Last week’s Budget didn’t bring much in the way of tax changes. However here is one small point of interest that didn’t make the headlines.
Individuals who rent out property can from 6 April 2017 claim the fixed rates for mileage driven to maintain their rental portfolio, rather than claiming the actual expenses incurred.
Fixed mileage rates for cars and vans are 45p per mile for the first 10,000 business miles and then 25p thereafter.
This brings landlords in line with other sole traders, and hopefully enable tax relief to be maximised with minimum administrative burden.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.