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  • Section 24 HQ

    25% of Landlords still unaware of Section 24!

    A high number of landlords are struggling to keep up with new policy reforms, new research suggests.

    Market Financial Solutions has surveyed more than 400 landlords to find out just how aware they are of new legislative and regulatory reforms that have been introduced.

    A quarter - 25% - did not know about the reforms affecting tax relief on mortgage repayments, which were implemented in April this year.

    https://www.landlordtoday.co.uk/breaking...cW7jw9OqVs

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Our experience is that it's closer to 50%  who are struggling to keep up with S24 and the like; but the big question is why.

    We've found that the biggest single reason is that the vast majority of accountants haven't got a clue, and far too many people seem to think that their accountant is the font of all knowledge.

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    Tony Gimple

    Founding Director, for and on behalf of

    Less Tax For Landlords

    0203 735 2940

    http://www.lesstaxforlandlords.co.uk


    I have a small accountant who handles my self assessment

    and It was I  Who educated her on S24 So what you have said is of now surprise

    I cant fully understand some landlords ?? They may well have 100s of thousands of pounds tied up in an investment 

    and they dont take the time out to understand or keep up to date with regulations and Taxation 

    we deserve every thing we get if 50% dont know what there doing 


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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    I’d hazard a guess that there a huge numbers of small landlords who fly totally under the radar when it comes to tax and as such it matters not a jot to them. 
    Then there those for whom their property is just a sideline ( another egg in the basket, or are “accidental” landords and so long as they are not making a loss don’t really care.
    All another indication of the amateur nature of much of the btl sector and yet more ammunition for the antis and justification for greater legislation.
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    I think a lot of Landlord Apathy is driven by the sector who dont take the time to fully understand the rules

    and that is most likely why the Govt gets away with so much 

    we deserve what we get

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Exactly, I know some landlords local who have never paid any tax and had 1-3 properties.
    Which have never paid tax on almost 10 years I find it hard to believe that so many are under the radar
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    They are being caught by HMRC

    It happened to a friend of mine last year 

    HMRC work slowly but they will catch them one way or another

    There all singing all dancing new computer is powerful

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    I have to disagree, the HMRC supercomputer is more akin to Holly in Red Dwarf ( brain the size of a planet but can’t find its glasses in the morning), yes they do catch people but often as a result of information supplied or as a result of other enquiries.
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    Round here the most common ways of getting round tax,

    Inherited property often still registered invdeceaseds name
    Parents funding a childs deposit to buy a house that is then let out but ostensibly occupied by the son/daughter
    Flats over shops
    Additional flats enterprisingly carved out of existing stock , declared as homes and as such pay council tax, but no planning or building control, ( just another flat number on the front door)
    The great rent a room “lodger scam” where the property owner has never lived in the premises.
    The tenants are “ non paying relatives” 
    Properties bought by EU citizens who were here then returned home leaving the property here rented to fellow countrymen.
    Builders and develoers that have built up portfolios by retaining a portion of their builds.
    Councils just don’t care as long as they get council tax, though likely to report to hmrc if discovered under a selective licensing scheme. HMRC don’t actively seek but will act if discovered via information or other enquiries.

    Such landlords are the problem but will remain largely untouched. I’d guess around 10% of the sector is totally under the radar as far as tax and regulation are concerned.


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    I bank with Barclays . Every other week I seem to get some letter through my door

    Some random clause update or amendment about charges which will affect me

    I skim read it then file it . If questioned about it i couldnt tell you a fig about what it said .

    That doesnt make me a bad investor / customer in Barclays .

    Should i be banned from banking with Barclays though because I dont understand their complex charges

    Of course not

    Being an amateur at something  is no crime

    Being an amateur LL is no crime as long as you do the essential legal stuff like gas certs and epc

    Not understanding or not knowing about S24 is not relevant to my proficiency as a landlord

    Its only relevant to my investment return pot

    The two are completely separate entities

    Its definitely not a reason to justify greater legislation against me

    Many `amateur` LL`s dont  have to pay S24 tax if they have just 1 unencumbered property.

    If you have 100 properties of course you are all over S24

    But to many smaller LL`s  it makes as little difference to their lives as  the price of tea in China

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    Jonathan Clarke. http://www.buytoletmk.com