A good read for buy to let landlords. You have to be very careful and keep an eye on the changes that continue to take place on the part of the government and make sure you pay what you owe.
For trade owners the right taxes to be obtained are essential. One in three owners have realized that their properties are no longer profitable due to the tax relief on buy-to-let mortgages.
The new challenge for owners is the increase in taxes
And often the only way to deal with this increase is to pass the cost of the tax increases onto their tenants by increasing rents.
Alan Thomas, CEO of Simply Business in the UK said: “Contributing over £16 billion annually, if a wave of residential landlords were to sell up then it would have a huge impact on the UK economy.”
Other Tax Reliefs for buy to let landlords
In 2021, owners asked for more buy-to-let tax breaks than the year before.
Tax relief can be requested on other costs such as insurance or professional fees for accountants.
The joint stock company as a structure
If your business depends on the income from your rental property to support costs, moving to a corporation structure could be a costly mistake. You have to know how to evaluate before making a decision of this type.
Consult a buy to let landlords specialist
It is very important to know the taxes that you have to pay and the best way to be sure you are proceeding correctly and to consult a specialist who takes care of your accounting documents correctly.
You need to have a specialist who knows how to deal specifically with your business. Consider carefully before choosing an accounting specialist.