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Everything posted by sleepwello'nights

  1. Still too vague. So you're talking about the trade deficit and what borrowings exactly?
  2. The article you've linked concentrates on the trade deficit. The article also mentions that UK exports are increasing.
  3. That's a bit vague, can you give more detail?
  4. I've missed something here. Have you not used the "multiQuote" button correctly and missed your comments or are you just reverting to heavy sarcasm? I would be really surprised that you've risked your savings on an overpriced house
  5. Maybe an over reliance on financial services, but we certainly produce enough to put us just about in the top 10 industrial exporters. http://www.theguardian.com/news/datablog/2010/feb/24/uk-trade-exports-imports#img-1. We seem very pessimistic about what we produce and manufacture, probably because we do not have a high profile in consumer goods apart from car production.
  6. Speak to the Chambers head clerks, I reckon they find "A brief like this" a daily occurrence.
  7. Unfortunately a motor vehicle used as a taxi depreciates more rapidly than a vehicle used less intensively. There is always the log book loans approach. An idea to consider is to set up a business where you advertise using a memorable telephone number and engage individuals using their own vehicles to collect passengers and take them on their journeys. You would need a communications network of sorts, short wave radio could work, to contact the drivers and find out where the nearest driver is and let them know where their next pick up is and where they want to go. You might even be able to charge the drivers rent to use the communications network. I guess if you were ambitious enough you could even set up something on the internet and go global.
  8. Well actually you would. The interest would be allowable as an operating expense and the purchase price of the vehicle would be eligible for capital allowances, and in certain circumstances it is also possible to reclaim VAT on the purchase of the vehicle.
  9. It means used exclusively for business purposes. So if you use one room of your house as an office but also use it as part of your private accommodation, then it is not used exclusively for business purposes. http://www.hmrc.gov.uk/manuals/cgmanual/cg64663.htm
  10. Not quite. If you have more than one residence then you can choose which you want to be your main residence. It doesn't have to be the one you reside in, it is your intention that matters. There are many cases that illustrate how the courts and tribunals determine your intention. Each case is decided on the facts. If you don't elect for one of your residences to be your principal private residence then HMRC will determine from the facts which one is your principal private residence. If you disagree with HMRC's determination then you can appeal to a first tier tribunal.
  11. I believe its a not uncommon occurence. Apparently HM Land Registry pay out a few million pounds each year in compensation for losses incurred when property is transferred through fraudulent transactions. Candy Brothers received £8.3m compensation from HM Land Registry in 2006, I believe.
  12. He seems very articulate for a maths teacher. I'm now getting an insight into why a audit clerk would switch to a teaching career.
  13. The CCJ will only be recorded if it is not paid within, I think, 28 days. In the worst case scenario the LL or agent would commence court proceedings to recover the last months rent. If they were successful in their claim then the court would make an order for you to pay the amount owed together with the plaintiffs costs. If the judgement debt was paid within the specified time then there wouldn't be a record of the judgement on your credit record.
  14. Another thing to consider from Workingpoor's comparison is whether the rate for contractors is the hourly rate they received or the rate their agency were paid. In which case the worker would probably be in receipt of the same hourly rate as the permanent employee, without any of the benefits of permanent employment. Also don't forget to add employers national insurance contributions to the permanent workers cost in addition to the other fringe benefits mentioned.
  15. Interesting, next time I want to buy some silver coins I'll contact them. I've used Coininvest Direct in the past when there was no VAT if the coins were shipped to an address in Germany. VAT was introduced some time later at 19%, which it is at the present. If they're selling second hand coins, then VAT is added to the dealer margin only. We have the same margin scheme in the UK. It applies to goods such as second hand cars purchased from a VAT registered dealer, works of art, collector's items, antiques.
  16. How do they do it? VAT is payable on silver coins, on second hand coins VAT is payable on the dealer margin.
  17. I thought VAT was payable on silver coins? I'll check on Coininvest Direct and Baird & Co.
  18. Can you get shares in Dignitas? Only joking. And that reminds me, do you know what they serve for breakfast at Dignitas? Cheerios. As I often say "how can you be really happy unless you've got something to grumble about".
