BASICS of TAX for property investors 101 - How much do you know?
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- Опубликовано: 4 авг 2024
- Let's talk Tax for property investors! Do you know how many different taxes there is when it comes to us property investors! Tax can be daunghting if you don't fully understand it! This video is here to help you understand the basics of tax for property investing! How well do you understand tax? Has this video helped you understand the different taxes a property investor has to encounter? Would you like to see more video regarding tax for property investors? Let me know in the comments below is the video covering the basics of tax for property investors helped you!
APG - www.aspirepropertygroup.co.uk...
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00:00 - Intro
01:13 - Stamp Duty
04:28 - Capital Gains
09:10 - Income Tax
09:30 - Section 24
A bit of a Deep dive on buying multiple properties in a Ltd company structure, vs as an individual would be good.
He's produced plenty of these types of videos previously
@@Thai.Farang link?
@@aikighost I'm sure that you're able to look for yourself. I'm not holding your hand.
@@Thai.Farang aww go on mate, I don't know how google works. 🤣
@@aikighost Clearly not
Loved this video. Especially the expenses section. Company car, driver 😂😂
Thanks for watching! Glad it helped you! 😂😂
Brilliant video, loads of great information. Get the tax expert in = another business expense 😂 cheers Jamie 👍🏻
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
I personally would love an in depth section of each. Your straight talking no s**t videos are great. Helping me understand property investment and getting myself into it this year. Appreciate it.
Yes please do a Inheritance Tax video.
The sarcasm 😂! Subbed!
🤣 Cheers mate!
Great video. Helped me a lot . Thanks
Hi Jamie
Thank you so much for sharing this. My daughter was in the same room when I was listening to you, and she was shocked by your language 😂😊
Hi Jamie
Great video. Can you do a video on capital allowances for different properties. For example, on residential properties & furnished holiday lets.
Basically, a video on as many different legal tax allowances and loopholes
Cheers
Hi Jamie.
Your vids are very useful Thx 😀👍
Please do a deeper dive vid into inheritance tax. Especially how to plan medium term to pass my rentals to my children without the UK Gov taking a slice !
APG thanks
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
JY Close to 100k Sub. Doing well and another amazing video.
A few things about JY
He loves his Vanilla Buy let to let.
Not a big of fan of TAX.
He is not a big fan of selling his Properties.
All attributes of a millionaire
Ah thanks bud 💪
Genuinely makes me laugh - great Video, great info.
Cheers mate! Thanks for watching! 🙌
Inheritance tax video would be good.
Your parents need to sign the property into your name before they die. There's no tax on property given to you as a present. Inherited possessions are taxed. Gifted possessions are not taxed. Otherwise, we would have to pay tax on everything we got for Christmas and birthdays. Another good reason to buy property in a limited company - make your next of kin a director. They'll "inherit" the business without paying tax.
You forgot to add the bit that they must live 7 years after gifting you the property or you will still pay inheritance tax but on a tapered level of the years they lived after the gift
But with multiple properties I think there would be tax as over the 1 million threshold ?
Very insightful. Do get a tax specialist in
Sourcer here, not a tax expert so do your own research but if you do decide to sell your property to invest in a bigger project as long as that property is in a company you can delay any taxes owed by investing all of the money in a bigger asset and keep doing that to grow. This is called Business Asset Rollover Relief. 👌
Bring a tax specialist please!
Re ltd company, Repayment can be via directors loan to the company. So draw down efficiently or contribute to directors pension to write off your profit but pay less tax
More videos on this please
🙌👍
Great video Jamie can u maybe do a video on the best way to plan ahead like how you deal with properties and business once your not around like how to give to kids and how all tax works etc and maybe how to do a will when u have a property business. Bit morbid I know but gotta have this ready thanks 😜👊🏼
You need trust. Specialist ..seek step qualified solicitor
Hi Jamie! Have you done any FHL (furnished holiday lettings) ?
Some major tax advantages to be had I believe?
If you could do a video on FHL's that would be amazing! Thanks 😁
Yes please bring tax advisor or video about ltd
Please do a series on each type of tax
Yes, please to @ bringing on a tax advisor for more valuable information 😊
APG
Would be great if you can invite a tax specialist to share more 💛
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
Awesome
🙌👍
Bring on a tax advisor/specialist please 🙏 and also would like to see iht being covered
So IF I take an interest only mortgage to buy a property under a LTD company, does that make all the mortgage payment a business expense? Thank you Jamie, really wonderful and informational channel.
Deep dive into business expenses . Cars / petrol / all costs insurance etc . Options of what is tax deductible from income earned from property in Ltd company ? Can you pull capital / equity from commercial HMOs tax free ?
