Bland Unsight Posted June 12, 2018 Share Posted June 12, 2018 16 hours ago, Mossie said: I tell you what I do have; seeing my BTL landlord out in a brand new Italian Supercar the other day. Unnecessary capital letters is a solid gold tell that this is a PovertyLater trolling HPC Mate, give it up. I doubt many people are reading your posts at this point. I know I'm not. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted June 12, 2018 Share Posted June 12, 2018 18 hours ago, Mossie said: I tell you what I do have; seeing my BTL landlord out in a brand new Italian Supercar the other day. Hello Venger. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 12, 2018 Share Posted June 12, 2018 59 minutes ago, Democorruptcy said: Hello Venger. If you think Venger would stoop to using the word "fancypants" then you ought to go back and read some of Venger's posts. Venger's prose was muscular, unpretentious and never twee. Venger's a scholar of this forum. This troll lacks the scholarship to craft a decent parody of Venger. Amateur hour stuff. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 13, 2018 Author Share Posted June 13, 2018 9 hours ago, Jurassic Bland said: If you think Venger would stoop to using the word "fancypants" then you ought to go back and read some of Venger's posts. Venger's prose was muscular, unpretentious and never twee. Venger's a scholar of this forum. This troll lacks the scholarship to craft a decent parody of Venger. Amateur hour stuff. Thanks Venger. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 13, 2018 Author Share Posted June 13, 2018 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 13, 2018 Author Share Posted June 13, 2018 Quote Link to comment Share on other sites More sharing options...
Jcuk89 Posted June 14, 2018 Share Posted June 14, 2018 I have a first hand account of a BTLer desperate to get out - Streatham, SW London area by the way I’ve been watching asking price reductions of up to 15-20% in some cases (Foxtons, Dexter’s). I’ve decided to buy now if I can find a desperate seller, buy well under the current market value. We found just that- a three bed first floor flat with a private garden just over 900square ft. Currently let out to students. Identical flats have sold as follows: Jan 2018 - £452,000 but needing complete renovation Jan 2018- £475,000 unknown condition December 2015 - £470,000 average condition Feb 2014 - £386,000 average condition So, it was listed at £475,000 which to be fair was actually already in line with those recent sold prices The BTLer is just so desperate to cash in we had two price reductions, and finally agreed £435,000, all within 2/3 weeks. Still a lot of money, but confident that I’ve at least a 10% buffer on those peak prices. Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 14, 2018 Share Posted June 14, 2018 9 minutes ago, Jcuk89 said: I have a first hand account of a BTLer desperate to get out - Streatham, SW London area by the way I’ve been watching asking price reductions of up to 15-20% in some cases (Foxtons, Dexter’s). I’ve decided to buy now if I can find a desperate seller, buy well under the current market value. We found just that- a three bed first floor flat with a private garden just over 900square ft. Currently let out to students. Identical flats have sold as follows: Jan 2018 - £452,000 but needing complete renovation Jan 2018- £475,000 unknown condition December 2015 - £470,000 average condition Feb 2014 - £386,000 average condition So, it was listed at £475,000 which to be fair was actually already in line with those recent sold prices The BTLer is just so desperate to cash in we had two price reductions, and finally agreed £435,000, all within 2/3 weeks. Still a lot of money, but confident that I’ve at least a 10% buffer on those peak prices. I don't want to rain on your parade, but it seems like a pretty modest reduction to me. Nothing to write home about. Quote Link to comment Share on other sites More sharing options...
Jcuk89 Posted June 14, 2018 Share Posted June 14, 2018 10 minutes ago, FabulousSophie said: I don't want to rain on your parade, but it seems like a pretty modest reduction to me. Nothing to write home about. If you read carefully, this is a 10% reduction in actual sold prices though. I’m not comparing asking prices to sold prices 10% price reduction in 6 months is significant. Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 14, 2018 Share Posted June 14, 2018 4 minutes ago, Jcuk89 said: If you read carefully, this is a 10% reduction in actual sold prices though. I’m not comparing asking prices to sold prices 10% price reduction in 6 months is significant. True. How much work does it need though? Quote Link to comment Share on other sites More sharing options...
Jcuk89 Posted June 14, 2018 Share Posted June 14, 2018 1 minute ago, FabulousSophie said: True. How much work does it need though? It’s above average condition, and completely good to live in now. That’s based on two viewings though.. ? Quote Link to comment Share on other sites More sharing options...
