Capital allowances are not available for expenditure on furniture and furnishings for use in dwelling houses. However, until 5 April 2016 (1 April 2016 for corporation tax) a deduction for wear and tear may be claimed (known as a ‘wear… Read more
From 6 April 2016, the personal savings allowance (PSA) will allow basic rate taxpayers to receive up to £1,000 of savings income tax-free. For higher rate taxpayers, this limit will be £500. HMRC have published guidance setting out details of… Read more
The new rules governing the taxation of dividends are set to take effect in relation to dividends received after 5 April 2016. The changes include: a £5,000 dividend nil rate (also known as the ‘dividend tax allowance’ (DTA)), which will… Read more
Following this Summers Budget the Chancellor has introduced new rules for residential landlords. Wear and Tear Allowance The wear and tear allowance will be replaced from April 2016 with a new relief that allows all residential landlords to deduct the… Read more