When it comes to owning a property, there are some costs that cannot be avoided. Basic maintenance costs would of course be counted among these, and among those coming highly recommended would be insurance - such as landlords, unoccupied or holiday home insurance policies, among others. But there is one cost that has often been compared to shuffling off this mortal coil - and that's tax.
But our friends at Her Majesty's Customs and Revenue could well be alleviating some pressure from us over the upcoming tax year. There are two notable ones which may well be of interest if you own a property.
1. Home and office costs - From the 6th of April, UK landlords will be able to claim a total of £208 towards costs associated with running a home office for their business. What's more, this can be achieved without any comment from the tax inspector. The allowance has increased by £150 to £208 a year, equating to £4 per week.
2. Mileage rates - from the 6th of April, these will increase from 40p per mile to 45p per mile for the initial 10,000 business miles, then 25p per mile for any additional mileage. An extra 5p per mile can also be claimed for any additional passengers who are in the vehicle for the business trip.
Rates remain the same for motorcycles and bicycles: 24p per mile for motorbikes and 20p for bikes.
Together, these two little giveaways from HMRC are not to be sniffed at. If we become aware of any more helpful tax changes along these lines, we'll highlight them in this blog.