Landlords urged to ‘get their house in order’
Significant tax changes affecting landlords will be outlined as part of National Landlord Day tomorrow.
Specialist property tax experts from EQ Accountants will be attending the Scottish Association of Landlords in Edinburgh to highlight new legislation affecting those who let their properties out to families, students and other tenants.
The advice will then be shared during a series of free seminars in Dundee and Angus later this month. Organised by EQ Accountants in association with Wardhaugh Property Management, the seminars are aimed at all residential property landlords, especially those with smaller portfolios, who may be unaware of the changes.
New legislation affecting landlords includes forthcoming changes to tax relief on finance costs, the abolition of the ‘Wear and Tear’ allowance, the ‘Rent a room’ relief increase and Land and Buildings Transaction Tax (LBTT) changes. Aimed at offering advice on planning for the future, the seminars will also explore the topic of making tax digital, and how this will affect landlords.
David Morrison, Partner, EQ Accountants, said: “Recent and forthcoming changes to tax rules will mean radical change to the way property income is taxed, requiring property owners to reconsider their investment strategy. Our seminar will aim to cover the new rules and offer tips as to how to plan for a better outcome.”
Meanwhile, Amanda Wiewiorka, managing director, Wardhaugh Property Management, added: “This seminar is not just about telling landlords about the changes in legislation. It will interpret what it really means and the impact on our local area. Our Seminar is being run by landlords and local businesses who have first-hand knowledge of the landlord market in a relaxed atmosphere.”
The three seminars will be held at Finavon Hotel, Forfar (15 November), Discovery Point, Dundee (21 November) and Arbroath Football Club, Arbroath (23 November), all from 6-8pm.