Tungsten Management Group know that taxes are inevitable, and they serve a purpose that support our nation. Most big changes with the economy, interest rates and taxes can produce some great advantages.
The advice of many successful entrepreneurs is to seek professional advice and get yourself educated on these changes, to see how they can benefit your business.
At Tungsten we have enlisted the help of many experts: from chartered accounts to mortgage brokers, to ensure we learn the benefits of changes and ensure we remain compliant. The added benefit of outsourcing these elements to experts is your time, which is your biggest assets, so you can focus on your business goals.
The great thing about having your own business is that many of the new taxes can be deferred which allows you to grow your empire in a relatively short time period.
A key change to note is:
· Tax relief that property owners of residential properties can receive has been reducing since 2017. By April 2020, there will be no tax relief for UK residents letting properties in the UK. This can be a benefit for those who can secure property that reaches the open market, as landlord’s cash-flow is reduced to a point where the purchase of a property is no longer a financially viable option. Those ready to act quickly and maximise these opportunities can be a in a position of power