sales and purchases. The revision in the guidance follows a number of…

Pensions Freedom update

According to HMRC figures over 230,000 people have used the new pension freedoms introduced one year ago and accessed over £4.3 million in pensions saving. In April  2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. The statistics show that in the first…