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Welcome to Day 3 of "Axe the Tenant Tax Awareness Week" 2017. Section 24 comes into effect tomorrow!The Axe the Tenant Tax Coalition are marking this landmark day with a week of content to create awareness of S24 amongst the wider landlord community as we believe there is still mass unawareness!Today, landlord and Tenant Tax campaigner, Gemma Shinh, talks about the impact on her business and tenants:Throughout the week, will be featuring interviews with landlords to find out how they are affected, and we'll also hear from Tenant Tax coalition members, the RLA, the NLA, and ARLA.Please join us ALL THIS WEEK for campaign up-dates and news and we want to urge everyone to do their bit by sharing our content on social media - either in property Facebook groups, or via twitter and other social aggregation channels. Everyone can do their bit to increase awareness and amplify the efforts of the coalition.Even if you personally are not affected by Section 24, please get involved and support this campaign!Don't forget to download our FREE "Section 24 Survival Guide" produced in association with Bamboo Auctions.The guide is a simple and easy to understand download, which is free for anyone to access. CLICK HERE TO GET YOUR FREE SURVIVAL GUIDE Follow the @tenanttax on twitter, visit their website, and join their Facebook group for updates.Tune in daily all this week for our exclusive content and commentary!SEE ALSO - A million landlords forced to increase rentsUP NEXT - National Landlords Association on S24DON'T MISS - Landlord hammering to continue in 2017? NOW WATCH:
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**
The truth is on its way folks
Thank god I have a way out of the mess S24 has brought to my door
My heart goes out to the Landlords who will go out of the Business who fully understand the true implications of S24
For the Landlords who treat BTL as a bit on the side and don't understand S24 I say you get what you deserve and the faster you get out of BTL the better the sector will be
This will show the true commitment of good landlords from the ones who don't see this as a business
The result will be better long term for the Landlords who survive
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 fully understand your comments. However whilst the shake up is happening will their be the potential for some landlords to profiteer and take advantage of certain tenants? Are we reducing competition in the sector and we will have less landlords who own more of the properties?
you make some good points S24 will see Landlords leave the sector and a lot who leave may well be a good thing
I want to see a good PRS ran by men and women who see the sector as a business and not a bit on the side
The Sector is to important not to be run in a professional way
My own Guess is the ones who do leave maybe should have never been Landlords to start with
S24 has biggest effect on Landlords who have a full time occupation who earn there bread and butter for a 40hr a week job and in most cases don't dedicate there time to
understand regulation and Taxation
Good will come from this and If I am right we will be left with professional Landlords who run a business not just a bit on the side
Well, I shall be pushed well into the higher tax bracket (I'm currently basic rate). I will not only pay a huge increase in tax on money that I don't have, but I will also lose Child Benefit (a double whammy) and will have to pay more Child Maintenance, which is based on my tax return which will be showing much higher fictitious earnings (a triple whammy).
In the meantime, I have had to put up rents to the max that the market allows on each of my properties and the tenants have been fully informed that it was Gideon Osborne's policies, adopted by the government, that caused that rise.
Interesting, do all your rent increases cover all your lost benefits?
If not you are effectively losing money
Do your rent increases also include a normal rent increase?
It seems you are the classic hard done by LL that the Govt refuses to accept exists.
Potentially you may have to downsize, degear or sell up.
A previously viable business setup destroyed by stupid Govt tax policies!
All my tenants are long term tenants and i rarely increase rent (maybe once every four years, by perhaps £50/month) once they are in. We offer each other stability.
The only tenant I ever evicted got the boot because she was hugely in arrears (£000s) and was trashing the flat, totalling a £14,000 bill with no way of recovering the money.
I'm only increasing rents to market rates as the longest-staying tenants (currently about 6 years) are enjoying considerable discounts and I can no longer afford that generosity, thanks solely to the government.
interestingly, I always offer long tenancies (from 12 month to 3 years) at the outset.
Not a single tenant has ever wanted more than 12 months as they all want 'flexibility'.