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Landlords Could Be Taxed Out Of The Market

Landlords Could Be Taxed Out Of The Market

Conservatives Set About Raising Increased
Tax Revenue From Landlords

Before the general election the Conservatives were the only political party to not openly target landlords and property investors with manifesto rhetoric, making them the property professional’s choice for power.

Even before the budget statement was delivered by Mr Osborne, there was plenty of press coverage about the generous tax treatment enjoyed by private rental sector (PRS) landlords and buy to let property investors.

So it was of little surprise that the Chancellor chose to turn to the private rental sector in order to raise some additional revenue for the government.

Conservatives Vowed To Leave PRS Landlords AloneSpotlight predicted that this would happen after the Conservatives were elected, and this year’s summer budget could be just the tip of the iceberg.

George Osborne before the  summer 2015 budget announcement George Osborne’s post election Budget announcement, made earlier in July, contained two  important changes to buy-to-let taxation that will impact on portfolio landlords and higher rate  tax payers.

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A Life Less Taxing For Landlords

A Life Less Taxing For Landlords

HMRC Issue Landlord Warning

With the new tax year already here the HMRC have repeated the warning that they are cracking down on tax evasion by UK private rented sector landlords,

All PRS landlords who own residential rental properties are being advised to register for self assessment, if they haven’t done so already.

The self assessment annual tax return covers the period up to the 5th April each year, and needs to be filed online by no later than the following 31st January.

In order to calculate the tax owed by a landlord, the rental income must be added to any other taxable income that the landlord may earn, including wages from employment. The rate of income tax that HMRC will charge will depend on the landlord’s total income for the tax year.

There are a number of expenses that landlords can offset against their tax liability for rental income, including;

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