1. Stamp duty Any investment properties purchased in the future will be subject to an extra 3% Stamp Duty for Second Properties. This does not apply to limited companies, or the purchase of caravans or mobile homes. 2. Deductions for finance costs phased down You will no longer be able to claim mortgage interest for the property or interest for loans to buy furniture or do major repairs. This is being phased down so that by 2020 interest will not be an allowable expense
5 April, the end of the tax year is fast approaching, and we at S J Baker Accounting want to help you make use of all the tax free allowances you can. Here is a list of 7 things that you could be doing before the end of the tax year. 1. Top up your pension contributions if you can.
• You can put up to £40k away this year
• You get income tax relief if you are a higher rate tax payer
• You can use the allowance from the previous 3 years 2. Top up ISAs for tax