We were delighted to be invited by the NLCE (National Landlords Code of Excellence) to run a joint training session with them on the subject of Income Tax for Landlords and S24 changes.
The NLCE is a forward thinking group of pro-active landlords & agents offering a national solution to best practice letting guidelines, property maintenance tracking, accreditation and training.
The event was held at Weston-super-Mare Golf Club on April 10th 2018 and it was a pleasure to meet so many local landlords who had taken the time to come and listen to what the options for their property portfolios might be and how Alanbrookes might be able to work with them to create bespoke solutions.
After an introduction from Sam Jackson of the NLCE, James Hill kicked off the morning by introducing Alanbrookes to the group and explaining the background and ethos of the firm. He went on to look over the typical threats and pressures out there for property investors and their families before reviewing the options available in terms of taking action. This included thoughts about creating the best scenario for the family, encapsulating death planning and lifetime planning to mitigate inter-generational tax.
Emma Manning CTA from Alanbrookes then moved on to talk about the current attacks on landlords mainly through the introduction of restrictions on interest allowability for landlords owning residential property personally. She went through some examples of how this is going to affect all landlords, from those currently basic rate tax payers with a single property to those with multiple properties. Not only will their income tax increase but they may well lose access to child benefit, tax credits, transfer of the marriage allowance and also see increases in student loan repayments. Next were some options available to landlords to get through the next 4 years and how to review the best options available.
After a break for coffee, Andrew Fisher FCA from Alanbrookes then continued with 3 case studies showing different structures available to landlords to mitigate future tax increases and also protect their portfolios for the future. He iterated that every solution is unique and no one solution can ‘fit all’. He stressed the importance of taking advice now before the changes become an issue.
Following this was a session for questions and an active discussion between the attendees! If any of the subject matter in this blog is of interest to you, please get in touch with Emma Manning on 01380 722918 at our Devizes office or email her firstname.lastname@example.org