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  • Section 24 HQ

    Section 24 - I am in total shock!

    Still £43k or thereabouts in Scotland! And we get charged 41% rather than 40%!

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    Whatever you do, please don't fall for the incorporation myth as it will almost certainly leave you even worse off than S24.

    With over 500 accounts approved by HMRC and £1bn of client property held within hybrid business structures including those owned by some of the UKs largest HMO business, and the only firm to work in partnership with all the major PRS trade bodies, we absolutely know what we're doing.
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    Tony Gimple

    Founding Director

    Less Tax For Landlords

    0203 735 2940


    Tony, you have still never answered the question about how the hybrid LLP tax rules in section 850C applies (or doesnt) to your proposed solution. 

    This is something you really need to address if you're selling a "solution".
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    I’m also I bit confused as I did have a phone call with  Tony and you said you would get your team to ring me they did asked for lots of information.

    Which I asked I would need to know prices before I send all my details which is time consuming.

    They lady said it depends which scheme you go in and it just put me off if I’m honest as I’ve been told to stay away from this by my accountant thanks
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    Not sure as from you want an answer, but in any event we do not offer 'schemes' only legitimate and tested business structures, and without knowing your exact details we can't make any recommendations; but if it's too much work for you then best stick with your current accountant.
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    Tony Gimple

    Founding Director

    Less Tax For Landlords

    0203 735 2940


    Hi tony it’s not to much work , but do you think I should waste all my time, when I could use my time elsewhere.
    Sorry if you don’t like the truth , but I can honestly say after your team ringing me asking for lots of information. Then to ask how much will it cost and the lady reply’s that it depends which scheme they decide it’s doesn’t sound very professional.
    I said well only will I send you information when I know what the cost is as it’s wasting my time an I’ve been told to stay away from schemes from my accountant.
    So yes I will stick with him as he’s doing a good job at the minute.
    I also emailed you asking about the price and no one got back to me so says it all really thanks
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    Hi I am sorry to hear your pain

    I have met quite a few Landlords such as yourself and they are in the same boat as yourself

    Over the years I have given my views on PT about S24

    I have been told more than once that I dont know what I am talking about and that I should shut up

    I have seen such a lot of bloggs from New wannabe who have been told borrow as much as you can use your own home for deposits 

    and join us in the one way street to wealth because you cant go wrong 

    Your blogg today says it all really you have gone into BTL with a view of making money then The scumbags in Westminster pull the rug from under your feet 

    I dont wish to be cruel here but why did you not relise earlier than now about S24 we are now in the third year ?????

    I wish you the best of luck its a complicated Tax and you need to take good advice to find your way forward

    I have said in the past there is a very large section of landlords who are still in the dark with S24 so your not alone

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    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.


    Remember some of the wear and tear allowances are going as well.

    So if you have improvements to be made to properties then get them done to write it off as expenses. This may help reduce your tax. Obviously if you sell you might pay more CGT if property goes up in value considerably. 

    But worth getting all your properties updated whilst the rules still allow you to!
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences. 


    These (10% wear an   tear allowance) have gone already, a few years ago.
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    On wow. I didn't think it aligned with when the full s24 kicks in. 

    Doesn't affect me personally but does make me think me more - as others have - there are probably loads of people who don't know what's on the horizon. I'm glad I reviewed and got my house in order couple of years ago. 

    Just goes to show that PRS is not a passive investment (as debated in another topic). Anyone managing it at such is in for a shocker.
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.