@JoBrady24 The last time I had a buy-to-let was five years ago. If I decide to do it again what are the major difference since then.
There have been quite substantial changes over the last five years which include:
most notably when acquiring a second property that is not your main residence the SDLT surcharge will appl.y. The percentage of tax payable on the whold of the purchase price will be 3%
Landlords are required to now carry out further assessments of the property to ensure certain health and safety requirements have been met. Covering Legionella and also ensuring adequate fire preventioan menthods are in place.
In 2018 it is proposed that a property intended to be used as a rental property must meet a minimum rating to be eligible to rent out.
Landlords are now obligated to check the residential status of the tenant and ensure they are eligible to remian in the UK.
Landlords are now obligated to provide to all tenants the Department of Communities and local govertment guidence on letting.
From 6 April 2016, the wear and tear allowance for furnished properties has been removed to be replaced by income tax relief for the cost of replacement items. From 6 April 2017 tax relief will gradually be withdrawn for mortgage interest payments made by higher rate taxpayers, until it disappears altogether in 2020-21.
If you already have a major interest in a property and you acquire another one, you will have a 3% surcharge on your stamp duty land tax bill for the purchase of your second purchase