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[16 Nov 2015 | Comments Off on Buy To Let – new tax rules | ]
Buy To Let – new tax rules

Two new sets of rules come into force over the next few years.
No more “10% Wear and Tear” allowance
The allowance is being abolished. Starting on 6 Apr 2016, landlords who rent out furnished accommodation will no longer be able to claim the flat rate 10% allowance every year, and instead will be permitted only to claim the actual costs of like-for-like renewals and replacements.
Restriction of loan interest relief
Over a three year period, starting on 6 Apr 2017, the amount of tax relief you can claim for loan interest paid, will …

annual »

[15 Jul 2009 | No Comment | ]

It is the normal practice to collate a separate set of records for each separate property. We prepare individual summaries in the case of multiple properties and the figures are later combined only for the purposes of a personal tax return.
Bank/Finance House items

A copy of a loan interest paid certificate for the whole tax year.

If the lender cannot provide a certificate, please let us have an analysis of actual loan repayments made, clearly stating the different amounts for repayment of capital and payment of interest.

Income items
Records of all rents received. …