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TeddyBear

The Most Amateur Landlord Prize Goes To...

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Just saw this thread on Mumsnet - person renting out their house who doesn't have a clue about how tax is calculated or what the interest part of the mortage is.

Can it be real or is it a windup to draw out tax scammers (already one on there it would seem who adds on an hourly rate for their own time when they do repairs on their house, I don't think that's allowed unless they have a property management company with more than one client)

I guess renting out property is such a one way bet one doesn't need to much worry about the maths ;-)

http://www.mumsnet.com/Talk/legal_money_matters/2195435-Please-can-someone-explain-how-to-pay-tax-on-a-rental-property

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Not a landlord, but the private developer genius who built Yorkshire's tallest building could neither read nor add.

Went bankrupt on the next venture thus parting thousands of people of their large off plan deposits.

The afformentioned skyscraper has gone on to generate dangerous ground level winds in its vicinity thus rendering a major part of Leeds city centre undesirable to the white collar consultancies that previously occupied the area. Last I heard was Leeds city council could be liable for very significant financial damages (for granting planning permission inappropriately), putting the local taxpayer on the line for 10s of millions of pounds.

Still at the time they said he was a business genius.

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What's the problem? Someone about to embark on letting out a property and actually wanting to pay tax but doesn't know the ropes so asks for info.

Sure, there are better places to ask than MumsNet, where all the yummies seem to think property is a one-way road to becoming a billionaire. But sooner or later someone will point them at the right place and off they go.

Wholly misleading thread title.

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What's the problem? Someone about to embark on letting out a property and actually wanting to pay tax but doesn't know the ropes so asks for info.

Sure, there are better places to ask than MumsNet, where all the yummies seem to think property is a one-way road to becoming a billionaire. But sooner or later someone will point them at the right place and off they go.

Wholly misleading thread title.

True it's amazing that someone actually wants to pay tax but this person has already made a decision to let out a property, we don't know how they came by it, inheritance, BTL or kept on own when moving somewhere else but this is not someone considering, they have already done it without seemingly having done any research about tax liabilities, that would appear extremely amateur to me

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