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Michael Martin Partnership Ltd
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What are you all up to this weekend? If you've got nothing planned and fancy a party, why not head on down to #Whitstable this Saturday (1st August) for the #2015 #Carnival? The procession will leave #Tankerton at 6pm. We're very proud to be sponsoring this 118th Carnival, which is in aid of local charities.
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We saw a 0,7% increase in UK economic growth in the first quarter of the year
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Also proud to announce our new sponsorship of Tenterden Cricket Club as they purchase brand new practice nets!
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Proud to be sponsoring Cliftonville Hockey Club again this forthcoming season! Can't wait to see what this year has in store
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What do #accountants get up to in their spare time?? Last Saturday, Paul was taken up in a  for a mile high flight!! Thanks to #KentGlidingClub  for a great day out! 
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2015-07-14
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Here's our run down of how Buy-to-Let investments are set to be affected by the Budget 2015

To begin with, these changes will only affect “Buy-to-Let” investors in residential (commercial and holiday lettings are unaffected) property. We have identified 2 changes that will affect these types of investors. 

1. “Wear and tear” allowance
This first change applies to both companies and individuals. Prior to the Budget announcement, the costs to replace furniture and fittings are not tax deductible. Rather, there is a notional deduction of 10% of rents is taken for tax purposes. However, starting in April 2016, this 10% deduction will no longer take effect. Instead, there will be tax relief for the actual costs of replacements. 

NB: This does not affect tax relief for expenditure for routine repairs to the property, which will continue to be completely tax-deductible. 

2. Financing costs
This second change relates to certain financing costs, which include mortgage interest, interest on loans in which the landlord buys furnishings and any fees incurred when repaying or taking out mortgages or loans. Commencing the 6th April 2017, tax relief for these items will be restricted to the basic rate of Income Tax. However, this will only apply to individuals and not companies. 

Landlords will now receive the equivalent of tax relief by deducting an amount equal to tax at the basic rate on the finance costs from the tax otherwise chargeable on the profits. If this tax deduction exceeds the tax otherwise payable on the profits, this excess can be carried forward and used in subsequent years. 

This change will take effect the 6th April 2017 and will be phased in over the following 4 years. In 2017/18, this rule will apply to 25% of the finance costs, 2018/19 it will apply to 50% of the costs, in 2019/20 75% of the costs will be affected and from 6th April 2020, 100% of the finance costs will be dealt with under the new rule. Until 2020, the remaining percentage will be deducted in computing taxable profits, as it is currently. 

This change in particular is set to alter drastically the dynamics of many buy-to-let portfolios, especially considering that from April 2016, dividends will be taxed as normal income, essentially resulting in the tax rates on dividends increasing by 7.5% across the board. 
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