  19. I often think life is upside down. When I was in my teens and twenties work was a necessary evil to earn the money to pay for a social life. Couldn't wait for the weekends to start on Thursdays, even though I worked in retail and worked every Saturday. Then employment becomes necessary to generate the income to provide for your family and then you get so used to engaging in activities to generate an income. The irony of giving someone a clock on retirement seems quite cruel! Now I'm eligible for my state pension and have investments, business and work interests that generate an income sufficient for a comfortable lifestyle and I suppose I could afford not to work, the thought of what to do if I stop working leaves me cold. I enjoy my businesses and the manual work I do. There's a limit to how many hours I could spend a day walking, martial arts training, reading, participating on this forum, listening to the radio, youtube, watching TV, painting, maintaining the house, gardening, shopping, cooking, photography. A drink at lunchtime leaves me feeling wasted for the rest of the day. I'm being pressured to go and live in a warmer country, so I won't have the problems of what to do on a wet Sunday afternoon. Instead I'll have the problem of what to do on a hot sunny Monday, Tuesday, Wednesday....... Still there's always Dignitas!!
  20. Your argument would be stronger if the property had been purchased outright. If it had been purchased with mortgage finance then the equation is more complex. The return would be greater as there would be a return on the leveraged finance to consider. It would not be simply a comparison of the inflation adjusted return. Another aspect is the inflation calculation. How inflation affects individuals can vary dramatically depending on their income and expenditure patterns. It is also quite a common refrain on this forum is that wages and salaries have not risen as fast as inflation, if at all. So if you inflation adjust the profit in line with the increase in average wages and salaries it will show a different result.
  21. The house was his Personal Private Residence at some point so the taxable gain will be apportioned over his period of ownership. Rough numbers: Purchase price 117,500 Sale Price 170,000 Gain 52,500 Period of ownership 12 years PPR 8 years Final Exempt period 1.5 years Taxable Gain 52,500 /12 x (12-9.5) = £10,937 less annual exemption 2015/16 £11,100. Selling expenses will obviously reduce the gain even further so there will be no CGT liability. So he has made a profit from the capital appreciation in addition to any profit from the rental income. In my book he made a sound investment decision.
  22. I'm curious, why do you think a drop in oil prices to that level will cause a reaction and what do you think that reaction will be? I receive email notifications from Harry Dent, a US economist who is predicting oil to fall to around the $30 level, he doesn't seem to forecast low oil prices being the cause of changes but rather a consequence of demographic shifts causing lower demand.
  23. As always you miss the point and use, what I'm frequently accused of, ad hominem attacks. The words I use are common place, not esoteric or pretentious. If you think otherwise well I guess its because you cannot refute the facts I present. I take the point that was made, on a statistical basis my experience is anecdotal. I'm not bragging about the gains I made. I'm pointing them out as a counter to the argument that a BTL landlord is an innumerate fool. My decision to release equity from my home was based on an investment decision. It generated a return far higher than expected, better than the precious metals I purchased, better than the equities I purchased, although these have performed well. Sure I lucked in when interest rates fell to historic lows and house prices continued to rise. Even if they hadn't the rental profit still generated a better return than dividend yields. Yes I was lucky; what was my alternative, a leveraged investment on shares. No way. They say there are two types of stock picker, those who know they can't pick stocks and those who haven't found out yet. I don't see how my replies appear to be grumpy, I certainly don't feel grumpy. I don't like blind prejudice, which is what most of you landlord haters display so obviously. Is it jealousy or envy, or are you altruistic saints? As regards the accusation that I am making up the CGT loophole, dyor, there is an article about it on a reliable tax website. If this reply seems grumpy, well you have your own opinion, mistaken for whatever reason your logic suggests. I've just noticed looking at the last few posts as I type this refreshed from a good nights sleep that your posts are all timed in the very early hours. What's the matter, can't sleep?
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