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Video instructions and help with filling out and completing Rental income tax form
Instructions and Help about Rental income tax form
Hi again and welcome to my channel now had quite a few messages from some of you who are panicking about the tax changes for individual levels now I know some of you are already River that your landlords and others are going down a path of becoming a residential level many of you don't really understand what the changes mean or how it affects you it's not really surprising because when you read up about it it can be a little bit confusing I'm going to simplify the changes in the best way that I can say to have more of an understanding of what it means and also you're gonna see that the majority of you will not be affected by the change at all let's go what is the change now this is a good place to start the change is a tax relief that levels of residential properties receive for their finance costs it will now be restricted to the basic rate of income tax the process started in April 2022 and will be completed in the financial year 2022 to 2022 now before I carry on just in case anyone is getting confused by anything that I say I'm going to be explaining as much as I can throughout the video and also later on in the video I'm going to be giving you details using scenarios so you can actually see figures wise how the changes with effect person when I mentioned basic rate of income tax the basic rate of income tax is 20% it's important for you to remember this during the rest of this video Music now in this section I'm going to tell you who these changes are targeted at ie who may be affected by the changes number one people who are residents over the UK that rent out property in the UK or rent a property overseas that's right if you have property overseas that you're into now you may be affected by this change non UK residents that rent a property in the UK so if you're non UK residents ebook property in the UK and you write it up you may be affected by this change as well and in the vigil that wins our property through a partnership a trustee or is a beneficiary of a trust that is liable for income tax on property profits those who will not be affected by these changes are number one at the UK visited company ie a company based in the UK that owns property and rent it out non-uk lives in the company ie a company abroad owns a property and rich it out they again will not be affected levels of furnish holiday lettings will not be affected by this ie anyone who has an air B&B or similar will not be affected by this now my belief is the reason why the last three that I've told you will not be effective is.