Changes to the taxation of residential property
Individuals that own and let property are facing a number of changes to the way in which their rental income, and more importantly, the deductions they can make from their rents for income tax purposes, are changing.
They include:
1. An increase in the rent-a-room allowance.
2. The abolition of the wear and tear allowance if you let furnished residential property that is not part of a holiday lets business; and the introduction of a new replacement furniture relief.
3. The gradual restriction of higher rate income tax relief for finance costs.
Shropshire businesses should get Involved with HMRC consultation on fines
A SHROPSHIRE and POWYS accountant is urging people to participate in new consultations about the Taxman’s proposals to triple the fine on small businesses if they fail to pay their taxes on time.
Rob Ellis, Managing Partner of Welch and Ellis, which is based in Willow Street, Oswestry, says it is vital small business owners make their views known about Her Majesty’s Revenue and Customs (HMRC) considering introducing a sliding scale that could bring a penalty of up to 15 per cent of a company’s outstanding tax bill.
Welch & Ellis Accountants
Big enough to deliver, small enough to care Welch & Ellis are an Accountants and Tax Specialist in Oswestry, Shropshire offering accountancy, bookkeeping and taxation advice to commercial and personal clients in Llanfechain, Oswestry, Welshpool and Shrewsbury and to rural businesses and individuals throughout Shropshire and Powys. Our partners are both experienced accountants with many […]
Capital Allowances
It is now essential that the section of the Commercial Property Standard Enquiries (CPSE) form relating to capital allowances is completed fully.
If you own or are planning to buy a commercial property, it is essential you complete all necessary paperwork relating to capital allowances. The Commercial Property Standard Enquiries (CPSE) form needs to be completed accurately and comprehensively to ensure that any capital allowances have been claimed by the owner for any ‘plant and machinery and fixtures and fittings’ within the property.
Agricultural and Farming
Oswestry based accountants Welsh & Ellis are well placed to serve farms and rural businesses in Shropshire and Powys.
We are expert in providing a full farm accounts and tax service to farmers, agricultural business or clients who have other rural businesses or property in the Shropshire and Powys areas.
Wills, Trusts and Estate Planning
We work hard all our life and when it is time to go we or our loved ones find out, often too late, that our inheritance planning is inadequate.
Your will lets you decide what happens to your money, property and possessions after your death, but Welch & Ellis believe the writing of your will is only part of a proactive approach to estate planning, and it’s never too soon to start.
Tax Advisor and Tax Planning
With the ever increasing complexity of tax legislation, it pays to get expert advice and put your tax planning in safe hands.
Welch & Ellis are tax specialists in Oswestry, Shropshire, and have extensive knowledge and expertise which is constantly updated as tax rules change.
We pride ourselves on being easy to deal with, and every member of our team combines enthusiasm and energy with a down-to-earth, jargon free approach. Whether you have complex tax affairs or simply need specialist advice on a particular area of tax legislation, we can offer a tailor-made service at a competitive price.
Accountant Urges Taxpayers in Powys and Shropshire To Take New Year Look At ‘Taxability’
A SHROPSHIRE and POWYS accountant is urging businesses and individuals to make a New Year’s resolution to save themselves money by going through his free taxability guide.
Tax expert Rob Ellis, who lives in Llanfechain and works from his office in Willow Street, Oswestry, believes whilst many people make resolutions around making more money in the New Year, many overlook the fact they could easily be saving money with better tax planning and advice.