It is essential that property owners and estate agents remain up-to-date with all legislation and compliance dates. In this blog, we will be outlining some of the main lettings legislation and compliance dates for the new year from 2023 and onwards.
31 March 2023: Changes to the Energy Price Guarantee
By the 31st March 2023, there will be changes to the Energy Price Guarantee. The Energy Price Guarantee aims to support households by protecting them from rising energy costs. It Is proposed that an average house in the UK will save approximately £900 annually which leads to a reduction of £2,500 on energy bills.
1 April 2023: Changes for second homeowners
On 1st April 2023, second homeowners who currently have access to business rate relief will be required to rent out their second property for at least 70 days annually to continue accessing the relief, instead of paying council tax. It is also expected that the second property will be available for rent for at least 140 days annually.
1 April 2023: First payments will be due for Economic Crime (Anti-Money Laundering) Levy (UK)
Businesses, including estate agencies, that are regulated for anti-money laundering (AML) will be required to pay for the Economic Crime (Anti-Money Laundering) Levy. The first payments will be due after 1 April 2023. The fee will be fixed and based on your agency’s size.
6 April 2024: Making Tax Digital for Income Tax Self Assessments (UK)
Businesses will be required to submit their income digitally four times annually if they are:
– registered for Income Tax Self Assessments
– have a yearly business or property income of more than £10,000
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