Buy-to-let loan interest trap

Although finance costs, predominantly loan interest, are now disallowed as an expense that can be utilised to reduce taxable rental income, these charges do qualify for a tax credit limited to 20% basic rate Income Tax. For example, if your loan/mortgage interest amounts to £10,000 this cannot be used to reduce your rental income. It […]

Winter Fuel Support

If you were born on or before 25 September 1956 you could receive between £250 and £600 to help you pay your heating bills. This is known as a ‘Winter Fuel Payment’. The amount you receive will include a ‘Pensioner Cost of Living Payment’. This is between £150 and £300. You will only get this […]

Mini-Budget 23 September 2022

A summary of the main tax changes that will impact the liability of individuals and business owners from April 2023 are: • A reduction in the Income Tax basic rate from 20% to 19%. • The abolition of the 45% additional Income Tax rate. • The cancellation of the proposed increase in Corporation Tax. The […]