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  • Tax

    S24: Interest-only mortgages less attractive?

    HMRC already have mortgage records, but whether the LL has CTL is a concern for the lenders not HMRC.

    AirBnB share information with HMRC, though the 90 day limit is a concern for London not HMRC who mainly want to check you declare the income. The law that forces them to do so only came into effect last September.

    The same law will allow HMRC to track online adverts for letting so I expect them to start finding landlords who aren't declaring their income soon.


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    Agreed. I don't see the sense in any sort of scamster scheme. And there are SO many out there at the moment. Many of them effortlessly decimating the effects of S24. Who knew it would be so easy?

    I'm one of the unfortunate 40%, other income tax bracketers. But the cashflow on my 2 BTLs (both done-up-for-rental previous homes, not shitty, cockroach infested BTLs), should just about see me through the period until this STUPID tax is reversed.



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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.


    I don't trust any of these schemes.

    They charge a fortune and I reckon can and will be easily undone.

    LL just have to reduce their income and finance costs to get below the HRT threshold.

    It won't be easy but can be achieved if you self manage and have tenants who understand why their rent isn't being increased like all the other S24 tenants and is in fact technically reducing with the LL collecting a brown envelope once a month!!

    LL will just have to start doing it for themselves to survive!!

     But S24 is such a devilishly cunning tax that few LL will be able to work out a way to avoid its effects!!

    I don't know of a single tax that has been so opaque.

    Normality has been thrown out the window and defies comprehension!

    You can tell it was thought up by a dopey geography graduate with nothing better to do!!

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