Rental Income Tax Raise

The health and social care tax rise was passed in the House of Commons, with the MP’s voting 319 to 248 in favour of a 1.25% increase to national insurance. This affects employees, employers and the self employed allowing a gap for those Landlords who take rental income directly.

Of course this spells bad news for those who moved their properties into a company portfolio as an increase of 1.25% was also added to paid dividends. This has become more applicable to landlords as the stamp duty and changes to personal tax have encouraged many to hold their portfolios under limited companies.

While there were criticisms in the house over the increase and those affected, with the passing of the bill it is certain that on the 1st of April 2022 all National Insurance contributions and dividend tax rates will increase across the whole of the UK, raising £12bn a year.

12 Sep 2021

Written by Toby Dawson

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Lovely, bright, modern and spacious three double bedroom two bathroom apartment on the first floor (with lift) of this small Purpose built block. This wonderful property has recently been the ...

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TENANT FEES - NEW ASSURED SHORTHOLD TENANCIES (AST's) SIGNED ON OR AFTER 1 JUNE 2019

Holding Deposit - One week's rent, apportioned to first month's rent

Security Deposit - Five weeks rent if rent per annum below £50,000, six weeks rent if above £50,000

Unpaid Rent - Interest at 3% above the Bank of England Base Rate. Interest will not be applied until the rent is 14 days in arrears.

Lost Keys - Tenants are liable for the cost of replacing any lost keys and/or security device including the costs of replacing any locks and/or security device if required.

Changes to the tenancy agreement (Tenant's Request) - £50 inc. VAT (or reasonable costs if higher).

Early Surrender of tenancy (Tenant's Request) - Should a tenant require an early surrender of their tenancy and should the landlord agree, the tenant will remain liable for the rent due under the tenancy until the date a new tenant takes up occupation of the property. The tenant will be required to cover the landlord's costs in connection with the surrender of the tenancy and the re-letting the property