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Well the Brown Envelope arrived through my door to day for Income Tax due by the 31 Jan 19
It is higher than last year due to S24 - or should I say its first phase
The Bills are going to grow by the year for the next three years
Have you received your Income Tax Bill?
I believe this is where Landlords will start and wake up to the effects of S24
We will have landlords over Xmas with time on their hands trying to understand the new Tax Rules and that's when the start of selling off will begin
A very nice Xmas Present from Mr Osborne!
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.
You're not sent a bill as such any more You may get a reminder for any unpaid tax. You should already know what you owe as the system is now to self assess, meaning you or your accountant enter the data and get a figure as to what is owed on the spot, before filing
I knew what the bill would be end off April 18
its a sobering thought when you see the demand for payment
it underlines the effect S24 will have on leveraged landlords and it’s going to get worse.
Yes I agree. I don't believe driving landlords out of the market will solve the housing crisis.
Just out of interest, what sort of % increase have you seen DL?
I have done a lot of work last year re arranging my bussiness paying into pensions ect
selling property into my company and getting better intrest rates
but even with the changes I think my bill for jan is about 25% higher than it should be
each year I will delevarage one way or another but by 2020 ish my tax bill will be double on a smaller bussiness than it was before S24
I feel sorry for landlords trapped by this evil tax
It would be more impactful to state tax bill in relation to gross rent/turnover - as well as versus net profit
My calculations have not been finalised yet . I always leave it late
I`m perversely excited though at paying more tax .
Its like saying dismissively to George -
Come on then - Is that your best punch mate
Jonathan Clarke. http://www.buytoletmk.com
You do surprise me I thought you would know you bill much sooner than now
I know when I submit my accounts to the accountant in late April I know what my bill is before he gets them
if I know in April it allows me to save the tax in premium bonds so I pay it 31 jan
Nah - more important things to do with my time tbh DL
I have a rough ball park figure in my head and thats enough for me
The accountant then does their stuff
I`m maxed out on PB already so just pay HMRC out of cash flow like any other bill when it arrives
29th Jan usually is my flag up date allowing 3 days as a margin of error in case the network goes down
I’m ocd when it comes to accounts my account says I am the only customer he has who gets everything on his desk
I bet him every year to a margin of £100 what my final tax bill would be
but I run professional landlord Softwear which keeps me right and it works out my tax bill in real time at a press of a button I just make sure I claim for everything thing I can