On 1 April 2016, HMRC dealt another blow against home owners, this time targeting the purchase of second homes. Individuals, trusts and companies buying an additional residential property will now have to pay 3% more in SDLT on top of the existing rates. The 3% is applied to every band so the SDLT on a second home will now be on a scale ranging from 3% up to 15%.Read More
As we begin a new tax year I thought it would be helpful to remind you of the considerable number of changes to the legislation surrounding forms P11D – the reporting mechanism for expenses and benefits – that came into force on the 6 April 2016.
Minimum earnings requirement
The £8,500 minimum earnings requirement has been removed which will mean form P11D must be completed for all individuals to whom you have provided a taxable benefit (with a few exceptions for special cases).Read More
Following on from the Spring Budget I thought it might be useful to look, in a bit more detail, at a number of announcements changing the way in which landlords are taxed on their property income. In particular, the letting of residential property (“buy-to-lets”) will be adversely affected.
I have summarised below the key changes we will start to see over the next few years.Read More