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The National Landlords Association (NLA) is urging members to hold off from incorporating in case the Government tries to clamp down on limited companies being formed to mitigate income mortgage interest relief changes.
Richard Lambert, chief executive of the NLA, said the Chancellor hinted in his Autumn Statement that the Treasury is concerned by the drop in tax revenues as a result of businesses across the economy incorporating to reduce their tax bills.
He warned that landlords, many of whom are incorporating to preserve mortgage interest relief, should wait to see whether a consultation is launched in next week’s Budget before making a decision.
It comes as the proportion of landlords intending to take out commercial loans to fund their property purchases has doubled over the past 18 months as they look to mitigate the impending buy-to-let tax changes.
Research by the NLA shows that the proportion of landlords planning to use commercial loans has risen from 10% in July 2015 – when the changes to taxation were first announced – to 19% at the end of last year.
The changes to taxation will take place from April and, once fully phased in by 2021, will prevent landlords with buy-to-let mortgages from deducting their interest payments or any other finance-related costs from their turnover before declaring their taxable income.
This rise coincides with increasing numbers of landlords telling the NLA’s quarterly landlord panel that they would form a limited company to preserve the mortgage interest relief perks. One per cent of landlords said they would incorporate in January 2016 and the figures now stands at 6%, which the NLA says equates to a rise from 20,000 to 120,000.
Lambert said: “Over the past year more than one hundred thousand landlords have formed a limited company in order to beat the tax changes, and this overlaps with an increasing intention to look to commercial loans to fund future purchases.
“While commercial loans are available to non-incorporated landlords, they tend to be a source of funding more commonly used by limited companies looking to expand their property portfolios, so we’d expect to see this trend develop as the year plays out.”
Stroking your dog feels lovely, and has the added bonus of reducing blood pressure. Scientists put this down to the oxytocin hormone that is released when you bond with your pet. This ‘hug hormone’ is the same chemical that’s released when you’re hugging a baby or loved one and actually helps to reduce stress and lower blood pressure. So when you’re stroking your pup on the sofa this evening, you can bask in the knowledge that your heart is benefitting, too.
According to experts, our germ-free homes are making us less resistant to illness. By constantly disinfecting every surface, we’re limiting exposure to germs and preventing our bodies from building up immunity. Bring a dog into the home and you’ll also bring its germs in, giving your body a chance to build up some antibodies – problem solved.
If you’re someone who procrastinates about exercise, you’ll certainly benefit from owning a pooch. Dogs need regular walks, so you’ll have no excuse not to get out and about for a stroll in the park. Add some ball throwing into the equation and you’ll easily tot up your recommended half hour of daily exercise without even thinking about it.
Dogs are brilliant for focusing the mind away from our own problems. Instead of thinking about what’s making you feel down, your dog will force you to think about their needs instead. They require routine and plenty of exercise, which are both good for battling depression.
Ever noticed groups of dog owners chatting in the park? Chances are they originally struck up a conversation over their furry friends. Owning a dog is a great way to meet people and bond over tales of slipper chewing. If your neighbours are also dog owners, you could even head out together for a sociable walk with your respective hounds.
When you’ve had a hard day at work, nothing beats coming home to a furry friend. A wagging tail and enthusiastic panting are the best antidotes to stress and will instantly cheer you up. If a positive mindset helps us to stay healthy, then having a dog at home will bring dividends.
If you’re allergic to dog hair, this might seem counter-intuitive. However, growing up with a dog in the home can actually reduce your chances of developing allergies. Some researchers have even found that children who are exposed to four-legged friends are less likely to have eczema.
A barking dog might be annoying for the postman, but it could work to your advantage by deterring burglars. Even a small dog can have a loud bark, and that might just be enough to put off a potential intruder. If your dog makes you feel safer at home, you’ll be calmer, more relaxed and less likely to suffer from stress-related illness.