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The budget and what it means for landlords...
Posted on Friday, September 25, 2015
- From April 2016 the Wear and Tear allowance is being amended so landlords can only claim a tax relief when furnishings are replaced.
- Tax relief on by to let mortgages is changing from 2017. The relief will be reduced to the basic rate of tax therefore, landlords who offset the interest on mortgages (in full) against the rental income will only be entitled to basic rate tax relief.
- If you use interest only mortgages for the existing tax relief benefits it may be worth considering whether they are still the best option finance wise.
Things to consider;
- Rent reviews. As part of our managed service we look to ensure that all properties are rented at the market value. If you think your properties are due an rental increase, contact our office today and the team will be happy to discuss the options available.
- Re mortgaging. Now maybe the time to look at the various mortgage options available to landlords ensuring yours works best for you. Call the office today to speak to our in house mortgage advisor.
- If you are married do check that you are exercising your entitlement to use both tax bands. Who says romance is dead!