The Telegraph reports that accountants and solicitors are struggling to interpret the new guidance, which was released in full only two weeks before it came into force.
It details the case of one buyer who is said to have paid almost £13,000 too much as the result of incorrect advice from both his lawyer and the Treasury.
Meanwhile, a report by Deutsche Bank has warned tax increases for landlords will cripple the London property market next year and cause house prices to fall across the country. The bank said investors could expect returns to fall to between 0 and 0.5% as a result of George Osborne’s tax changes.
With more changes on the way, including mortgage interest tax-relief reductions, appointing a firm of accountants who are experienced in buy to let can help you assess the opportunities and threats, and give peace of mind on your investment.
Oscar Wingham, Tax Partner at Rouse Partners commented, “Choosing a team of advisers who deal with property on a daily basis means they will have a good awareness of how the changes impact you and the various routes that you can take. If you are not sure whether you are getting the most appropriate advice do contact our tax team to discuss how we can help.”
Contact our buy to let accountants
From the purchase to sale of your property, we aim to help you manage your wealth and minimise your tax liabilities.
Contact us to arrange a free, no obligation quotation or initial consultation with our buy to let specialists.
Oscar heads our tax department and provides advice on tax structuring, planning and compliance services to entrepreneurs and their businesses.