Imagine if the government say from tomorrow companies will not be allowed to deduct their interest as an expense! I mean that would be a crazy situation, and will cripple the industry
I am a basic rate tax payer and have now bought 3 properties, in my own name which was not a good idea but its too expensive to change to a company at the moment. The refurbs and rewire will mean i wont pay tax this year and hopefully next but with tax on the mortgage bar the 20% you are allowed and the rent it might not be a great plan in a few years time. Im not going to buy any more and shall have to see what sort of return i get. They are all good houses so should sell at a profit if rental does not get me any decent return.I wish I had been given this advice before buying in my name but thank you for this video.
It is still worth it if you have a decent portfolio ,but If I was starting out as a landlord I’d be thinking hard about it, I’m down to 6% from 8% but I’m still making money so I will stick with it for now but I’m not buying anymore houses stamp duty rip off is killing it now that was the last nail,
Please help- I've bought my first 3 properties in my own name- I didn't know about section 24, limited companies etc and because I'm a higher band tax payer my net profit is zero. What can I do? If I sell my properties and start again in a limited company I pay capital gains tax when I sell and stamp duty when buying again. Where do I go from here? Please can you help. Thank you.
You can have just one in a company, but if you have a portfolio already you probably need about 5 or 6 to make it worth transferiing them into a company b ut you need to get individual tax advice
Short term rentals is where it’s at- it’s just so many restrictions and it’s now beginning to be more tenant friendly
Imagine if the government say from tomorrow companies will not be allowed to deduct their interest as an expense! I mean that would be a crazy situation, and will cripple the industry
Agreed
I am a basic rate tax payer and have now bought 3 properties, in my own name which was not a good idea but its too expensive to change to a company at the moment. The refurbs and rewire will mean i wont pay tax this year and hopefully next but with tax on the mortgage bar the 20% you are allowed and the rent it might not be a great plan in a few years time. Im not going to buy any more and shall have to see what sort of return i get. They are all good houses so should sell at a profit if rental does not get me any decent return.I wish I had been given this advice before buying in my name but thank you for this video.
Really good for tenants right.
It is still worth it if you have a decent portfolio ,but If I was starting out as a landlord I’d be thinking hard about it, I’m down to 6% from 8% but I’m still making money so I will stick with it for now but I’m not buying anymore houses stamp duty rip off is killing it now that was the last nail,
Please help- I've bought my first 3 properties in my own name- I didn't know about section 24, limited companies etc and because I'm a higher band tax payer my net profit is zero. What can I do? If I sell my properties and start again in a limited company I pay capital gains tax when I sell and stamp duty when buying again. Where do I go from here? Please can you help. Thank you.
How many properties is required to form a company?
You can have just one in a company, but if you have a portfolio already you probably need about 5 or 6 to make it worth transferiing them into a company b ut you need to get individual tax advice
it is still profitable