If you are a private landlord, then you may well have just felt the impact of the latest tax changes, when you filed your tax return in January.
Mortgage interest, as a deduction against profits on residential properties, is being phased out and the first phase came into place for the 2017/2018 tax year. This, combined with the (already) abolition of the wear and tear allowance, has and will increasingly have significant impacts on the taxation of buy to let property income.
These changes, along with those to Stamp Duty Land Tax, have prompted many to consider the use of limited companies and limited liability partnerships (LLP’s) as vehicles for property ownership. Whether these vehicles are appropriate depend on personal circumstances and professional advice should be sought.