Property Owners Beware of Latest Scam

Property Owners Beware of Latest Scam

We have recently become aware of a local property owner who has been subjected to property fraud costing them over £400,000. The individual in question owned a property which he rented out to tenants over a long period of time. One of the tenants changed his name by...
Would HMRC Consider You a Landlord?

Would HMRC Consider You a Landlord?

HMRC have released new guidance detailing examples of tax errors that landlords make. It focuses on scenarios where people become landlords but, for various reasons, are unaware of their tax obligations. Ten common reasons for people becoming ‘unintentional’ landlords...
New Welsh Land Transaction Tax Receives Royal Assent

New Welsh Land Transaction Tax Receives Royal Assent

A new Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales, with effect from April 2018. The legislation is similar to the existing UK SDLT legislation, and the new LTT will be payable by the purchaser when buying or leasing a building or...
Are You Affected by Inheritance Tax?

Are You Affected by Inheritance Tax?

The Inheritance Tax (IHT) collected by HMRC for the year June 2016 to May 2017 saw an increase of 9% on the previous year, rising to over £5 billion for the first time. According to law firm Wilsons, this is attributed to rising property values and the freezing of the...
To Have, Hold & Share Rental Income Tax Efficiently

To Have, Hold & Share Rental Income Tax Efficiently

As of 6 April 2017 the tax relief landlords receive for mortgage interest and other finance costs is restricted. The restriction is being introduced gradually so that by 2020/21 landlords will receive tax relief for finance costs at basic rate (currently 20%) instead...
First Welsh Landlord Fined Under Rent Smart

First Welsh Landlord Fined Under Rent Smart

A Welsh landlord was the first to be fined last week under the new housing regulations in Wales. Appearing before magistrates in Newport, charges were brought against him which included failing to register a property of multiple occupancy.  Since November 2016, all...