The Chancellor’s budget announcement provided a rare piece of good news for landlords who run a property letting business. Tucked away in his speech was a brief reference to the fact that they will now be able to claim the mileage allowance when they visit their tenanted properties.
Landlords, particularly those with larger property portfolios, can spend a significant amount of time travelling to their properties in order to conduct checks, address issues for tenants and perform routine maintenance tasks.
Normally they would use their own vehicle for such travel, and currently they are able to claim a proportion of the running costs as business expenses. However, this is a complex calculation that involves estimating the share of maintenance, servicing and other costs that are attributable to business usage of the vehicle.
The announcement suggests that, instead of estimating the share of actual costs, landlords will be able to claim a mileage allowance in much the same way that employees do when they use their own car for business travel.
We expect further details to follow, but given recent budget announcements – particularly last year’s 3% SDLT surcharge on the purchase of second or additional properties – this particular tax break should not be overlooked.
There’s no better time to be nice to staff and customers than at Christmas. But the tax man is less generous than Santa and there are certain clauses you need to be aware of before you start popping £50 notes into envelopes to hand out over mulled wine round the office tree.
If you inherit property, there is usually no Stamp Duty Land Tax (SDLT), unless the beneficiary is paying money into the estate or paying other beneficiaries. However, there are an increasing number of people getting caught up in an SDLT ‘trap’ when circumstances relating to the inherited property change.
This week is National Payroll Week, so we thought we’d take the opportunity to run through a few need-to-knows if you are entering the world of payroll for the first time. If you have taken our quiz, you will find the answers below!
If you hire any staff, and you issue them with a payslip, you might want to familiarise yourself with an important update in legislation, effective from April 2019.
HMRC currently has its spotlight on staff and business entertaining, just in time for the summer season, when lots of businesses may be thinking about holding client functions or staff away days.
With the 2017/18 tax year now over, it is time for employers to turn their attention to reporting the expenses and benefits that they have provided to their staff on forms P11D. The deadline for reporting to HMRC is 6 July and now there is a new area to take into consideration.
A service charge account is specifically used in the property management industry.
The Apprenticeship Levy came into force on 6 April 2017 with the aim of creating three million new apprenticeships by 2020. But instead of increasing numbers, it seems that apprenticeship employment has dropped since the introduction of the Levy. Is this a case of businesses simply internalising the training process, or is the Levy proving to be a deterrent?