Stephen Fay from Fylde Tax Accountants was the main speaker at our April Property Meet.
Rich gave an update regarding the government wanting small businesses to file tax returns four times per year; these plans have been put on hold for the time being. In relation to dividends, company owners who pay themselves in the form of dividends rather than a salary will see their tax-free allowance more than halved from £5,000 to £2,000. The change also affects those investors with portfolios of shares held outside ISAs or pensions. The reduction in this allowance will come into effect in April 2018.
He finished off by saying that locally activity seems to have picked up in the housing market with houses selling and offers being accepted.
Stephen Fay was welcomed to the property meet.
Stephen began by introducing himself. He explained that he specialises in dealing with property investors. Fylde Tax Accountants currently have approximately 1,000 clients nationwide, they are based in Blackpool and have 7 members of staff. They mainly deal with mid to large sized property portfolios, letting agents and smaller developers.
Stephen then went on to talk about the new tax challenges for landlords and planning, in particular section 24 and the implications for landlords. He explained that section 24 related to mortgage interest relief restrictions and was going to be a major game changer for the residential buy to let market in the UK. He stated that it would shape how people continue to invest. Stephen then went on to explain the impact of section 24. This was followed by a question and answer session.
Stephen was thanked for attending. Should anyone wish to speak to Stephen then his contact details are:-
Phone:- 01253 398082