And finally………….. Some good news for Property Owners?

25th February 2016

Partly Furnished Properties – Renewals Allowance

Since April 2013 landlords of partly furnished properties have not been able to claim for the cost of replacing items such as furniture, carpets, or stand-alone white goods. This is being addressed from April 2016 and all landlords will be able to claim the cost of replacing these items.

What Can I Do?

Planning points include delaying any expense on replacing furniture, carpets, stand-alone appliances and soft furnishings until after 5 April 2016. 

Changes to Rent a Room Relief

From April 2016 the amount of rent a room relief will increase from £4,250 to £7,500. Rent a room relief is the annual exempt amount per property for letting out a spare room.

The amount is per property and must be shared if the property is jointly owned.

Rent a room relief is available to small b and b businesses as long as the owners live on the premises.  

The sting in the tail is Stamp Duty on Second Homes. After allowing just 5 weeks for Consultation on the proposals (less than half of the recommended 12-weeks in government guidance for consultations) the final details are due to be announced on Budget Day on 16 March 2016. The proposals are due to be introduced for property sales completing on or after 1 April 2016; bearing in mind that Easter falls between Budget Day and 1 April 2016, it leaves very little time for implementation.

Watch this space!

Karen Oliver | Brighton Accountant

For more information, please contact Karen Oliver on 01273 701200 or kareno@plusaccounting.co.uk

Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. 

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