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Showing results for tags 'btl tax'.
Found 2 results
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HMRC starting to go after landlords after the Let Property campaign: https://www.property118.com/might-late-hmrc-party/ A headache for letting agents...a nightmare for landlords who haven't been paying tax. Oh dear. "have well over 300 properties on my books, making this a mammoth task, and the data they are requesting needs to be transcribed on to HMRC’s specific spreadsheet in the specific format they insist by 09th April this year. I discovered some background to these notices on an accountant’s blog, but in brief, there are 900,000 landlords not paying tax on their rented properties, a ‘be-honest-and-come-and-talk-to-us’ campaign by HMRC proved fruitless, so now they’re making me jump through hoops" -
So the CML are using some research by LSE to come to the conclusion that BTL is fine, nothing to see. https://www.cml.org.uk/news/press-releases/cml-research-survey-of-uk-landlords/ The directors comments were interesting. I had a quick look at the actual research paper they have plucked their nuggets from. Now the author's do their best to confuse the whole thing, however I drew some key points. Note there is a not too subtle difference between the terms 'landlord' 'BTL' and 'dwelling' So: 60% of landlords own a single property. 7% own 5 or more, these own 40% of all rental dwellings. 50% of all properties use a BTL mortgage. 36% of landlords concerned about tax changes. Slightly more intend to sell than buy. Majority of dwellings backed by a loan. Most landlords have no loan. So most landlords will not care too much about tax changes but this will encompass only about a half of all rental properties. So I see a massive change as at least 40% of the market will probably struggle to break even. What the landlords with no loans feel about depreciation remains to be seen.
