Tax Relief On Buy To Let Mortgage Interest.

[thecrashingisles]

The old ways are changing you cannot deny
The day of the landlord is over
There's nowhere to go and there's nowhere to hide
So farewell tae the life of a landlord

Farewell to the rent and the old business plan
To the agent, the tenant, the cheap boiler man
And farewell to the thirty apartments

Farewell tae the auction and the bridging loan
Farewell tae the BTL mortgage
The buying, the selling, the old fortune makin'
The knock on the door and collectin'

Farewell to the rent and the old business plan
To the agent, the tenant, the cheap boiler man
And farewell to the thirty apartments

You got to move fast to keep up with the times
For these days ye must get an audit
There's a bylaw to say you must give up yer tax break
And another to say ye can't profit

Farewell to the rent and the old business plan
To the agent, the tenant, the cheap boiler man
And farewell to the thirty apartments

Edited July 28, 2015 by thecrashingisles

[choochoo]

I can't work out how to post a link but search for

Intermediaries Legislation (IR35) discussion document

Travelling costs can be classed as a business expense and corp tax will reduce accordingly (as happens now).

However the 25k expenses reimbursed to the employee will be counted as salary and tax and NI will need to be paid accordingly (doesn't happen now)

[giesahoose]

they are hunting some poor guy down now for daring to start a petition without checking with them!

lol

[giesahoose]

From Prop118

Bless!

You should really be able to negatively sign petitions to get the number down.

[thecrashingisles]

I can't work out how to post a link but search for

Intermediaries Legislation (IR35) discussion document

Travelling costs can be classed as a business expense and corp tax will reduce accordingly (as happens now).

However the 25k expenses reimbursed to the employee will be counted as salary and tax and NI will need to be paid accordingly (doesn't happen now)

It's only relevant for people doing contract work acting as a temporary employee.

[XswampyX]

they are hunting some poor guy down now for daring to start a petition without checking with them!

A good use of your limited resources if you're a landlord and your world is about to turn into p*** & S***.

You should really be able to negatively sign petitions to get the number down.

At least thumb it down!

[Starla]

I hope lots of Landlords sign the petition. That will harvest plenty of names, email and personal addresses to pass on to HMRC.

[giesahoose]

They seem to have got it into their head that people other than highly leveraged landlords are going to give a toss about this issue and also that any costs are going to simply be passed on to their tenants.

If they are such super business folk they should already be charging the most that the market can bear.

At the same time as they are claiming to be worried about their tenants welfare they are discussing a strategy of mass revenge evictions to make a point to the govt and there is a thread about putting unenforceable clauses into contracts to try and force tenants to keep paying their bills after they leave or to dodge council tax.

Hypocrisy that know no end.

[Bland Unsight]

Quislings.

[XswampyX]

Quixotic.

[Skipton Crash]

At the same time as they are claiming to be worried about their tenants welfare they are discussing a strategy of mass revenge evictions to make a point to the govt and there is a thread about putting unenforceable clauses into contracts to try and force tenants to keep paying their bills after they leave or to dodge council tax.

Hypocrisy that know no end.

I thought that too. Awful! It will be great watching many of these parasites go bankrupt! The smart ones will be quietly offloading before these changes take effect. The nonsense with the petition is hilarious to the impartial observer! Just shows the desperation and I suspect that many of them are slowly realising that they'll be screwed if these changes are implemented (as I have no doubt that they will be!!) :-)

The fact is that landlords are, in general, very unpopular. This makes them a great target for taxation, which they have up until now largely escaped from! Many people have had awful experiences private renting in the private sector, or are just plain sick of being outbid and priced out, and forced to pay extortionate rents.

I don't normally indulge in schadenfraude but I might make an exception when this all kicks off. There are few things more compelling than the joy of watching a dreamer who has nowhere to land but in the ocean of reality. The funniest thing is that most of them don't realise it yet! :-)

And I can only see it getting worse for landlords in future budgets! Good stuff! :-D

[Neverwhere]

. . .

(I am actually in negotiation with Mark Alexander who is interested in taking the leading role, but there are creative differences; he is insisting stubbornly on "much more breakdancing" being included in the first act. Seriously, if I gave in to his demands the first act would be all breakdancing.)

Too funny! If he won't compromise on the break dancing I suggest you look to Mark Gatiss as an alternate lead...

[thecrashingisles]

Too funny! If he won't compromise on the break dancing I suggest you look to Mark Gatiss as an alternate lead...

Steve Pemberton would make a good BTLer's moll.

[Neverwhere]

Steve Pemberton would make a good BTLer's moll.

Can he do a good Kentish accent?

[Bland Unsight]

Steve Pemberton would make a good BTLer's moll.

[Blod]

they are hunting some poor guy down now for daring to start a petition without checking with them!

