From 6 April 2016, there have been a number of changes in the way that savings income, including interest and dividends, is taxed. As with all tax changes, there will be new opportunities for taxpayers to reduce their tax burden by ensuring that their affairs are structured efficiently. The changes have been billed as a simplification which would lift many taxpayers out of self-assessment. However, whilst the changes will bring simplification for some, they will also mean that others need to complete a tax return, where they did not before.
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Residential property income – tax changes are upon us
Buy to let landlords of UK residential properties have been bombarded with tax changes in the last year.
In the past, letting residential property (even by individuals) was treated as a ‘property business’ for the purposes of calculating the taxable profit. Therefore, on normal business tax rules, interest paid on a loan used to purchase a property which is let, was deducted from the rental income received in the property business. For individuals who are landlords, the Government has changed this longstanding rule.
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Mel Hackney sets out some easy wins to help you maximise your tax breaks before the end of the tax year.
Continue ReadingR&D relief: is your business eligible?
Mel Hackney gives an insight into R&D tax relief, and how many eligible businesses don't realise that they are.
Continue ReadingDividend tax – are you prepared?
Mel Hackney gives an overview of the forthcoming changes and why small business owners should be reviewing their remuneration strategy.
Continue ReadingProperty – tax changes on the way
Mel Hackney sets out the highlights of the forthcoming changes to the way property income is taxed.
Continue ReadingDividend tax changes announced
Mel Hackney sets out the proposed changes to the taxation of dividends from next year.
Continue ReadingPlanning pays dividends
Mel Hackney looks at ways for owner-managers to extract profits from their companies as tax efficiently as possible.
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