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Landlord Tax

As you will be aware with effect from April 2017 the interest deduction in your property letting accounts will be restricted from 2017/18 and completely removed by 2020/21. This will be replaced by a tax reducer which will give relief at 20% but not the higher rates.
This will cause an increase in taxation if you are a higher rate tax payer or if the removal of the interest deduction pushes you into the 40% tax band.

Who is affected and not

If you are basic rate tax payer and remain so after the interest add back then you will not be affected. It will just be a different way you calculate your tax.
If you have losses b/fwd these will be used first so the change will have a delayed effect.
If your property portfolio is debt free there will be no effect.
If you are a 40% tax payer with one or two properties then you can expect an increase in taxation (If your interest is £5,000 p.a. you can expect a £1,000 increase in your tax bill)

Larger portfolios

This is where the problem lies if you are heavily debt financed and not already a company. Particularly if your other income cannot sustain the increase in taxation. This may necessitate the disposal of a property to meet the tax charge and this in the long term is unsustainable.
There are however possible solutions and if you would like to discuss these then please call.

The information provided is believed to be correct at the time of going to press however no liability can be accepted from acting or failing to act as a result of this article. Advice should always be sought from a reputable and qualified accountant.
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Budget 2017

Nothing terribly exciting but here's a summary of the main tax points.

Personal Tax -
Personal allowance increased to £11,850 in 2018-19
Higher rate band increased to £46,350 in 2018-19

Future changes to personal service company (IR35) rules expected.

Several changes to employee expenses rules and consultation expected on Rent a room relief

Class 4 NIC increases previously announced will no longer proceed so 9% will still apply for the time being.

VAT-
The Threshold will remain at £85,000 for the next two years.

Introduction of a VAT domestic reverse charge to shift the resposibility for paying vat along the supply chain to tackle fraud in the construction labour supply chain. Effective from 1 October 2019.

Capital gains tax -
30 Day window for paying capital gains tax on residential property will be delayed until April 2020

Indexation allowance will be frozen for companies from 1 January (applies when companies pay corporation tax on their gains)

Research and Development
R&D credit will increase from 11% to 12%

Evasion and Avoidance

Further commitment to ensure people pay the right amount of tax - they say that every year.

A few other changes not mentioned as will not affect most.

But the Big one if you run a small business is
Making tax digital (MTD) - Has been delayed again.
No business will be mandated to use MTD (5 tax returns a year) until April 2019 and then only if your turnover is above the vat threshold. MTD will not be widened before the system can be shown to work well, and not before 2020 at the earliest.

Good news - It is still coming though so any client's or new customers that would like to review their record keeping in preparation for the future please speak to us.

Please remember these rules change frequently and their application will affect people differently depending on their circumstances. So it is always best to seek professional advice.

Many of the announcments in the budget do not have "meat on the bone" until enacted in a finance act

Please note that although efforts are made to ensure the above is correct at the time of going to press no liability will be accepted for acting or failing to act based on the above. Advice from a suitably qualified accountant should alway be sought.
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Part time Job Vacancy - PA & assistant book-keeper - 16 hours pw

We are now looking for someone special to join our busy team and to grow with our business.

About the vacancy:
We are looking to recruit an assistant to the partner at our office in Broughton. The successful candidate will be motivated and able carry out a multi functional role.
The main duties of the role will be assist the partner in the management of the firm with some secretarial and book-keeping duties and various ad hoc client work as part of a friendly and experienced team.
The successful candidate will have a willingness to learn and develop their career, be honest, hardworking and have excellent people skills.
The successful candidate will be able to demonstrate the following:
• Excellent written and verbal communication skills
• Excellent attention to detail
• Proficient in use of MS Office (specifically Excel, Outlook & Word)
• Proficient in use of Sage Line 50 (or equivalent accounting packages) Training can be given but attention to detail when entering data essential.
• Strong organisational skills and attention to detail.
• Ability to work to tight deadlines.
• Confident, friendly demeanor when working with clients
• Full clean driving licence
We welcome all applicants who are eligible to work in the UK regardless of gender, sexual orientation, marital/civil partnership status, race, religion and belief, disability or age.

Please send c.v. to kalden@aldenandco.co.uk
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Part time Job Vacancy - PA & assistant book-keeper - 16 hours pw

We are now looking for someone special to join our busy team and to grow with our business.

About the vacancy:
We are looking to recruit an assistant to the partner at our office in Broughton. The successful candidate will be motivated and able carry out a multi functional role.
The main duties of the role will be assist the partner in the management of the firm with some secretarial and book-keeping duties and various ad hoc client work as part of a friendly and experienced team.
The successful candidate will have a willingness to learn and develop their career, be honest, hardworking and have excellent people skills.
The successful candidate will be able to demonstrate the following:
• Excellent written and verbal communication skills
• Excellent attention to detail
• Proficient in use of MS Office (specifically Excel, Outlook & Word)
• Proficient in use of Sage Line 50 & IRIS (or equivalent accounting packages)
• Strong organisational skills and attention to detail.
• Ability to work to tight deadlines.
• Confident, friendly demeanor when working with clients
• Full clean driving licence
We welcome all applicants who are eligible to work in the UK regardless of gender, sexual orientation, marital/civil partnership status, race, religion and belief, disability or age.

Please send c.v. to kalden@aldenandco.co.uk
...

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Job Vacancy - Part Time 16 hours p.w.

We are now looking for someone special to join our busy team and to grow with our business.

About the vacancy:
We are looking to recruit a part-qualified Accountant at our office in Broughton. The successful candidate will be at least AAT Qualified or part ACCA qualified, preferably with a minimum 3 years’ practice experience.
The main duties of the role will be to complete sets of accounts, working from source documents/records to final accounts for review by the appropriate manager or partner, tax returns, VAT returns, Quarterly and monthly management accounts and various ad hoc work as part of a friendly and experienced team.
The successful candidate will have a willingness to learn and develop their career, be honest, hardworking and have excellent people skills.
The successful candidate will be able to demonstrate the following:
• Excellent written and verbal communication skills
• Excellent attention to detail
• Proficient in use of MS Office (specifically Excel, Outlook & Word)
• Proficient in use of Sage Line 50 & IRIS (or equivalent accounting packages)
• Strong organisational skills and attention to detail.
• Ability to work to tight deadlines.
• Confident, friendly demeanor when working with clients
• AAT or ACCA exam passes
• Full clean driving licence
We welcome all applicants who are eligible to work in the UK regardless of gender, sexual orientation, marital/civil partnership status, race, religion and belief, disability or age.

Please send c.v. to kalden@aldenandco.co.uk
...

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