Jamie can you please do a video on Scottish taxes. Thanks
More information regarding expenses to claim specially how to book a trip abroad as an expense even if you dont end up purchasing property will HMRC question it?
apg
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
APG, I will need advise on TAXs
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
In Scotland stamp duty is 6%.
😮
Can you go into detail about the 20% relief please
Apg
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
So how about this idea…. What if I get a BTL mortgage on my current home (where I live) and use the equity from the new product BTL for a deposit on another property to live in and rent my current home out?
Rents where I live are silly money so would pass the mortgage x1.3 model for affordability this way. Would this in theory be a good option? Sorry if it’s a stupid question I’m just itching to get started lol and trying to find a way that can work 🙈
Where would you live? It would cost you more than it currently is if you were to rent somewhere else for yourself. Also the BTL mortgage will be 25:75% and not the approx 10:90% on a regular mortgage so you might not get much in the way of equity, depending on what your current equity is.
Hi, I’m getting the ball rolling now finally! I’m pulling out my £110k equity, remortgage from residential to BTL (interest only) and buying a property to live in (residential mortgage with 50k deposit) so I also have around 40k in the pocket to renovate the our next house and hopefully do it again.
It’s the only way I can do it, spoke to many and apart from a bridging loan (I didn’t want that attached to my main property) there were not options. BTL you need a deposit, (I can only get deposit from the equity in my home) so refinance, buy another property to live in, add value, remortgage it to btl pull equity and keep doing that for a while, or if enough equity, flip the odd property too. I’m finally seeing a way to get going and I give nothing no but 100% into everything I do, so super excited for the next 3 years! 👍🏻
@@jllewellyn8000 Happy for you and just a tiny bit jealous. Lol. Good luck.
Hey buddy thank you 👍🏻 don’t be jealous, it’s been a challenge for over a year to navigate and educate myself and it means uprooting the family, so not perfect situation, but when I’m hungry for something, I go hunting and don stop until I eat 😂 this is just the very start and had to pay more off the mortgage each month to get the equity better and luckily since I bought the property I knew it was in a good area and it needed quite a bit of work when we moved in. So I knocked a wall down, fitted a new kitchen, basically a whole Reno that I done alone (learnt loads along the way) lol just got trades in to fit boiler. Paid off now though as 4 years I have £110k equity lol BTL isn’t exactly brilliant at the moment, but it’s a start and I’m thinking of even starting an estate agency, looking into Serviced Accommodation, starting an investment group/club, etc the list goes on lol but I’m networking all the time with people and constantly educating myself whilst I wait to get my hands dirty 😂👍🏻 anyway cheers for the luck buddy I wish you all the best too 👍🏻 I will be all over RUclips in time sharing my story etc 👍🏻
Hi Jamie, great video. How could you get your money back if say for example you invest 200k from your personal bank account into your Ltd company to buy property with?
quick question, can I only claim things as a business expense if I am running a Ltd company or can I do this as an individual running my own business? If I can do the latter, how do I prove this?
More on IHT please
👍
Inheritance tax please
🙌👍
Tax advisor please
how to mitigate inheritance tax plzzz
❤
🙌👍
inheritance tax
🙌👍
How about if i want to buy property for my kids?
Then you buy it as a second house so still pay stamp duty etc
What if my flat I bought for £100k is not worth £60k?
APG - I have some questions.
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
IHT...this is the most disgusting of all taxes...so pleeeease do a vid on this
Lots of valuable information. Would be great to see you avoiding "f**k" word in your videos. Was watching the video in front of my children. Don't want them learn swear words in this way. Thank you kindly.
I’ll try to dial it back 😊
I have two properties in my own name but I'm a low rate taxpayer. Am I ok as I hear for some people it's still ok to have in own name of on low rate tax threshold
It doesn't make much difference if you're a low-rate taxpayer. The benefit of a limited company would be when you leave it to your next of kin because they will have to pay a lot of inheritance tax. However, if the property is in a limited company, you just make your next of kin a company director. Then there's no inheritance tax.
Is this properties under buy to let?
@@createthemagicinyourlife5947 yes
I recently gone from high tax payer to standard tax payer . And like you I’ve also heard
You can offset mortgage interest on standard tax payer but it’s done differently- hoping someone can elaborate on this too ? I thought I
Still couldn’t deduct mortgage interest in personal name regardless of what tax bracket we are ??
6% in Scotland, not 3%
That hurt reading this!
Language Jamie 😂
Naughty me!
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
Apg
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/?RUclipsOrganic and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
APG
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
Apg
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊
Apg
Thanks! Would be great to work together! Head over to www.aspirepropertygroup.co.uk/? and fill in your details, and a member of my team will be in touch! 😊