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  • Tax

    Some good can come from S24

    Its the first year my Business has been effected by the new Taxation rules and yes I have paid more Tax

    But I would have paid more tax anyway as I made more profit from BTL than I ever had in the past 30 years

    I don't like S24 But it has made me a better Business women

    When Osborne set out his plans for us I had to stop and think hard:

    How much tax will I pay in 2020?

    Will I continue in property investment?

    Should I form a company? ect

    I have put a lot of effort into this topic and I feel as if my life has been dominated buy Osborne's changes

    But looking forward some good has come from this man's actions

    I have a stronger more profitable business than I have ever had. I have looked for better Mortgage Deals.

    Sold Property to my Company and funded a Directors Pension.  I can now pay my wife a Salary and pay into her pension.

    I have my Build to Rent Project without leverage

    ... and for the first time in a long time I can see some good.

    I have learned that taking Action Kills The Worry

    Learning new rules to fight S24 works

    The future looks much brighter than the Day Mr Osborne was against me

    Fear of problem is because we don't understand the Problem

    Understand the problem and fear will reduce

    If you can take action this also reduces the fear

    I fully understand that we are all different and we all have to make choices so I am just plodding along making my choices

    And I think its my best option and my only option

    I wish you the best of luck with your options which ever road you take

    I am more positive for my own business than I ever was in the past years.

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    Learn Change and Adapt ?????

    Very inspiring post to end the week on DL.  Thank you for sharing your mental processes, as well as the actual practical actions you took, to reach this conclusion.

    Thanks also for your continued insights into BTL.  I have learned a great deal from you, and I know I am not alone in that. 

    You have been very generous in sharing your knowledge and it is very much appreciated. x

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    Your very welcome Fairy Godmother enjoy the Sun and have a super weekend xx

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    Learn Change and Adapt ?????

    Yes, sometimes we need a good kick to get our business affairs in order.As well as our lettings company we have a building company and a company that holds our property.  When property prices dropped in 2008 we hit panic mode. To add to that the RBS bank refused a £2,000,000 restructure of our lending and called in a £150,000 overdraft. We immediately  stopped buying property and looked at all our options. We tightened our belts, paid our bank of over 18 months, worked even longer and harder. We recently entered the buy to sell market, selling our first 6 renovated properties to the first person through the door. We have certainly benefited by the shock to have a leaner and better business.

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724


    The good that comes from S24 in my view is that it will weed out the unprofessional and the over-leveraged landlords, removing a good amount of systemic risk to the economy.

    A form of Property Darwinism if you will.

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    That’s a very interesting way to look at it

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    Learn Change and Adapt ?????

    Having come from the accidental/amateur landlord sector, S24 has had no effect on me nor I presume many others in a similar situation. It does seem to be directed at the professional, but highly leveraged, sole trader landlord.

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    True, although highly leveraged doesn't necessarily equate to being Professional if we're taking the dictionary definition of it meaning competent and skilled.

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    I think S24 will disproportionately hit newcomers, those that bought a long time ago have seen the house price inflation which has reduced their LTV and rent increases...   If I think back had S24 been in place when I started or as likely expected worse to come complete removal of interest relief for individuals and company there is no way I would have the properties I have and would likely never have entered the business.

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