Jcuk89 Posted June 14, 2018 Share Posted June 14, 2018 1 minute ago, FabulousSophie said: True. How much work does it need though? It’s above average condition, and completely good to live in now. That’s based on two viewings though.. ? Quote Link to comment Share on other sites More sharing options...
thewig Posted June 14, 2018 Share Posted June 14, 2018 (edited) On 12/06/2018 at 22:30, Jurassic Bland said: If you think Venger would stoop to using the word "fancypants" then you ought to go back and read some of Venger's posts. Venger's prose was muscular, unpretentious and never twee. Venger's a scholar of this forum. This troll lacks the scholarship to craft a decent parody of Venger. Amateur hour stuff. s/he’s convinced me s/he’s venger(bot) Edited June 14, 2018 by thewig S/ Quote Link to comment Share on other sites More sharing options...
Neverwhere Posted June 14, 2018 Share Posted June 14, 2018 27 minutes ago, thewig said: s/he’s convinced me s/he’s venger(bot) On 12/06/2018 at 22:30, Jurassic Bland said: then you ought to go back and read some of Venger's posts They're definitely not Venger. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted June 14, 2018 Share Posted June 14, 2018 (edited) 36 minutes ago, thewig said: s/he’s convinced me s/he’s venger(bot) On 11/06/2018 at 21:59, Mossie said: The BTL investors. Buying up homes and renting them out. During Gordon Brown years and then again from 2010. Oh but savers were the ones actually rescued. Compare the Venger knock-off to actual Venger: Quote I have only read some of page 1, and all of page 6 on this thread. Only got time to make one post today. I am really busy. Have only opened a few threads on HPC in the past 6 weeks. Although I love HPC forum, and have deep respect for many of its members. The last post I made back in late January, and just 48 hours or so before turning 10 years a member on HPC, outlined how I would be putting more focus on earning money in order to buy a house (at these prices). Work. Source When discussing style it is often argued that the sentence is a basic unit which expresses a complete thought. Venger writes really well so you get the beginning of the second paragraph introducing the idea that Venger isn't posting so much because he's busy, the final para of the quote gives a bit more context and the final, single word sentence of the final paragraph pulls it altogether and produces emphasis as its brevity is set against the preceding fuller sentence. The Venger knock-off troll is trying to ape the style by seasoning their writing with very short sentences but they are doing that by ungrammatically chopping up longer sentences in a way that just makes the post harder to read; "The BTL investors. Buying up homes and renting them out. During Gordon Brown years and then again from 2010" is just 'During the Brown years, and again from 2010, the BTL investors were buying homes and renting them out'. Edited June 14, 2018 by Jurassic Bland Quote Link to comment Share on other sites More sharing options...
thewig Posted June 14, 2018 Share Posted June 14, 2018 @Jurassic Bland I’m not going to challenge that breakdown, top analysis hats off. I retract my previous statement. which begs the question, who the FCK is imitating vengerbot? its a mark of reverence for venger that someone he/she does not know or will never meet is imitating him/her high praise for the VDog, the good will out Quote Link to comment Share on other sites More sharing options...
Guest Posted June 15, 2018 Share Posted June 15, 2018 Yesterday I met probably the 7th person I personally know of that has a sizeable HMO BTL portfolio and is foreign and is still mainly living in their home country. This guy was Polish and very likeable and straight as much as it grieves me to admit it?, all of them have been eastern European apart from one couple from Singapore. A little over 12 rooms in three properties I estimate in a University town that has a high level of skilled workers. The rooms I am guessing are between £700 and £900 each. What did surprise me was the price of one of the 5 bedroomed properties in one of the more crapiest part of town which was £670,000. I know this way of living works for some people, the rooms were not dumps by any means, but some of these tenants were well into their 30's and older, 12 lives where people are in good paying work(no students) and coming back to a lonely room every night. I have seen the photos of where this guy lives in Poland, he is living a million pound lifestyle, but that's because it is Poland and cheaper. His wife and kids are back there, they have never sat foot in the UK though he has a strong presence, and what amazed me more than anything else was that he had a UK mortgage. What a country we live in now, housed in many cases by foreigners and paying through the nose for it as they live lives in luxury, this really never sits well with me. Just thought I would share this anecdotal story with you. Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 15, 2018 Share Posted June 15, 2018 14 minutes ago, inbruges said: Yesterday I met probably the 7th person I personally know of that has a sizeable HMO BTL portfolio and is foreign and is still mainly living in their home country. This guy was Polish and very likeable and straight as much as it grieves me to admit it?, all of them have been eastern European apart from one couple from Singapore. A little over 12 rooms in three properties I estimate in a University town that has a high level of skilled workers. The rooms I am guessing are between £700 and £900 each. What did surprise me was the price of one of the 5 bedroomed properties in one of the more crapiest part of town which was £670,000. I know this way of living works for some people, the rooms were not dumps by any means, but some of these tenants were well into their 30's and older, 12 lives where people are in good paying work(no students) and coming back to a lonely room every night. I have seen the photos of where this guy lives in Poland, he is living a million pound lifestyle, but that's because it is Poland and cheaper. His wife and kids are back there, they have never sat foot in the UK though he has a strong presence, and what amazed me more than anything else was that he had a UK mortgage. What a country we live in now, housed in many cases by foreigners and paying through the nose for it as they live lives in luxury, this really never sits well with me. Just thought I would share this anecdotal story with you. If he is tax resident in Poland he will no doubt be bound by Polish tax laws not Uk tax laws, so presumably he is also exempt from s24. