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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.BTL how to calculate tax on profit and income?
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Personally, I have no issues filling in the online tax forms. Been doing it for over 10 years on other more complex businesses than BTL. However, if you read the post sequence really carefully you'll note that I was offering advice to OP, not to myself.I am sorry but if you really cannot follow the very dumbed down level at which the info on the .Gov.UK website is now presented then pay a professional accounts person to help you
i am not going to write it all out for you when it is there to be read, I can only assume you want to be spoon fed since you can obviously read.
What do you not understand about case study 1, showing the position pre and post the rule change?
In fact I gave same advice to OP that I'd give my nearest & dearest on the event of my passing away.
Anyway, don't break a leg getting off that high horse.0 -
And if you read the post carefully you will see he wasn't talking to youPersonally, I have no issues filling in the online tax forms. Been doing it for over 10 years on other more complex businesses than BTL. However, if you read the post sequence really carefully you'll note that I was offering advice to OP, not to myself.
In fact I gave same advice to OP that I'd give my nearest & dearest on the event of my passing away.
Anyway, don't break a leg getting off that high horse.
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?Personally, I have no issues filling in the online tax forms. Been doing it for over 10 years on other more complex businesses than BTL. However, if you read the post sequence really carefully you'll note that I was offering advice to OP, not to myself.
In fact I gave same advice to OP that I'd give my nearest & dearest on the event of my passing away.
Anyway, don't break a leg getting off that high horse.
given I quoted the OP, I fail to see what you are on your high horse about
by definition OP must be a LL, otherwise why ask the question to start with. A LL who does not know how to calculate their own tax, (as you attest in respect of yourself) and moreover one who cannot look up basic facts readily available on the interwebnetthingy, is one who should be paying for professional support.
The info is readily available, and not that difficult to grasp, since the only thing which has changed is the treatment of the interest, and that is fully explained in the case studies already linked to. I have also invited OP to post what it is they do not understand about the facts of how tax works which they can read for themselves.0 -
It's been such an unsuccessful 'thing' that the govt needs to pass special budgetary measures to shut it down?
But the number of people popping up to say that it's only for the 'experts' isn't going down, for sure.
It worked while the banks had their property Ponzi running at full steam ahead, and people believed that "You can`t go wrong with bricks and mortar!" it meant that someone with an existing residential mortgage could be in the market for one or even two more property loans...Great! Bonus all round! What could possibly go wrong? Well a collapse in the Ponzi requiring the lowest interest rates in history plus endless QE (that has not really worked too well) could go wrong, plus half the population getting so peed off with not being able to afford a decent home that they voted for Brexit. It was "successful" in getting loads more property backed credit out to the masses, but that isn`t the kind of "success" that attracts votes any more, so we are seeing the reversal of the policy that`s all.0 -
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I'm being a paranoid android but don't accept xlsx files from strangers unless you open in read only mode with macros disabled.0 -
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given I quoted the OP, I fail to see what you are on your high horse about
by definition OP must be a LL, otherwise why ask the question to start with. A LL who does not know how to calculate their own tax, (as you attest in respect of yourself) and moreover one who cannot look you basic facts readily available on the interwebnetthingy, is one who should be paying for professional support.
The info is readily available, and not that difficult to grasp, since the only thing which has changed is the treatment of the interest, and that is fully explained in the case studies already linked to. I have also invited OP to post what it is they do not understand about the facts of how tax works which they can read for themselves.
So let's say you are good artist who sells their work but hopeless at tax returns, Or a good builder who is busy but hopeless at tax returns. They should give up doing art/building?
edit: Now I think about it, I do know a BTL landlady in London who lives in a shared house, has just a room to herself, but rents out her BTL to augment her low income. She gets all her tax done by an accountant. Works for her.0 -
Crashy_Time wrote: »It worked while the banks had their property Ponzi running at full steam ahead, and people believed that "You can`t go wrong with bricks and mortar!" it meant that someone with an existing residential mortgage could be in the market for one or even two more property loans...Great! Bonus all round! What could possibly go wrong? Well a collapse in the Ponzi requiring the lowest interest rates in history plus endless QE (that has not really worked too well) could go wrong, plus half the population getting so peed off with not being able to afford a decent home that they voted for Brexit. It was "successful" in getting loads more property backed credit out to the masses, but that isn`t the kind of "success" that attracts votes any more, so we are seeing the reversal of the policy that`s all.
Hmm. Some good points.
Let's take the example of a highly developed economy like Germany, a country I lived in for years where the lifestyle is truly enviable. Only 40% own compared to today's 70% UK ownership.
That must mean a lot of landlords. And they don't even have council housing as such over there!
OK, most property is owned by corporate - well, often small company - landlords. And the investors are... to-be pensioners. It's just a matter of mechanism in the end.
Try this from your favourite newspaper:
https://www.theguardian.com/money/2011/mar/19/brits-buy-germans-rent0
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