Hehe, I wonder who did that, such a cunning spoiler, set to stop tenants supporting their lost cause.

I couldn't guess whose done that.

[Neverwhere]

Hehe, I wonder who did that, such a cunning spoiler, set to stop tenants supporting their lost cause.

I couldn't guess whose done that.

Don't give them ideas, they're bad enough with the conspiracy theories over there.

[XswampyX]

Hehe, I wonder who did that, such a cunning spoiler, set to stop tenants supporting their lost cause.

I couldn't guess whose done that.

You can go to his facebook page, just google his name.

If you want a free palestine and an indentured Britain it's great!

[Bland Unsight]

If you want a free palestine and an indentured Britain it's great!

This here has got you on your A game XswampyX

[Digsby]

You should really be able to negatively sign petitions to get the number down.

Perhaps we should start our own petition. For the complete removal of relief rather than the reduction to basic rate, or similar. Edited July 29, 2015 by Digsby

[up2late]

Perhaps we should start our own petition. For the complete removal of relief rather than the reduction to basic rate, or similar.

Good idea!

[Venger]

I live in Scotland but tend to work around London, commuting up and down. If I can't expenses from pre-tax profits I'll potentially pay 40% tax on circa 25k = 10k

There's also an extra 7.5% on dividends, that's another 3-4K.

Nightmare!!!

Nightmare? Deal with it. Are you sure you're on the correct forum????

I can't work out how to post a link but search for

Intermediaries Legislation (IR35) discussion document

Travelling costs can be classed as a business expense and corp tax will reduce accordingly (as happens now).

However the 25k expenses reimbursed to the employee will be counted as salary and tax and NI will need to be paid accordingly (doesn't happen now)

You've just bought a house, to have a base after all this travelling and London contracting.

Just bought a house - paid £4000 more in stamp duty than I would have in England. That's a sure sign of things to come.

I voted YES and was gutted the next day when it didn't happen, but in all honesty it would probably have been bad for anyone who actually earns a living

I'm all for Independence, but not if it means the workers paying more to subsidise the heavy drinking of hundreds of thousands of jakeys.

I didn't vote SNP in the GE because I can see what's coming.

I see it as a future double HPC whammy - because it affects London landlords too. So many at Contractor UK website have gone hard into CTL, upsizing, Big Time BTL, borrowing on borrowing. Disgusting. At least a few of them realise they've had a great time at the decade+ long party, and some of the changes make sense. It's the overleveraged ones who are worried. They can try eating bricks for all I care.

~Dividend tax + expenses thing.... train and hotels.. "can't see how it's going to be feasible for anyone to stay away and pay for hotels etc. £24,000 more to pay tax on probably higher rate - very expensive indeed." "4 nights hotel stay plus 200 mile commute at start and end of the week. Plus food. Easy £500 a week." ~If this isn't misinterpretation, the worrying part is that HMRC appears to have learnt how to trap IT contractors. Doesn't bode well for the revised IR35 rule. ~Before we get too carried away, however, it’s important to remember that this is only a consultation document and is therefore not an accurate reflection of what’s actually going to happen.

http://www.housepricecrash.co.uk/forum/index.php?/topic/205534-tax-relief-on-buy-to-let-mortgage-interest/page-101#entry1102758149

Edited July 29, 2015 by Venger

[Blod]

Perhaps we should start our own petition. For the complete removal of relief rather than the reduction to basic rate, or similar.

Once theirs is up we could create a similar petition using their template to distract.

[Monkey]

Perhaps we should start our own petition. For the complete removal of relief rather than the reduction to basic rate, or similar.

I say we should have a petition for removing the LL's right to S21 good tennants. Or the complete removal and evction to be granted by the court only.

Also a petition for longer rental agreements to be more inline with Europe.

Allowing more rights for tennants to have children/pets etc.

There are loads we could do

Edited July 29, 2015 by Monkey

[thecrashingisles]

http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11683858/Right-to-rent-all-landlords-must-check-immigration-status-or-face-3000-fine.html

Landlords will face £3,000 penalties for failing to monitor the immigration status of their tenants or lodgers, as part of “right to rent” requirements that will apply across England within months.

A trial of “right to rent”, introduced in the West Midlands in December, has resulted in one fine being issued to a landlord, who is appealing the near-£2,000 sum, according to sources.

Landlords and letting agents in the West Midlands – including Birmingham, Wolverhampton, Walsall and Dudley – must already check the nationality and visa status of their tenants. Penalties are issued per tenant who is living in a property who has no right to rent.

Critics fear the legislation, which is expected to be rolled out to the rest of England in September, places an “unfair burden” on landlords who may lack the knowledge or skills to check if their tenants are allowed to live in Britain.

Is there a petition about this?