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted June 15, 2018 Share Posted June 15, 2018 3 minutes ago, FabulousSophie said: If he is tax resident in Poland he will no doubt be bound by Polish tax laws not Uk tax laws, so presumably he is also exempt from s24. Surely people who earn money in the UK pay tax on UK earnings? Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 15, 2018 Share Posted June 15, 2018 2 minutes ago, iamnumerate said: Surely people who earn money in the UK pay tax on UK earnings? Not if you are tax resident in another country. If you have a holiday home in France, and earn some money by letting it out, you pay the tax in the UK if you are tax resident here, not in France. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 15, 2018 Share Posted June 15, 2018 2 minutes ago, FabulousSophie said: Not if you are tax resident in another country. If you have a holiday home in France, and earn some money by letting it out, you pay the tax in the UK if you are tax resident here, not in France. https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income Not true - see the above link to the HMRC website. It's quite clear that S24 applies to non UK residents who let out UK property as they are liable for UK income tax on their income from UK property. Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 15, 2018 Share Posted June 15, 2018 (edited) 7 minutes ago, Exiled Canadian said: https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income Not true - see the above link to the HMRC website. It's quite clear that S24 applies to non UK residents who let out UK property as they are liable for UK income tax on their income from UK property. This page says that if a UK tax resident makes money on a foreign rental, they pay the tax in the UK, not abroad. The usual reciprocal tax arrangements will no doubt apply, or it makes a mockery of the international tax treaties. https://www.gov.uk/tax-foreign-income Edited June 15, 2018 by FabulousSophie Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 15, 2018 Share Posted June 15, 2018 (edited) 9 minutes ago, FabulousSophie said: This page says that if a UK tax resident makes money on a foreign rental, they pay the tax in the UK, not abroad. The usual reciprocal tax arrangements will no doubt apply, or it makes a mockery of the international tax treaties. https://www.gov.uk/tax-foreign-income Changes to tax relief from 6 April 2017 The amount of Income Tax relief some landlords can get on residential property finance costs will start to be restricted to the basic rate of tax from 6 April 2017. Who’s affected You’ll be affected if you’re a: UK resident individual that lets residential properties in the UK or overseas non-UK resident individual that lets residential properties in the UK individual who let such properties in partnership trustee or beneficiary of trusts liable for Income Tax on the property profits All residential landlords with finance costs will be affected, but only some will pay more tax. The above is a direct quote from the HMRC website I provided a link to. It's quite clear that non UK residents are impacted by S24. The site you quote discusses the entirely different scenario of of a UK resident renting out overseas property. If there is a tax treaty between UK and the resident jurisdiction this will generally act to ensure that the taxpayer does not pay tax twice on the same income, it will not over-rule the tax regime in the jurisdiction where the income is generated. Hence in your example a polish resident may (depending upon the terms of any double taxation treaty between the UK and Poland) have no Polish tax liability on his UK rental income, but he will still pay UK income tax on it. Edited June 15, 2018 by Exiled Canadian Quote Link to comment Share on other sites More sharing options...
FabulousSophie Posted June 15, 2018 Share Posted June 15, 2018 2 minutes ago, Exiled Canadian said: Changes to tax relief from 6 April 2017 The amount of Income Tax relief some landlords can get on residential property finance costs will start to be restricted to the basic rate of tax from 6 April 2017. Who’s affected You’ll be affected if you’re a: UK resident individual that lets residential properties in the UK or overseas non-UK resident individual that lets residential properties in the UK individual who let such properties in partnership trustee or beneficiary of trusts liable for Income Tax on the property profits All residential landlords with finance costs will be affected, but only some will pay more tax. The above is a direct quote from the HMRC website I provided a link to. It's quite clear that non UK residents are impacted by S24. The site you quote discusses the entirely different scenario of of a UK resident renting out overseas property. Non-UK tax residents do not have to fill out a UK tax return, though because they are not officially resident for tax in the UK. Quote Link to comment Share on other sites More sharing options...
Exiled Canadian Posted June 15, 2018 Share Posted June 15, 2018 Just now, FabulousSophie said: Non-UK tax residents do not have to fill out a UK tax return, though because they are not officially resident for tax in the UK. Also not true - if you live abroad but have UK income you have to file a return: https://www.gov.uk/tax-uk-income-live-abroad I seem to recall that letting agencies are required to deduct tax from rental income submitted to overseas residents and pay it over to HMRC Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.