So, have you heard of the fantastically named Office of Tax Simplification? It’s released this review on residential property income in the uk and I’m here to break it down for you. So according to HMRC data, nearly 25% of all tax returns had a portion of property income. The OTs conducted a review and have, have released their recommendations to the government, including revamping the furnished holiday lets.
Changing the allowable expenses for landlords and adjusting the reporting of income for joint. Putting a halt on making tax digital for landlords and reforming the non-resident landlord scheme. So one thing to note is the consistent use of the word business in relation to property, including a suggestion of bright Line business test for residential properties.
So the government may be slow to act on the OT S’S recommendations, but the report still influences policy discussions. With changes to tax coming up. So now’s the time to review your affairs and take advantage of all tax reliefs before it’s too late. Please like, follow and comment to stay informed with my latest tax tips.
Also, please get in touch with me via my website redboxfinancial.com if you need help with this or any questions. So, have you heard of the Office of Tax Simplification? Do you think is a good. , what do you think is better? That tax law just stays really complicated, so Norm really understands it. What do you think?
Let us know the comments.