Britain has voted for Brexit.  Over the coming months and years Britain is now committed to separating the UK economy from the close ties we have formed as members of the European Union.

From a purely tax and business point of view we will no doubt see an increasing number of changes to our tax and legal system as we part company from both past and future rulings from the EU.  Change can be an uncomfortable process and you will need to ensure you are in receipt of professional advice and guidance throughout these potential changes to ensure you and your business are up to date!!

From April 2017 landlords who let residential property in their own name will be faced with the gradual loss of tax relief for finance charges.  Mortgage interest and other finance charges will be added back and, in place of a deduction, any Income Tax due will be reduced by a basic rate tax credit being 20% of the finance costs disallowed.

Many landlords are considering their options and one strategy that is being mooted is the incorporation of a property business.  Companies are not subject to the finance costs changes. 

landlords however should approach this with caution and we recommend seeking professional advice before engaging in any incorporation.  The two taxes to be aware of are:-

Capital gains Tax
Stamp Duty land tax

There are strategies to put in place to mitigate these potential significant sums but care and attention will need to be paid and specific planning put in place for this to happen.  Please contact if you feel this is relevant to you and your business for further advice. 

Recent research carried out by NEST (The National Employment Savings Trust) showed an overwhelming majority (84 percent) of small and micro employers yet to stage for Pension Auto Enrolment do not currently have an active pension scheme in place, and around half (48 percent) are not sure of when they need to meet the new pension legislation or their staging date.

The Pensions Industry is busy preparing for over 1.5m small employers who will auto-enrol in the next two years.

If you are one of them please be aware it is the responsibility of you the employer to ensure you are ready and have a pension scheme in place before your staging date.
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If you are unsure when your staging date is or would like help in getting your business ready for Pension Auto Enrolment get in touch ​