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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
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.
Less Tax For Landlords
0203 735 2940
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
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
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
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
Jonathan Clarke. http://www.buytoletmk.com