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I had a call from a guy asking me advice on S24
He works and is leveraged about 70% and has an over all yield of around 8%
In the past when I worked out S24 I always used my own situation of being a none working Landlord
Because I now have the software on my PC for working out my own accounts I can work out to the penny how much impact S24 has on my own business
The software also allows me to put in a salary which I have always left blank
Today out of curiosity, I filled the blank with a salary of £45K which is the salary of the guy I have been talking to today
The figures with a salary are over 70% higher than a non-working landlord
I did not realise how much working Landlords are impacted by this evil tax!
And don't forget - my software is on current s24 levels we have 3 more years to come.
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.
It will probably force me to retire.
after working this through today I don't blame you one bit
all you would be doing is paying tax Alison
I understand where your coming from. Since S24 started myself and the wife have slowed our businesses down as we both working ( self employed) and landlords. No point working all hours anymore just for the tax man ..
It will probably force me not to get a job! -
Every cloud has a silver lining I guess
Jonathan Clarke. http://www.buytoletmk.com
Yes I 100% agree
I could not afford to work either
You're unemployable now anyway JC!
(Just like me)
We've been un-institutionalised!
Another S24 problem Jonathan, is that if S24 forces one to give up landlording and re-enter the job market, then presumably that landlord is not only reducing available rented housing stock, they are also unnecessarily taking a job away from somebody else! There really are so many negative ramifications to S24 but they really are blind to it.
and therein lies the absolute stupidity of the govt.. in carrying on with this tax.
they will ultimately get less tax as folk will give up jobs / be deincentivised from other entraprentual activity - either as the taxes hit so hard now or fear the govt could implement similar unfair changes. I have a limited co ( not for my properties at moment) - but pointless doing too much as tax impact on me personally will be so high .. so as I say a massive call to down tools!
then again this is from a govt who seemingly didn't see the Ireland border issue coming if there was leave vote!
I’ve done exactly the same. Cutting my hours down. Wife doing the same. As to avoid the higher tax. Lost any help with childcare due to higher fictitious income. So we cancelled childminder. Cancelled foreign holidays. And no new car. Not big deals. And we now have more time with the kids. So not a bad result. Ohh. And put the rents up. First time in three years.