Taxing times for UK taxpayers are upon us because of Coronavirus.
Canalitix Accountants have created a set of income tax calculators and schedules to aid tax payers with their income tax planning.
The income tax calculators will focus on the construction industry and buy to let (BTL) property investors.
Prior to COVID-19, BTL property investors were already suffering from the phased withdrawal of mortgage interest tax relief.
Property and construction are directly connected industries and construction workers have taken a hammering (no pun intended) during COVID-19.
HMRC will withdraw the final 25% of allowable residential finance costs from 6th April 2021. However, don’t rush to liquidate your BTL portfolio or convert to a limited company just yet.
You may be losing 25% of your mortgage costs but you will still get a basic rate tax allowance to compensate. It may only be 20% but it’s better than a slap in the face with a wet fish.
Why pay all that money to an accountant when you can find the information in books and on the internet?
HERE is why, the accountant knows exactly which page to find it. Enjoy!
The tax calculators are provided for research purposes only and are not meant to be relied upon for any other purpose.
If you would to use our tax filing services please submit your email address along with a brief description of your requirements and we will get back to you.
This post on Taxing times for UK taxpayers was sponsored by Canalitix.com
Thank you for your interest.