As well publicised, the tax relief that landlords of residential properties can claim for *finance costs is now being restricted to the basic rate of income tax. This is being phased in from 6 April 2017 and will be fully implemented from 6 April 2020. *finance costs include mortgage interest and fees incurred when taking out or repaying loans. The tax reduction is calculat ...
Married Couples & Civil Partners - How Should Property Be Held?
Where a let property is held by one spouse or civil partner, a transfer into joint ownership can help save income tax (IT) on the rental income where one spouse or civil partner pays tax at a lower marginal rate. Such a transfer could also mitigate any S.24 ‘landlord tax’ (restrictions on tax relief on finance costs). Holding property in joint names may also mitigate the capit ...
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which take effect from 1 March 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 March 2018 are: Engine size Petrol 14 ...
Developing your board - trustee recruitment and diversity
Research conducted as part of the Taken on Trust report, commissioned by the Department of Digital, Culture, Media and Sport in November 2017, noted that the majority of charity trustees are male, white and retired, the so called ‘male, pale and stale’ demographic. Since then, the CCEW, the Charity Governance Code and various other commentators have been encouraging charities t ...