The buy-to-let world has been bombarded with change this year with the removal of the 45% relief on mortgage interest costs and removal of the 10% allowance for ‘wear and tear’ on furnished properties being just a few examples.
Simply Business are conducting a poll aimed at buy-to-let landlords to decipher if the new tax rules are too confusing. So far, 374 people have voted with 74% stating that the new laws are not clear enough. You can join the poll here.
As well as changes to the landlord taxes and allowances, new ‘housing offence’ fines, which can carry a penalty of up to £30,000 each, have been added including:
- Rent repayment orders
- Failure to comply with an improvement notice
- Failure to comply with an overcrowding notice
- Failure to comply with HMO management regulations
The Council of Mortgage Lenders said:
“the overall impact will be to lift rents higher and to narrow the availability of homes in the private rented sector”
You can read a detailed look at the changes to the tax relief for landlords here on our website.
Are you a landlord? Do you have everything covered? Although the laws and taxes around buy-to-let properties have certainly become more complicated, we can help you make sense of the changes and show you how to make the best of your allowances. Just give us a call to see how we can help, all advice to our customers is free.