We recently spoke at the Landlords Seminar about how Landlords can take steps to reduce their tax bill, below we highlight the key points discussed:
Since 2016, various changes in income tax, capital gains tax and stamp duty land tax have been implemented which significantly impacts buy to let landlords and many feel their tax bills are getting out of hand..
What can you do to reduce your tax bill?
Firstly consider the simple things which could reduce your taxable rental profit. These could include mileage, use of home, advertising or repairs.
Have you considered incorporation as a way to cut your tax bill?
Many landlords are setting up limited companies to hold their buy-to-let investments. Before incorporating, you need to be fully aware of the tax implications and any tax reliefs available. There is no ‘one case fits all’ – it is important that each scenario is considered separately to avoid pitfalls.
If you would like to read more about this, click here to view the full presentation
If you would like to discuss any of the above points in more detail, contact Jayne on 01925 210 000