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1/3 of Landlords with 1 BTL considering selling up - but bigger Landlords want to buy more


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1 hour ago, Bsmf said:

Hmrc aren't even going after the low hanging fruit. I know someone that doesn't pay any tax on BTL as every year they submit expenses saying they paid a builder thousands in cash for work. Then says it's up to HMRC to proove he didn't. Even been reported as it's been going on for years, hmrc haven't done anything and he's still really smug.

Theyve got 20 years to go after people.

They are in no rush.

Then they charge IR on the tax owed.

Poeple like this really should not be tax dodging. It will see them bust. Trust me.

HMRC drag you in and you have to prove that their guesstimate is wrong. Or pay it.

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www.auction.co.uk/residential/onlineCatalogue.asp

Looks to me like one landlord with 5 multi-unit buildings in Croydon/SE London is trying to sell.

With a 5 or 6% yield?

In the residential auction? - Are the punters dumber than in the commercial auction?

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7 hours ago, Bsmf said:

Hmrc aren't even going after the low hanging fruit. I know someone that doesn't pay any tax on BTL as every year they submit expenses saying they paid a builder thousands in cash for work. Then says it's up to HMRC to proove he didn't. Even been reported as it's been going on for years, hmrc haven't done anything and he's still really smug.

That sounds like a load of BS to me.

The building work would be an improvement of a fixed asset, essentially introducing capital into the ITTAOA 2005 "property rental business". It would have no impact on the income tax position and no way it would be accepted as "expenses".

Also the idea that HMRC would have to "proove" he didn't misconstrues how the burden of proof would work in a tax investigation.

I can't see how any fraud which fits your description would have any point or stand any chance of working.

 

 

Edited by Beary McBearface
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9 minutes ago, Beary McBearface said:

That sounds like a load of BS to me.

The building work would be an improvement of a fixed asset, essentially introducing capital into the ITTAOA 2005 "property rental business". It would have no impact on the income tax position and no way it would be accepted as "expenses".

Also the idea that HMRC would have to "proove" he didn't misconstrues how the burden of proof would work in a tax investigation.

I can't see how any fraud which fits your description would have any point or stand any chance of working.

 

 

That's my point he don't understand that it's on him not them for proof.

Well this has gone on for 3 years and their haven't audited or anything as far as I'm aware.

Hes taking it as his expenses have been accepted, when I assume it's just an automated system and no one has ever looked at them, yet.

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15 minutes ago, Bsmf said:

That's my point he don't understand that it's on him not them for proof.

Well this has gone on for 3 years and their haven't audited or anything as far as I'm aware.

Hes taking it as his expenses have been accepted, when I assume it's just an automated system and no one has ever looked at them, yet.

I really really hope this is the case, for millions of LLs. Assuming everything is fine and continuing their fraud with hubris, when in actual fact all they have done is handed over the evidence of their fraud which can be plucked out and used against them for the next 20 years.

 

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4 minutes ago, jiltedjen said:

looking forward to the 'what do i do?!? this is soo unfair' threads on the BTL's forums.

I am going to buy popcorn for January 2019.

Nobody is forced to buy property to let, or let property that is a given.....many are forced to find a place to live that they are able to pay for within their means......so why should anyone pity someone that owns more homes that they need.;)

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30 minutes ago, Bsmf said:

That's my point he don't understand that it's on him not them for proof.

Well this has gone on for 3 years and their haven't audited or anything as far as I'm aware.

Hes taking it as his expenses have been accepted, when I assume it's just an automated system and no one has ever looked at them, yet.

Sorry, I misinterpreted your post.

Fraud works fine until it doesn't. I think it's pretty much inevitable that inflated expenses will trigger an automated red flag eventually and then the fun will start.

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57 minutes ago, Bsmf said:

Well this has gone on for 3 years and their haven't audited or anything as far as I'm aware.

Usually when I suspect someone is letting me down I make sure they have enough rope to hang themselves with first before I make any big decisions. Maybe the Hercules work similarly?......and by Hercules I mean the Hercules I mean the HMRC (bl**dy predictive text).

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I know we’ve decided the survey itself wasn’t accurate but it did provoke an interesting discussion.  Not just on here but over on Property Tribes too:

https://www.propertytribes.com/small-landlords-may-sell-t-127634136.html

 

Douglas Lambourne has some interesting views.  Half wondered if he was someone from here doing a bit of stirring!

Edited by Mancunian284
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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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