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Everything you need to know about buy-to-let mortgages We are fortunate to live and work in one of the UKs most beautiful locations. People want to live, work and holiday by our wonderful beaches. Couple this with the recent property price boom, and it’s understandable why the buyto-let market is as busy as it is; showing no sign of slowing. BTL mortgages are used on properties which are being bought to rent out to a tenant. The owner of the property becomes the landlord. Most BTL mortgages are interest only, with the capital debt being payable at the end of the mortgage. Owning a BTL might be the first time that you receive income that is not taxed at source. You will likely need to complete selfassessment tax returns every year. You can register for this through HMRC. You will need to keep records of income and expenditure. Some expenses will be deductible against income and/or CGT. Income tax arises on the net rents each year, at 20% for basic rate taxpayers and 40% for higher rate taxpayers. CGT is only relevant if the BTL is sold for a profit. Main residence relief will not exempt the gain from tax as this is a property you will not have lived in. The annual exemption will reduce the taxable gain, but the profit on sale will be taxed at 18% and or 28%, again depending on your rate status for the tax year of that disposal. Take advice on whether it’s best to hold your BTL in your own name, or in a company name which you own. There are tax advantages to using a company structure, but this will add a level of paperwork and annual compliance. If you’re looking to purchase a BTL, please get in touch. We offer a free initial appointment for all new clients. Jen Smith, Conveyancing Executive 01202 499255 | jsmith@frettens.co.uk www.frettens.co.uk
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January 2022 | Dorset Business Focus
One World Express announces partnership with OnBuy One World Express has announced a new partnership with the UK eCommerce marketplace, OnBuy. The global logistics firm will provide logistical solutions to OnBuy’s 11,000 UK-based online retailers. The partnership will allow OnBuy retailers to download their orders into One World Express’ system and ship exclusively with the logistics provider. Retailers will also enjoy access to One World Express’ sophisticated logistics software, including SmartTrack, to help them provide an efficient and transparent courier service to customers. One World Express is currently providing OnBuy retailers with domestic courier solutions. Furthermore, One World Express has pledged to extend its support to OnBuy to facilitate its imminent plans to expand into international markets. Atul Bhakta, CEO of One World Express, said: “This partnership is another exciting step for One World Express. We are delighted that our services will help to facilitate the growth of promising UK-based eCommerce retailers. “OnBuy is such an exciting business, and I am thrilled that One World Express is able to support its domestic and international growth. I can’t wait to see the progress that the marketplace, and its retailers, will enjoy over the next few years.
Cas Paton, Founder and CEO of OnBuy, said: “We greatly value our existing pool of retailers and customers; and we are delighted that this partnership with One World Express will be able to further enhance our services by providing them with superior courier solutions. “This is just the beginning. OnBuy has its sights set on the international stage – and with the support and expertise of One World Express behind us, we expect to see some very exciting developments over the coming years.” One World Express’ logistics solutions is now available to OnBuy’s online retailers. www.onbuy.com
Trethowans named in The Times Best Law Firms 2022 Trethowans has been named in The Times Best Law Firms 2022, a list of the top 200 law firms in England and Wales that the newspaper compiles annually. The Times Best Law Firms 2022 is put together by Statista, an international market research company. Every year it surveys solicitors in England and Wales, asking for their recommendations on the best law firms in 26 categories covering business, public and private client services. Respondents can vote only once and are not allowed to choose their own law firm. Trethowans’ Managing Partner, Mike Watson, said: “Statista surveyed nearly 5,000 lawyers, so for our firm to be regarded so highly by our peers and celebrated in such a prestigious, nationally recognised listing is an outstanding achievement. “This is testament to the hard work and dedication of the team at Trethowans, who have all pulled together during these challenging times to ensure our clients receive a first-class service of exceptional quality. I’d like to congratulate our amazing /company/dorset-chamber/
team and thank them for all their hard work.” In November 2021, Trethowans was also recognised in the Legal 500 – a research and ranking publication renowned throughout the legal industry. It was commended for its services across a wide range of sectors including corporate and commercial, employment and tax. www.trethowans.com
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