Plus Accounting are offering free 45 minute advice sessions on Inheritance Tax.
In the Chancellor’s Budget, he has announced that the personal allowance and income tax rate bands from 6 April 2021 for the next five years will be frozen.
Shortly before the 31 January 2021 filing deadline for 2019-20 self-assessment tax returns, HMRC announced that the late filing penalty of £100 would not be charged to any taxpayer who submits their 2019-20 by 28 February 2021.
There are a variety of expenses that can be deducted when calculating your net rental profit. Anthony takes a look at these in his blog on Reporting Rental Income!
From the 2020/21 tax year onwards, no deduction will be allowed for mortgage interest in calculating the rental profits.