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I have been looking back at this years accounts and the effects that S24 is now having
One of my strategy's is to use repairs to reduce the impact of S24
I would much rather spend money on repairs than give 40% to HMRC
I think this strategy is a sound option - Everyone wins
My Tenants are very happy when I ask do you need anything done
My property is in better repair so more valuable
and best of all its a hedge against S24
what are others doing are you doing slimier
Do you use a company you own to do the repairs ??
Learn Change and Adapt ?????
Agreed, it's definitely more of an incentive. Every £100 I have to spend on repairs I do thinkthat at least it's only costing me £60.
Isn't that like cutting your nose to spite your face?
If a repair needs doing I do it, if not I don't. I don't let the tax tail wag the dog.
I don't see how spending 100 to save 40 is a profitable long term business strategy.
A blog and information source for buy to let landlords
It is great for good relations with customers
and you have a better property
I cant see how that can be a bad thing
If you use a Company and charge a Management fee and do some work for other Landlords its a money spinner
I also have my son who is a sparky doing the work so its a winner all round
Not all repairs / replacements are urgent or necessary the day they are reported / discovered
You can legitimately have a rolling programme over an extended period
Some of mine are tired so I will be employing this strategy
Spend a 100 add 200 to the value and save 40 . Net gain in the long run
I agree with DL
Jonathan Clarke. http://www.buytoletmk.com
I have rolling program of repairs through the year Out side Jobs in the summer inside jobs in the winter
If you are proactive it save money in the long run
Its a no brainer with your views 100%
Yes but I get repairs done anyway. So the tax situation has no bearing on that for me.
I use Company and the Management fees pay my wife £8000 a year
The company funds my pension as a director
The company pays all traveling expenses and hotel costs when we travel on business (First Class of Course )
Its another strategy to save tax legally and have a bit of cake too
Dissy and Des both have a point, they're not really conflicting. Some 'repairs' using a little bit of 'tax-license speak' can be a good strategy.
Its not going to totally change Sec 24, and I don't think Disssy means that he wouldn't carry out a necessary repair anyway.
I look at what needs repairing and pencil it in for jobs over the year
I enjoy working with the Guys doing the Jobs and I think that makes a difference
Tenants really like to be involved and I ask there opinion and they come up with some super idlers
Its all about building a good business relationship
I don't see why s24 is making you do repairs. Are you saying previously you were a bad landlord and didn't do repairs. If we get informed of a repair its done within 48hrs or immediately if an emergency. Tax situation makes not a jot of difference. Our tennants love it and stay.