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Stamp Duty Land Tax: temporary reduced rates

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

You can use the table to work out the SDLT due:
Property or lease premium or transfer valueSDLT rateUp to £500,000ZeroThe next £425,000 (the portion from £500,001 to £925,000)5%The next £575,000 (the portion from £925,001 to £1.5 million)10%The remaining amount (the portion above £1.5 million)12%
From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.

Higher rates for additional propertiesThe 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.

The following rates apply:

Property or lease premium or transfer valueSDLT rateUp to £500,0003%The next £425,000 (the portion from £500,001 to…
Recent posts

Business As Usual

Firstly, we all hope everyone is keeping safe and healthy during the lockdown. We thought you would find the following short updates useful in the current climate:
Client Meetings are being conducted over the phone or by video call until we feel it is safe to re-introduce face to face contactWe have introduced Docusign to make it possible for clients and professional connections to digitally sign our documentation (many Providers are now not requiring wet signatures making the application process far simpler)Despite these new internal measures, our Investment and Advice Process has changed very little with the emphasis still on holistic financial planning, sound diversification amongst asset classes, timed investments and withdrawals, working closely with solicitors and accountants, tax planning and cash flow projectionsIndependent Mortgage Advice – Please contact Rachael Smith by email rachael@allentomasfinancial.co.uk or mobile 07957 357212 to discuss:Re-mortgaging and Loan Amalgamat…

An update from our Mortgage & Protection Adviser

Mortgage lenders have been working hard to get to grips with the current pandemic. There has been a lot of positive movement in the mortgage market that we want to share with you.

Loan to value limits are now starting to increase again meaning lenders are now lending more money based on the value of your property. This is great news for anybody looking to borrow some extra money on their mortgage, remortgage their property as their rate is coming to an end within the next 6 months, or looking to buy a house with a smaller deposit.
Automated valuations are now becoming easier. This is where a valuation is completed from the computer rather then having to visit the property. This is pushing applications through a lot quicker. Not only are these being completed more frequently but they are also being carried out on higher loan to value mortgages.
More Buy to Let products are now coming back to the market. This is great for any landlords looking to increase their property portfolio or anyon…

A Message from our Directors

A message to all our existing, and new clients including our professional connections. It is self-evident we are living through an unprecedented crisis as a result of the coronavirus pandemic. All the normal activities and interactions of society and business across the world have been brought to an abrupt halt. We do not know how long the current situation will last, however what we do know is that “IT WILL PASS”. Our personal view is the worst will be over in a few months if Government guidelines are followed and that life, and the markets, will then start to recover. We urge all clients during this time, not to panic and remember the key reasons why you invest.

We also thought it important to summarise below:

New client meetings and review meetings are now being conducted over the telephoneWe have excellent systems in place to manage client money efficiently and remotelyOur systems provide high levels of client securityOur Investments process is built on diversification Tax plannin…

Coronavirus (Covid 19) – Business Contingency Plan

Following the recent announcement by the government confirming their intention to move to a ‘delay’ phase relating to the control and containment of the Coronavirus, we wanted to share with you our business contingency plans which will go some way to safeguard the business operations as well as supporting you.

You'll be reassured to know that business can be conducted by post, online, over the phone or through your portals. Should we immediately deploy our work from home plan, workflow and call answering will continue as normal, within the parameters of home working. However, please be patient with us as client reviews and new business is taking slightly longer than our standard turnaround times. We will monitor and continue to update you during this slow down.

If anyone has been in contact with someone who has the virus, and/or are showing symptoms, they have been instructed to self-isolate and update management on a regular basis. We will continue to follow Government guidelines…

Welcome Rachael Smith

We are extremely pleased to welcome Rachael Smith our new Mortgage & Protection Adviser to Allen Tomas & Co.

Rachael began her career in financial services in 2011 and has worked within a large Bank, Building Society and a network of successful UK Estate Agents. Her roles have included banking, management, coaching and a fully qualified Mortgage & Protection Adviser.

Rachael, not only has a wealth of knowledge within mortgages but also in the property and estate agency sectors. She is passionate about providing her clients with the best independent advice by offering her services in buying and selling property, commercial loans, residential mortgages such as re-mortgaging, bridging loans, buy to let, self-build, development finance and advising on financial protection for her clients and their families.

In her spare time Rachael loves long walks with her partner and cocker spaniel Milo and enjoys socialising with friends and family.

10 Reasons to use a Financial Adviser

A good chartered independent financial adviser can help you build your assets and assist in making the most of your investments, securing the long-term future of you and your family.

1. To protect your family
There are a host of life insurance products on the market; an adviser can tell you which ones are actually worth buying. They will assess your position and guide you through the best options to protect yourself and your family - whether you are single or married, recently divorced, have a young family, approaching retirement, or dealing with a death.

2. To help plan your spending and saving
To secure your long term future, you need to build some assets - initially to get you through the rainy days and then to pay for holidays and luxuries. Step one is to plan your spending so that you begin to save, and step two is to plan that saving so that you can build your wealth as efficiently as possible. Irrespective of amount, a financial adviser can look at your situation and find the bes…