Tax

I have been to the NLA Conference today in Newcastle and I thought I would update the info I have found today in a couple of areas

The NLA did a presentation on their findings and they have never seen morale in the Landlord world so Low

Landlords selling are gaining pace and Landlords purchasing new Property is down by a good margin

About 6% of landlords have been switching to Company Formation

They expect the numbers selling to increase as S24 moves forward and in about two years they expect sales of Landlord Property to out pace Landlords who are buying

So this means there will be less property to rent in the PRS ( I THINK MOST OF US KNOW THAT)

There are going to be a number of changes to the rules of Abandoned property and it looks good what is on the starting blocks but I think most Landlords will like the new system

The ARLA was also so there and David Cox did a very good presentation on the changes effecting Landlords

But I was alarmed to see his Lack of knowledge of S24

He said every landlord with a Mortgage would be effected by S24 This Statement is totally untrue and I think ARLA should have a good look at there know age levels on the

If ARLA can get so much wrong its a worry

Numbers attending were very good as was the lunch

I came away still thinking most Landlords still don't fully Understand and the ARLA statements were not helpful to confused landlords

Another new Law is that we are now going to be working for HMRC unpaid If a Landlord know they have a tenant who is selling Cigarettes coming from overseas you have a duty to report your tenant to the HMRC

If you don't a 5K penalty would be payable by the Landlord

I'm not sure who came up with this but its stupid and I think very naïve  indeed

I cant report any good news really but NLA figs support that Landlords in profit are at there highest levels and that they have ever had

Lots more legislation coming our way friends so get learning!