{"id":21213,"date":"2018-09-17T09:45:26","date_gmt":"2018-09-17T08:45:26","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=21213"},"modified":"2018-09-17T09:45:26","modified_gmt":"2018-09-17T08:45:26","slug":"property-tax-advice-should-be-left-to-experts-to-avoid-mis-selling","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-au\/news\/property-tax-advice-should-be-left-to-experts-to-avoid-mis-selling\/","title":{"rendered":"Property tax advice should be left to experts to avoid mis-selling"},"content":{"rendered":"

Anyone buying or selling a property needs to be aware of the tax implications, but proper tax advice should always come from the right sources.<\/strong><\/p>\n

Speakers at a recent event in London, the Financial Services Expo, have highlighted the need for brokers<\/a>, intermediaries and lenders<\/a> to guard themselves against the next “mis-selling scandal” by making it clear that they do not offer tax advice<\/a> to borrowers and buyers, instead pointing them towards specialist advisers to answer their questions.<\/p>\n

Such brokers should offer documentation stating this fact, according to Louisa Sedgwick of Vida Homeloans who spoke on a panel on the topic, in order to avoid the risk of getting into trouble down the line.<\/p>\n

Buy-to-let taxes are changing<\/h4>\n

For landlords and buy-to-let<\/a> property investors, tax is a hot topic at the moment as mortgage interest tax relief changes – Section 24<\/a> – are already affecting many in the industry. However, it seems that some landlords, particularly those who are less experienced<\/a>, are still not fully up to speed with how the changes will impact them.<\/p>\n

David Whittaker, chief executive of Keystone Property Finance, said: “Lots of landlords remain blind to exactly what is going on. They are aware there is a problem but don\u2019t know how to quantify it yet. And when most of them do their tax returns<\/a> most of them are going to get a wake-up call.”<\/p>\n

The changes mean that the amount of tax relief landlords and investors can claim against their mortgage payments is reducing every year until 2020; this year landlords will be able to claim 50% of their mortgage tax relief. In the 2019\/20 financial year, this will reduce to 25%, before the introduction of the new tax credit in April 2020 when they will no longer be able to deduct any mortgage expenses from\u00a0rental income<\/a>.<\/p>\n

Get the right advice<\/h4>\n

Many in the buy-to-let and property investment industry will naturally be asking lots of questions to find out how the changes are likely to affect their bottom lines<\/a>, and will be seeking clarification when it comes to filling in their tax returns, but it is important to seek this information from the correct source.<\/p>\n

Adrian Maloney, sales director of OneSavings Bank, commented: “Make sure that your clients are getting the right tax advice and that you, as an adviser, are almost isolating yourself to the mortgage advice.<\/p>\n

“Tax advice should only be done by someone who knows the process inside and out.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Anyone buying or selling a property needs to be aware of the tax implications, but proper tax advice should always come from the right sources. Speakers at a recent event in London, the Financial Services Expo, have highlighted the need for brokers, intermediaries and lenders to guard themselves against the next “mis-selling scandal” by making… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":19662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4,26,6],"tags":[341,207],"class_list":["post-21213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-tax-mortgages-money","category-uk-housing-market","tag-newsletter","tag-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/21213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/comments?post=21213"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/posts\/21213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media\/19662"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/media?parent=21213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/categories?post=21213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-au\/wp-json\/wp\/v2\/tags?post=21213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}