Landlords 'could save on their tax bill'

News Category: Industry News

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Landlords have been told that there is a possibility they could save money on their tax bill if they take advantage of the allowances afforded to them.

According to Paragon Mortgages, good tax planning is "key" for landlords, although it is a very complex area to grasp.

Paragon Mortgages' managing director John Heron stated that it is particularly important landlords are aware of tax issues at the moment because the taxman currently has buy-to-let landlords on his radar.

He said: "How you implement, manage and run your tax affairs could have a major impact on your property investments and their financial profitability."

Mr Heron said by taking into account deductible costs such as council tax, legal fees and the Landlord Energy Saving Allowance, landlords could make a significant saving on their tax bill.

"Landlords shouldn't be ignorant to savings in the current market," he added.

The government advises landlords to keep all receipts in order to ensure they can claim back any money they are entitled to.

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