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  • Tax

    5 point action plan for Section 24 mitigation

    Hi Dislexic,

    1. Major rent rises. Mine were all way, way below market rent and unchanged in up to a decade. Not any more!

    2. Buying new houses in company.

    3. Constantly reviewing BICT/Hybrid/other and may well take the plunge if no change by Year 4.

    4. Commenced two development businesses.

    5. Researching EIS/SEIS schemes. Some very useful tax savings there.

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    HI There

    I hope you can answer a query please, how do I claim tax relief for putting profits into a SIPP.

    I have a SIPP with Fidelity, of which I do put profits, but how do I claim the tax relief please in accordance with my end of year tax accounts.

    Cheers

    John

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    You claim the extra 20% when you do y self assessment

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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 paid off all but one of my BTL mortgages as a result of S24, and the remaining one will be paid off this year via using all the rental income to pay off debt, plus extra which I am feeding in from my salary. Maybe it is not the most tax efficient way to run things, but I can't wait to have all my properties unencumbered, plus income from my full time employment. Gives me freedom and choices.

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    Zero levarge is a wise thing

    my own goal for personal BTL is around 50%

    i don’t have any employment  so I am lucky to use my tax band

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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.