If you own buy to let property, there were a couple of changes announced in the Summer Budget which may affect you. Wear and Tear Allowance Landlords of furnished properties are allowed to deduct a flat rate 10% of rental income in respect of a wear and tear allowance. This is being removed from April 2016, …
When you own a property which is let out to tenants, this is known as a buy to let. If you receive income from a buy to let, you need to register for self assessment, which will mean that you will have to complete tax returns each year. Your net property income is assessed for …