Houdini

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About Houdini

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  1. I suspect we may see this drip, drip, drip into the papers over the next couple of months ready for an announcement in the budget.. Well as tax payers we can live, hope and dream...
  2. As yields drop I find that most sensible investors sell up and try to find something that generates a better high yield. Yet these people moan but don't do anything about it.
  3. WTF is that council doing. You ban the landlords from renting the properties but use your money to build modern high quality properties - unless they are buying those poor quality death traps for well below market value they really shouldn't be doing what they seem to be planning...
  4. The important thing here is to understand what happened:- Toys r us announce a fairly minor debt issue trade insurers increase the price of insuring payment for deliveries to toys r us. Less than a week later toys r us files for bankruptcy due to lack of Christmas stock.. Its point 2 that killed toys r us in less than a week and its the same thing that killed both Woolworths and Bhs - once the trade insurers to a dislike to you you've gone...
  5. Not so sure about that https://www.ons.gov.uk/economy/regionalaccounts/grossdisposablehouseholdincome/datasets/regionalgrossdisposablehouseholdincomegdhibylocalauthorityintheuk has County Durham Disposable income per person at £12232 in 2004 and £15496 in 2015... And I'm picking that example as houses prices in that area are the same now as 2004...
  6. I would argue that's got a bigger impact on the scale of the crash more than anything to do with the crash itself... Separately any idea where I can get recent mean local income levels and even better historic ones going back to 2002-4....
  7. If it was a tax on BTL income then BTL income would be being taxed before any expenses were deducted and that's clearly not the case as agency fees, gas certificates, repairs (but not improvements) can be deducted from the profits you enter on your tax return so its definitely not a tax on income. As I stated before the only thing that has changed is what the calculation on how BTL taxable profit is calculated It used to be that BTL profits = income - expenses - interest on loan repayments now its just income - expenses. Now granted this is just an argument about terminology but I find if you get terminology wrong you just end up confusing people....
  8. It's profit - the important bit that has changed is how the profit on your BTL is calculated - it now profit before / excluding loan interest payments which now have a (currently) separate tax allowance at 20%. Hopefully that bit will go as well. BTL is a business and businesses are taxed on profits...
  9. I'm starting to think the problem is that we are expecting things to occur far quicker than they are likely to. Everything is now in place for a crash - PRA is going to stop many people remortgaging forcing many mortgages on to standard variable rates Interests rates are going to rise now the BoE are no longer subsidising the banks S24 is increasing tax on profits And there is no way to stop this. The train is now going at full speed and there is a sharp bend approaching.... The problem is that we are expecting to see the evidence of this today and in reality its a year or so away...
  10. BTL was a simple investment - something they understood... Tax is instead something complex that they only deal with once a year and it never changes (heck the rules seem to have remained static from 1998 until April) so what they understood as true last year is true this year. And its simple they don't need an accountant who would have alerted them to the changes so the first time they will know is when they start doing their 2017/18 tax return sometime next year. Oh and round here landlords quote the same story - house prices only go up - except they haven't and most houses round here are the same price now that they were in 2004
  11. Good point and I remember reading elsewhere today that Mr Hammond is looking for tax raising ideas. I'm sure I've seen a few economic papers that show the impact tax deductible interest has on other markets - I'll try and find some links tonight...
  12. Isn't he just covering the options relating to that property - where he has already demonstrated that he knows nothing about running a business - hint he was screwed before he began when he bought the property at the asking price...
  13. Yes - the killer bit is that as all rental income is now considered taxable income you and that 10k of additional income moves you into the next inconvenient tax region say losing tax credits as your income isn't 24k but is now 34k on the tax credits form or now £60k rather than £50k so you lose Child Benefit... Equally £45k is now £55k and that means you are paying 40% on that £10,000. Granted you get a 20% tax credit on the interest but you are still paying £2000 in tax when previously it was zero and granted you are only paying 25% of that £2000 this year but its still £500 that the landlord wasn't expecting to pay in tax...
  14. Amazon.cn is the site you need to look at. Amazon.ch is for Switzerland which redirects to Germany....