Changes to the taxation of residential property
Individuals that own and let property are facing a number of changes to the way in which their rental income, and more importantly, the deductions they can make from their rents for income tax purposes, are changing.
They include:
1. An increase in the rent-a-room allowance.
2. The abolition of the wear and tear allowance if you let furnished residential property that is not part of a holiday lets business; and the introduction of a new replacement furniture relief.
3. The gradual restriction of higher rate income tax relief for finance costs.
Shropshire businesses should get Involved with HMRC consultation on fines
A SHROPSHIRE and POWYS accountant is urging people to participate in new consultations about the Taxman’s proposals to triple the fine on small businesses if they fail to pay their taxes on time.
Rob Ellis, Managing Partner of Welch and Ellis, which is based in Willow Street, Oswestry, says it is vital small business owners make their views known about Her Majesty’s Revenue and Customs (HMRC) considering introducing a sliding scale that could bring a penalty of up to 15 per cent of a company’s outstanding tax bill.
Welch & Ellis Accountants
Big enough to deliver, small enough to care Welch & Ellis are an Accountants and Tax Specialist in Oswestry, Shropshire offering accountancy, bookkeeping and taxation advice to commercial and personal clients in Llanfechain, Oswestry, Welshpool and Shrewsbury and to rural businesses and individuals throughout Shropshire and Powys. Our partners are both experienced accountants with many […]
Accountant Urges Taxpayers in Powys and Shropshire To Take New Year Look At ‘Taxability’
A SHROPSHIRE and POWYS accountant is urging businesses and individuals to make a New Year’s resolution to save themselves money by going through his free taxability guide.
Tax expert Rob Ellis, who lives in Llanfechain and works from his office in Willow Street, Oswestry, believes whilst many people make resolutions around making more money in the New Year, many overlook the fact they could easily be saving money with better tax planning and advice.