Summer Budget 2015 – Landlords Reactions

Reply to the comment left by "Dr Rosalind Beck" at "02/12/2016 - 17:50":

…………. and these are the first people to move their savings from an account upon which tax is payable to an ISA. They would head the stampede if the tax chargeable on the interest earned (which BTW is totally passive income) rose to 100%+.

Reply to the comment left by "Barry Fitzpatrick" at "02/12/2016 - 10:00":

Barry, LTD company is great option for those who do not need to take money out of company in other words they keep reinvesting into company to pay flat rate of 17% (by 2020) however, those who wish to live off income or extract the money out of company will end up with similar sort of rates as if they never got shielded by restructuring their portfolio.

Is the 17% after wages commissions been paid

Always a way

Reply to the comment left by "NW Landlord" at "02/12/2016 - 23:35":

Hi NW Landlord

My properties are in the NE & I am also looking now looking into the options of Incorporation / Trusts etc. Are you able to advice approximately how much this has cost you (just a ball park figure) also the best way to contact Mark Smith ??

Plus what did you mean by always a way ?

I'm not sure how to direct message you via this forum & would you be willing to speak direct message me ?

Many thanks

Reply to the comment left by "NW Landlord" at "02/12/2016 - 23:35":

Hi NW Landlord

My properties are in the NE & I am also looking now looking into the options of Incorporation / Trusts etc. Are you able to advice approximately how much this has cost you (just a ball park figure) also the best way to contact Mark Smith ??

Plus what did you mean by always a way ?

I'm not sure how to direct message you via this forum & would you be willing to speak direct message me ?

Many thanks

Reply to the comment left by "Barry Fitzpatrick" at "02/12/2016 - 18:00":

Yes, Barry. It stems from a fundamental lack of empathy. My previous handyman could not understand it if I was angry that a tenant had absconded having cost me thousands in damages and arrears and after I had to clean up their shit as though I was their servant (had one where she left all dog poo throughout the house). There's something very depressing and negative about having to spend weeks putting your house back to what it was before some criminal tenant ruined it - spending a fortune in your time and money and often knowing that you will get no justice or a penny back off them - and bearing in mind some can wreck your house very quickly - within 6 months even.

On the other hand, if some guy up the pub owed my handyman £10 he'd be like a raging lunatic.

Reply to the comment left by "Dr Rosalind Beck" at "03/12/2016 - 08:26":

Ros you are being very generous in giving a tenant six months to destroy a property. In two weeks a tenant trashed one of my properties to the extent that I had to install a new kitchen and bathroom, completely replace all the plumbing, rewire, replace all the glass (broken from the inside) and plaster the walls.
And still this was not considered to be criminal damage. I am wiser now and would insist that the police pursue the matter. https://www.property118.com/judge-to-look-into-why-tenants-are-not-prosecuted-for-criminal-damage/91363/

Hi sunita the cost for me incorporating through the trust was 12k that's for 70 it is straight forward and you have the piece of mind of a tax barrister behind you if you get any queries I will start running my trust next April. In my opinion that is what the government want this is not a tax exercise really as the figures are peanuts it is a way of trying to professionalise the industry and that is not me agreeing whatsoever just looking at the bigger picture. There is option agreements aswell which we have ran by mark and he agreed in principle when me and my partner presented it to him in Liverpool a couple of months ago.

Two things you need to consider you must be in partnership to avoid SDLT and your capital gains depends on your LTV but he will go through that

In my eyes it is a no brainier as the alternative is unsustainable for portfolio landlords who use 75% LTV model

I have set another ltd company separate and all new deals I am putting through this and there are many lenders more than happy as everyone is adapting as all business people do. My advice is stay calm and weigh up the options as this is far from the end of buy to let and many opportunities will present themselves. I have to say that I struck a little lucky with the trust as i ticked all the boxes as it may not be viable for everyone but these option agreements are a goer aswell my friend is going down this route and he has 350 !!! I was already so far down the line with the trust so decided to stick with that if u send me and email address I would be more than happy to give you my number to assist don't be too down beat incorporating is what the government want I have that on good authority.

Reply to the comment left by "NW Landlord" at "03/12/2016 - 09:24":

Many Thanks for the advise

I'm not sure how to direct message you my email - I think I could do it via Facebook messenger - if you have a Facebook profile ??

Many Thanks again