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BTL, the tax man cometh
macaque_2
Posts: 2,439 Forumite
http://www.citywire.co.uk/personal/-/personality-finance/bricks-and-mortar/content.aspx?ID=322617&re=4318&ea=174368
This is for information although I don't think it is particularly relevant to this forum. I did a poll on this website and all the BTLs assure me that their tax affairs are in order.
This is for information although I don't think it is particularly relevant to this forum. I did a poll on this website and all the BTLs assure me that their tax affairs are in order.
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Comments
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They should lock them all up and throw the key away.Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."0 -
The more recent BTLers won't be making a profit.
They should declare the loss so it can be carried forward to next year. Eventually there will come a time when the loss will be useful against a profitable rental year.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
ad44downey wrote: »They should lock them all up and throw the key away.
Landlords in general or just those that don't declare the income and pay the tax?Whether you think you can or you can’t, you’re probably right ~ Henry Ford0 -
With careful planning there is little need to pay much tax - but a tax return is still required. As silvercar says, to offset future gains if nothing else but it is also a legal requirement.
This year I have been taken by surprise with the rate cuts and could face a larger tax bill than planned. When I get back from my holidays I will be asking my tenant if there are any problems that need to be sorted. A new hob or new carpets perhaps. I am such a softie. Gotta do something to justify this year's rent increase.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
chuckey, a BTL slum landlord from the house Price Forum, must be sweating a bit now!0
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Gorgeous_George wrote: »With careful planning there is little need to pay much tax - but a tax return is still required. As silvercar says, to offset future gains if nothing else but it is also a legal requirement.
This year I have been taken by surprise with the rate cuts and could face a larger tax bill than planned. When I get back from my holidays I will be asking my tenant if there are any problems that need to be sorted. A new hob or new carpets perhaps. I am such a softie. Gotta do something to justify this year's rent increase.
GG
abosultely right GG - it's the best way to reduce the tax bill. 0 -
Taxman has 80,000 buy-to-let investors in his sights 02 June 2007
18 months later and he only now cometh?
Edit: also HMRC begins buy-to-let probe to catch landlords evading tax 22 February 2008"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
tax man paid. all sorted.
what you going to do when you lose your job and your landlord throws you out for non-payment of rent.
it's going to a sad day in the pig household.
give me a shout I'll be there for you0
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