Useful Buy2Let Information & Tips.... 

 

…Wear & Tear Allowance - where your investment property is unfurnished, when you submit your tax declaration, you will not be able to claim a wear and tear allowance. If you are planning to let your investment property, furnished, when you submit your tax declaration, you may opt to either:- Claim the ‘wear and tear allowance’. With a wear and tear allowance you can deduct 10% of the net annual rental income (less water rates and council tax if you pay it), as an allowable expense – this is known as a wear and tear allowance. This allowance reflects the natural, practical and therefore economic, wear and tear ‘depreciation’ the contents of your investment property will suffer over the long term. The 10% is aimed to help cover the cost of items not normally provided in an unfurnished rental property. For example, beds, white goods, TV’s, curtains, hoover, cutlery etc. OR Claim for a ‘Renewals Allowance’ – this is an deemed an expense deduction for the net cost of replacing a particular item of furniture etc, but you cannot claim the original cost of the item. You must continue with whichever type of allowance you choose (you may not change your mind after a couple of tax years have gone by). The vast of majority of UK landlords from wear and tear as a 10% of net rental income i.e. wear and tear allowance, because this figure tends to reduce taxable gross profits more than on a ‘renewals basis’. The accompanying Buy-to-let Calculator allows you to choose which allowance you desire and see the impact on income tax.

 

DISCLAIMER - we do not offer financial advice - all words are 'information only'

 

 

 

 

 

Mortgage Brokers in Norfolk.... 

 

1st Mortgage Solutions Limited:-    1 Exeter Street, Norwich, NR2 4QB

Abbacus Mortgage Solutions U K  Limited:-    10 Lee Warner Road, Swaffham, PE37 7GD

About Online Mortgages UK:-    The Royal, Norwich, NR2 4SF

Alan Boswell Group Limited:-    Harbour House, Norwich, NR1 1UL

Blue Print Financial Solutions Limited:-    24 Market Place, Dereham, NR19 2AX

County Life:-    142 144 Plumstead Road East, Norwich, NR7 9NG

D K Wild and Company Limited:-    7 Woolgate Court, Norwich, NR2 4AP

Direct Mortgage Answers Limited:-    4 Griffin Court, Wymondham, NR18 0GU

East Coast Financial Services:-    2 Northcote Road, Norwich, NR3 4QF

Fenton Financial Services:-    Mill House Hills Road,  Saham Hills, Thetford, IP25 7JW

Holland Financial Planning:-    Moore House,  Radcliffe On Trent, Norwich, NR1 1DG

Inter Alliance:-    Cavell House, Norwich, NR3 1YE

John Cooper Insurance Services:-    26 Ryders Way,  Rickinghall, Diss, IP22 1ER

Joseph Dunn Mortgages:-    7 Gordon Godfrey Way,  Horsford, Norwich, NR10 3SG

Just Mortgages East Anglia Limited:-    13 Jaguar Road,  Hethersett, Norwich, NR9 3QW

Kemball Roache:-    8 10 Cromer Road, Norwich, NR6 6ND

Kenton Insurance and Mortgage Services:-    Mill Lane, Norwich, NR10 3ET

King's Lynn Mortgage Centre:-    2 Gresham Close, King's Lynn, PE30 3EJ

Leaping Fish:-    Belmont House, Thetford, IP24 2AP

Money Works Uk:-    2 Duke Street, Norwich, NR3 3AJ

Mortgage Advice and Practice Limited:-    108 Prince of Wales Road, Norwich, NR1 1NS

Mortgage U Limited:-    153 Kingswood Avenue,  Taverhan, Norwich, NR8 6UW

Norwich Union Direct Financial Services Limited:-    PO BOX 140, Norwich, NR3 1PP

Norwich Union Mortgage Finance Limited:-    8 Surrey Street, Norwich, NR1 3NG

Red Hot Mortgage:-    30 Mill Lane,  Horsford, Norwich, NR10 3EX

Roy Spencer Independent Financial Adviser:-    26 Pilot Street, King's Lynn, PE30 1QL

Spainish Freehold Properties:-    47 St Benidicks Street, Norwich, NR2 4PG

Spanish Freehold Properties Limited:-    47A St Benedicts Street, Norwich, NR2 4PG

St.Benedicts Limited:-    1 Woolgate Court, Norwich, NR2 4AP

St.Edmunds Finance Limited:-    18 Stuart Gardens, Norwich, NR1 1JG

The Finance Shop:-    38 39 Baker St, Great Yarmouth, NR31 6QT

The One Account:-    Woodland Place, Norwich, NR7 9EJ

The One Account Limited:-    Woodland Place, Norwich, NR7 9EJ

The Packaging Centre Limited:-    6 Upper King Street, Norwich, NR3 1HA

Torc Financial Services:-    43 Lynn Road,  Snettisham, King's Lynn, PE31 7LR

Virgin Money Limited:-    Discovery House, Norwich, NR4 6EJ

Wayne Kincaide Mortgage Services:-    272 Norwich Road, Dereham, NR20 3AY

 

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