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Sat calculating tax with the phased introduction of S24 and have had a radical thought. Instead of paying nearly 20K in tax to the Government (as I am effectively being taxed on turnover) I could shave £20K off my tenants' rents.....why give it to the Government? It's going out the door either way and how much better to give it to the tenants!
How does that work? You are not being taxed 100% of rent are you? And you still need to find the mortgage money.
I don’t think think it works
I thought of that too
run figs on the RLA calculator
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.
You would be better spending it on repairs ?
Or if you work fund your pension
We are already giving it to tenants.The taxes everyone pays (including landlords) go towards housing benefit which pays for people's accommodation.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Tax also pays for schools, hospitals, roads and defence of the realm all of which I'm guessing some tenants may benefit from occasionally !
Yes cant work that one out
I am spending more on replacements and repairs
Reduce the bill but enhance value at the same time
As S24 bites there will be more cash rent payments I suspect that the taxman never sees
Interest rates rising are par for the course
Even SDLT or a change in CGT we moan but take the hit
But a 5 fold increase in tax bills moves the goalposts like never ever before
It will be a red card offence by the Gov for many LL`s and it will just drive them underground
Jonathan Clarke. http://www.buytoletmk.com
Government gives the money to the tenant.
If I'm lucky, tenant forwards the money to me.
Government then takes the money back off of me.
The idea is, somewhere in that crazy cycle, I get to skim a bit off to keep back for myself.
Cutting 20k off of the rent roll wouldn't work for me as my effective tax rate is not (yet) 100%. Although I have smashed through that rather painful 60% tax band between £100k and £120k where you lose your personal allowance as well as getting taxed at 40%, ouch. Don't you just love socialism!