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  • Section 24 HQ

    Amateur landlords ruined by tax penalties

    ``JC foucus on CG which is fine but you can’t live on CG in a company``

    Nope wrong again DL  . Only corrected you 15 or is it 16 times now on that point

    For 20 years I have focused on CG and yield

    One day you will acknowledge that maybe - but I doubt it 

    I have property in own name and company name and a pension

    Many  investors live off their  job income and don`t actually need company income

    They store it all in the company for a rainy day

    Its different of course  for every  individual

    Now repeat after me

    JC focuses on CG and yield

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

    Missing the point my comment was about with drawing profits from a company

    you mentioned that a company would only pay 19% Coparation tax and avoid S24 which is correct

    but that’s only half the story a director will pay more tax when they with draw profits with dividend and salary

    so useing acompany to withdraw an income is not very good and most will pay more tax when they purchase via a company

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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 got that point and yes understand that

    It was your unnecessary add on comment inferring that i only focus on CG which irked

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

    It’s all profit in the end

    and if anyone is useing a company in general they will pay more in tax

    the sums an investor takes fiddling around 8k salary and a dividend tax free is very small beer

    company formation don’t save tax

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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.


    ``company formation don’t save tax``

    I thought with your LL shuffle that was exactly what you were trying to achieve  ?

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


    I always said it was folly to do a shuffle if the only reason was S24

    my reason is for succession planning and. Pension planning J C

    the pension opportunity is my main reason for a company formation you can salt away a million and pass it on avoiding IHT

    but trying to take an income is just not tax  efficient compared to personal ownership

    so landlords who buy into the company will pay more and more tax

    i can’t see why anyone would buy in a company to be honest

    it needs very careful planning indeed

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    0

    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.


    If you move to Portugal you can draw the money out of a company tax free.

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    Low leverage low impact... it will hit the reckless hard and I have very little sympathy... you have had 3 years notice to sort it out

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    I support that whole heartedly. My properties are high end. The problem is that many of the low end properties will try to fly under the radar.

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    I think the retrospective nature of s24 is the unfair part

    i can see why what I call the clever tax was introduced and it has done its job

    it has taken the heat out of BTL

    but it’s ironic that ltd co and holiday homes are not effected

    but osbourne did give us time to sort it out

    landlords who have not taken action will be hammered by s24

    and tenants will pay more in rent


    1
    4

    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.