The much-anticipated Autumn Budget has been announced for 26 November and there is a lot of speculation on how taxes will be affected.
While no one knows for sure what will be unveiled in the Autumn Budget, it is clear that some tax rises are inevitable if the Chancellor is going to fill the gap in the country’s finances.
Landlords are rumoured to be in the firing line and, as tax rises loom for other individuals, it may be time to consider how you can help your clients keep up.
What personal tax changes are expected in the Autumn Budget?
The Labour Government are currently faced with the crisis of whether to increase financial pressures on businesses or break with manifesto pledges and place the burden on individuals.
It seems like the compromise is to target landlords, as they fall neatly into a distinct category between the two groups that the Government may be unwilling to tax.
Combined with the pressures of Making Tax Digital (MTD) and the upcoming changes of the Renters Rights Act, landlords may need some additional support.
Under current proposals, there are plans to tax the income earned from rented properties due to this income being largely exempt from National Insurance.
Facing the pressure of additional taxes, landlords may find themselves in need of more support from accountants and will likely find themselves facing additional administrative challenges.
There will be a need to incorporate any tax requirements into MTD so this could cause landlords to feel overwhelmed by financial and compliance obligations.
As more pressure is placed on landlords, they will need expert guidance to keep them in control of their finances and compliant with regulations.
How can you support landlords with new tax obligations?
As many landlords are already feeling the pressure to change their practices, they are going to need efficient and effective support to prevent them from feeling overwhelmed.
To do this, it may be necessary to ensure that your own systems are dynamic and robust enough to accommodate the needs of a range of clients.
Landlords are in a unique position as property portfolios vary dramatically and the income they gather from rent can be similarly different.
You need to be ready to support a landlord with multiple properties or one who is earning some income on the side from letting out a small flat.
To keep pace with the needs and challenges of your clients, Glasscubes can streamline and optimise the way you manage work.
Rather than having to chase clients with reminders for important information, Glasscubes lets you automate this process so you can offer high-value support in other ways.
The cutting-edge AI used by Glasscubes can extract, summarise, and analyse client information with ease, freeing up even more of your time.
You can use this time to provide the tailored, personalised support to your landlord clients so that they can benefit from your expertise.
Some of the landlords you work with have likely been managing their finances in the same way for years and now need to adapt to a host of changes in a short amount of time.
If you want to better position yourself to assist with these changes, and any others that might come with the Autumn Budget, then you can benefit from Glasscubes.
Help your clients prepare for the Autumn Budget. Book a demo today!
