Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
I have just been checking my Business accounts and like any other Landlord I have voids
I never really factored in Council Tax in past years as the Council used to give you a grace period for an empty property which is no longer the case
This currant year I have paid quite a lot of Council Tax and it all effects my profits
In my opinion its a bit of a Ghost Tax what percentage of council tax do you factor in on your business plan
are you finding the same as me that your Bills are growing from a couple of years ago
I was chatting to a friend who buys and sells on property and he too is finding how easy it is to see profit slipping away from a project he is trying to sell
again in point of fact your paying a tax for no profit gain
who says they have not got it in for us
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.
Yes, these kind of "ghost" expenses should be on every landlord's radar.My friend, who buys and sells properties, is finding that the 3% stamp duty surcharge is really slimming his margins. He is struggling to find deals that are financially viable because of this.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
It’s a chip chip away fairy godmother
and there is only one loser and that’s the investor
in Newcastle a flat pays around £1200 pounds a year CT
so if you have a void it is £100 a month from a gross rental of £450 a month so your loseing money faster than you think
it all mounts up and effect nett yeild
In MK we get a free months grace for an empty property so rarely pay any council tax
Jonathan Clarke. http://www.buytoletmk.com
Newcastle took the reductions down on a furnished/unoccupied property to a 0% reduction- on substantially unfurnished/unoccupied property they give a 1 month at 100%. From 2003 a furnished/unoccupied property had to be at least 10% discount (and a maximum of 50%) but from 2013 they were allowed to set the minimum discount at 0%. (so they have to set a discount rate, it can just be set to 0).
I was working for them across the period they started to reduce the discounts etc and there was a lot of internal discussion over the issue and what rate should be set. Councils were 'encouraged' to reduce the discounts to recover monies being cut from the central budgets, the idea being that more money would be raised locally and that any complaints over the amounts would then be aimed at the council and not the government.
Specialist Council Tax advisor (A.Inst.Pa) based in Gateshead, but working nationally for landlords and council tax payers.http://www.lgfa92.co.ukPosting as @CouncilTaxGuy on TwitterWhy not look at our blog at http://www.lgfa92.co.uk/blogAny posts are my own opinion on legislation and may vary from your local authorities !
Just out of interest DL, what % of your gross or net (you choose) is your CT provision? Can't be more than 1% I'd guess?
I don't have a problem with CT, it's the damn Stamp Duty that is a killer in the south east!
£22k down the swanny on a £400k purchase - there goes the refurb money right there!
Buy some properties down south DL and then you'll find your CT provision isn't so high ;->