Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 17:35":

A business, also known as an enterprise or a firm, is an organization involved in the provision of goods, services, or both to consumers.
[1] Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social not-for-profit enterprises or state-owned public enterprises targeted for specific social and economic objectives. A business owned by multiple individuals may be formed as an incorporated company or jointly organised as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

Sole proprietorship: A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner may operate the business alone or with other people. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgements against the business. All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventory, manufacturing equipment and/or retail fixtures, as well as any real property owned by the business.

Partnership: A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.

Corporation: The owners of a corporation have limited liability and the business has a separate legal personality from its owners. Corporations can be either government-owned or privately owned. They can organize either for profit or as not-for-profit organizations. A privately owned, for-profit corporation is owned by its shareholders, who elect a board of directors to direct the corporation and hire its managerial staff. A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly held, with publicly traded shares listed on a stock exchange.

Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize for-profit or not-for-profit. A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of economic democracy.

....... just need to be the "right business" to progress it seems....until GO changes his mind at any given time of course.

How a FAIR tax asseement is arrived at is a far more interestng discussion !

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 17:35":

We are operating as sole traders under full personal liability: many businesses operate on this basis without incorporating their assets within a limited liability entity. So I guess then that they should all incorperate or lump it too?

What we are requesting as the calculation of our tax liability is the same criteria applied to other sole traders. Revenues - expenses = taxable profit.

We are asking to be treated like other sole traders not incorporated businesses.

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 17:35":

Is there "an idea"?
It would be nice to think so. And it would be nice if it were spelled out so we can draw up sensible business plans instead of having to try and read between the lines all the time.
My suspicion is that the only "idea" is to raise as much revenue as possible with little analysis of any consequences.

Piece on the bbc news at 6 about 'dodgy landlords' again. That's what we are dealing with what about a programme on tenants running off with three months housing cheques or 5k worth of damage to our properties. They never focus on the good landlords who are the majority it does my head in

We will never win because every corner of society and media have a vendetta

I keep saying this gotta look after ur own in this game sad but true

Reply to the comment left by "Ros ." at "08/12/2015 - 17:48":

I've already explained it in a different thread.

First reason is that all incorporated business MUST HAVE proper accountig system in place, they cannot avoid this, while the average joe buying a house is not forced to do proper accounting. I think georgie does not like the idea of someone potentially having millions of business assets with no proper accounting in place.

Second reason is that if you are incorporated there is a sharp division between your personal and your business assets, and when it all goes wrong, you won't be evicted from your main residence - only business assets will be taken, so next time george won't have to pay billions for bailouts.

Also it is easier to regulate companies, I mean if a company gets a fine, the public does not cares, if it cannot pay or does not want to pay it will be liquidated, but if the average joe gets a fine and he cannot pay, his personal assets would be at risk, so stricter regulations could be quite unpopular as they would end up in evictions.

I think these are GO's main reasons.

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 17:33":

The ones who rent from me talk of staying because the quality of life is much better than in their home country. They send their money home yes to support family who then may save that in order to come over to be with them. My sample size is relatively very small. I would like to see some stats to support your 99% figure

I can only speak for Milton Keynes and my experience. I have about 20 enquires per property. There will always of course be properties to let on rightmove. The key though is how many enquiries the letting agent receives and how long they stay vacant before they are re let.
.

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 18:11":

What your saying Joe may be true but that does not justify applying the new tax rules retrospectively.

Reply to the comment left by "Joe Galvin" at "08/12/2015 - 18:11":

Sorry, but these arguments are very weak. As a 'private' landlord I was subject to a full tax investigation and was told that we were in the top bracket for being able to produce all receipts and so on. There was nothing wrong with my accounting. Incorporation wouldn't have made it any better.
Also, I don't think GO would care if we went down the pan together with our business and we are subject to massive regulation, whether we are incorporated or not - that makes no difference.
You'll have to try and come up with a stronger argument than that; otherwise I'd stopped this line of argument as it isn't going anyway.

Reply to the comment left by "Jonathan Clarke" at "08/12/2015 - 13:20":

Strike action by a union relies on public support garnered from the withdrawal of labour by a needed profession.

None of that applies to action by a landlords Union.

The tennency is not labour - in the case of a leveraged landlord it is an agreement that the landlord needs in order to pay their mortgage interest. The withdrawal would still require a replacement agreement to meet their mortgage obligations. The existing agreement wouldn't have ended because the tennent couldn't pay or because the landlord no longer needs a tennent. On the contrary, the tennent doesn't need their current landlord, they just need A landlord, of which there would be the same amount willingly participating in the game of musical chairs they've instigated. This would garner zero support from the public like the Junior Doctors did, partly because the Junior Doctors actually provide a unique service that we need, but also because the people evicted actually are the public and I doubt they would be too chuffed about the inconvenience... unless they all just decided not to pay their rent and stay put... which I think would see a rapid reassessment of exactly who needs who.

In short - happy to be proven wrong by this grass roots movement but until then it's pure fantasy (and probably subject to cartel legislation).

A long time ago, in a galaxy far far away...