Meg Saksida looks at how landlords might be suffering in 2020/21 and how to deal with the tax effects of it.
The government’s advice is clear; landlords are not required to stop charging rent during the pandemic. Great efforts and huge financial grants have been made by the government to ensure that all tenants are able to pay their rent, including the furlough scheme for employees and the self-employment income support scheme for those running their own businesses.
In addition, tenants can contact their local council, to whom the government have made £500 million available to fund households experiencing financial hardship, and a further £180 million funding for discretionary housing payments to distribute to help tenants with rent payments. Finally, tenants falling into financial difficulties may also qualify for Universal Credits.>