The Flyer
Rental Property and Tax
At Mansell & Co we have many years of experience assisting numerous clients in the Bishop ’ s Stortford area with the taxation of their property . Some have deliberately set out to build-up a portfolio of residential and / or commercial property but many others have either simply held onto a flat or house that they used to live in , for example after moving in with a new partner or taking a job in another area or inherited property .
Whatever the situation , we can guide you through the requirements of HM Revenue and Customs , including :
• Registering to declare on a Self- Assessment Tax Return that you have started to receive rental income .
• Advising you on the types of expenses and allowances that can be claimed against the rent .
• Explaining how to deal with losses in years when rental expenses exceed income and the types of tax reliefs available .
• Calculating the tax due on rental profits and how your other income affects the rate of tax payable .
• The options relating to VAT on commercial properties .
• Assisting you with the completion of your annual Self-Assessment Tax Return .
• Calculating Capital Gains Tax that may be payable when the property is sold , if it has increased in value since it was purchased .
• The special rules that can often save Capital Gains Tax on sale . These include relief if the property was your main residence at any point or if it is a commercial property that you run your own business from .
If your rental property is making a profit it is usually ( but not always ) a requirement that you register for Self Assessment and declare the income to HM Revenue & Customs by filing a tax return . Failure to register when necessary can result in severe penalties , even if no tax is payable .
We are a friendly local firm and our fees are probably cheaper than you might expect . We can assist annually with tax returns or help you on a one-off or ad hoc basis as required . Please do not hesitate to contact us if you would like to discuss how we can assist you in meeting your obligations in this area . We offer a free , no obligation initial meeting or will be happy to discuss how we can help either by telephone or email .
UK workforce by 2024
Majority over 50
Aviva predicts that workers aged 50 and above will become the largest group in employment by 2024 , representing one in three of all employees . View is based on new data from the Office for National Statistics ( ONS ), which found that almost 10 million workers aged 50-plus are now in employment in the UK .
The figures show the proportion of over-50s in the workplace has increased from 21 per cent in 1992 , when these records began , to 31 per cent in 2016 . The ONS found that 1.14 million people were not looking for work because they had retired – 152,000 fewer than in 2015 . It attributed the fall in people retiring early , following a peak of 1.6 million in 2011 , to a rise in the state pension age for women from 60 to 65 .
John Hawksworth , PwC ’ s chief economist , said the rising costs of pensions and healthcare for an ageing population could be offset by “ tapping into the older workforce ”.
Denise Keating , chief executive at ENEI ( Employers Network for Equality & Inclusion , warned that women over 50 were particularly at risk from career neglect . “ The over-50s have seen and created more change in the workplace than any generation in the past , and far more than the stereotypically innovative millennials . The threat posed to the UK economy by a failure to invest in the skills older workers need could be about to rise to the surface .”
Claire Williams , director at Inclusive Employers , said companies should also consider how to manage the fact they now have five generations in the workplace , with different expectations , ambitions and skills . “ Organisations should create positive and inclusive environments where diverse skills and ideas are valued ,” she said .
It has been clear for some time that employers need to be thinking differently about employing and
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FOR AN INTRODUCTORY , NO OBLIGATION CHAT , PLEASE CONTACT EITHER
JEREMY FOZZARD or MARK WILLIAMS
Telephone : 01279 658 499 Email : info @ mansellandco . org
5 Ducketts Wharf , South Street ,
Bishop ’ s Stortford , CM23 3AR Tel : 01279 658499
Fax : 01279 758190 www . mansellandco . org
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6 THE FLYER | JULY 2016
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