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  • Section 24 HQ

    Year end Accounts 17/18 and S24



    Well I have just about completed my year end accounts for 2017/18 Accounts for submission to my accountants.

    It's quite shocking when you see the result of S24 and this is only the first year - Three more to go.

    Next January for my first bill and I think I will not be alone thinking what next are they going to hit us with?

    I still believe a great number of Landlords are still in the dark on this Topic.

    The Sh*t is going to hit the fan now let us see the reaction to the PRS in the coming 12 months and beyond.

    In my own area I don't see rents rising either.

    This is going to be very costly for leveraged Landlords and with further changes on the way to Lettings Fee Ban I can see Landlords selling up!

    PRA is going to cause Mortgage Prisoners.

    You could be wrong in feeling the Govt don't want our services.

    Dig deep my friends we are all going to pay a lot more in costs.

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    Learn Change and Adapt ?????

    Not me.

    Three sets of keys voluntarily surrendered to the mortgage company, I will deal with the unholy mess when they are sold.

    One property going through private sale, will be gone next month.

    Two remaining, as the tenants are desperate to stay. I will keep those if I can, more for the tenants than for me. I have had enough.

    Goodbye pension. Still better than the alternative.

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    I would strongly advise any landlord from handing keys back to a lender.

    They will "fire sale" your property, likely selling it at significantly less than market value.  If you still owe them money after the sale proceeds have been taken into account, they will come after you for the rest of the (unsecured) amount, and may even put a second charge on your home, if you own one.

    Anyone struggling financially with buy to let should seek expert support and advice. 

    ​There is an excellent company, one of the Property Tribes' sponsors, who are the only FCA regulated company for this type of work in the UK.  They are called Landlord Debt Advisory and they assist landlords in financial difficulty, in many cases re-structuring things or negotiating with lenders so that the landlord can survive.  You can call the helpful and supportive team at LDA on 0161 222 4311.

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    We've been saying this for two years now, but thankfully landlords can do something positive about it.

    Ask and I shall tell you how.

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    Tony I sought advice when Osborne law was announced

    I sat down with Tax Advisors and I have my Plan in force now

    I will not beat S24 but I have reduced its effect buy using My Pension My Company and my new Build to Rent Project without leverage next Month

    I have no fear for myself But I do have fears for the sector

    I just Bit the Bullet threw some cash at the issue and I am now on my way

    I did not do anything fancy, I just Planned

    I see the light at the end of the Tunnel

    as long as they don't muck about more with taxation I will be a happy Landlord.

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    Learn Change and Adapt ?????


    I decided to do nothing. Put up the rents dramatically for the first time in a decade, and move forward in a limited co, but other than that will just suffer the extra which is manageable.

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    If you can get extra rent it’s the way to go

    i know my excising customers would struggle

    but when I have voids rent goes up

    we all have to find a direction any way we can

    best of luck dl

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    Learn Change and Adapt ?????

    Hi Tim,

    Probably better if you contacted me directly.

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    Hi Tony,

    "Pied piper" posts - taking members away from the forum to talk in private - are against the ethos of this forum.

    If it cannot be discussed openly and transparently for the benefit of the entire community, then we would advise members not to respond to such offers.

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    Hi Vanessa,

    Only suggested that Tim contact me directly because without knowing his actual circumstances we'd be giving advice that may be inappropriate.Likewise, it's often easier to send existing marketing material that addresses the generic point rather than rewrite in a limited format.

    We've nothing to hide, hence why we don't restrict our information.

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