FINANCE
Lloyds Banking Group commits to lending
As part of Lloyds Banking Group’s national pledge to lend up to £18bn to UK businesses in 2020, the Group expects to support firms in the Midlands with up to £2.5bn of lending this year. The funding will support entrepreneurs
looking to start a new business, micro- businesses seeking to scale-up and small businesses considering trading internationally for the first time. It will also support established mid-sized businesses and large, multinational corporations seeking further growth. Jo Harris, Lloyds Banking Group
Ambassador for the Midlands, said: “Many Midlands businesses are thriving, with plenty of exciting opportunities in the pipeline too. Continued investment in the Midlands Engine, and regeneration projects underway across the region, are just two things that will help to drive business growth this year. “We anticipate lending up
to £2.5bn to Midlands firms in 2020, as they take advantage of the prospects ahead.”
Jo Harris
Services Offered: • Asset Finance • Business Loans
• Bridging Loans & Development Finance
• Buy to Let Mortgages • Commercial Mortgages • Invoice Finance
• Supply Chain & Trade Finance
Whether just starting out or well established, businesses use finance for any number of reasons. Cash-flow along the supply chain is a frequent concern. Suppliers, tax liabilities and wages can’t wait. Assets and property require funding. An extensive range of financing solutions is available, with access to lenders across the whole of the market.
New Tax Rules for Landlords
Residential landlords face major changes from April 2020 including:
• Tighter Payment deadline capital gains tax is currently payable by 31st January following the end of the tax year in which a property is sold. From April 2020 tax on the sale of property will have to be paid within 30 days of disposal and failure to pay on time will lead to penalties.
• Removal of lettings relief From 6th April 2020 this popular relief will cease to be available in almost all circumstances. Previously sellers could claim a deduction of up to £40,000 if they had lived in the property and subsequently let it out.
• PPR Capital gains exemption for the final period of ownership if the property was lived in was recently reduced from 36 months to 18 months. From April 2020 this period will be cut again to 9 months.
• Interest Relief Tax relief restriction on mortgage interest has been phased in over a four year period. From April 2020 this transition will be complete and the maximum tax relief available will be 20%.
These changes are just the latest in a series of blows to landlords over the last few years. Anyone with a property portfolio needs to look closely at the current landscape and assess their tax strategy for future ownership.
Advice should always be sought in advance of property disposals.
Capital gains tax liabilities can vary considerably dependent on various factors and can often be mitigated through tax planning.
Call us now to see how we can help you and your business t: 0115 960 9955 e:
enquiries@newtax.co.uk w:
newtax.co.uk 470 Hucknall Road • Nottingham • NG5 1FX
business network February 2020 91
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