Update from DRG Chartered Accountants
Buy-to-let landlords. Forthcoming changes could affect your tax bill
As many buy-to-let landlords will be aware, HMRC has chosen to target some of the reliefs available. This will make some unexpected and unwelcome changes to how the income is taxed and to potential tax bills.
These new rules are only for residential properties. Those letting commercial property and furnished holiday homes are not included.
The potential impact does vary. A letting activity with only modest interest payments will not be too badly affected. However, larger property businesses reliant on debt to expend the
portfolio and those previously claiming child benefit could be seriously affected.
Read more.
Non-resident landlords. What should you consider when investing in the UK?
A person whose “usual place of abode” is outside the UK and receives rental income from UK properties would be considered as a non-resident landlord (“NRL”).
Rental income received by NRLs is usually net of basic rate of income tax (currently at 20%). NRLs could instead apply to join the NRL scheme which allows them to receive rental income gross although there will be a number of compliance requirements that the successful applicant will have to meet.
Read more.
Setting up in the UK: Subsidiary, branch or representative office?
Which is the best structure for a foreign firm wishing to set up in the UK? Read our recently published guide which outlines some of the advantages and disadvantages of the possible structures.
At DRG Chartered Accountants, over the years, we have helped many international firms set up in the UK. We can advise you on which is the best structure to achieve your long-term goals plus provide a full range of accountancy and tax services.
Read more.
"Confidence is key". Join us for our next Women-in-Business lunch on Tuesday, 27th September
Sally Hindmarch, from Partners With You will be speaking at our next Women-in-Business event on Tuesday, 27th September. Sally will give some useful tips on:-
- Be the best version of you, whatever the situation
- Adapt the image you portray
- Make a positive first impression
The event is complimentary, but space is limited, so please do reserve your place in advance.
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DISCLAIMER: This newsletter is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.