C&G fixed rate ending but only offer SVMR

ILW

garyd wrote: »

I

I didn't realise I was running a business!

I was letting my flat out so I could afford to live in a bigger property to accommodate my family. Not to make a living as a landlord!

.

An interesting point of view.
Bit like arguing that you should pay no tax on a payrise because you are using the money to get a bigger house.

garyd

ILW wrote: »

If things are as bad as you are saying, why not move back into the flat and slum it for a while, saving about £700.00 per month?

Why not indeed.
I spent most of my formative years 'slumming it' and have tried to not inflict that upon my children.
Like many others, I fought my way up from nothing to having a reasonable though not totally debt free life but it was perfectly manageable, thank you very much.
Things are as bad as I'm saying but of course people don't want to hear my sob story, suffice to say I am honestly in a position not necessarily of my own making.
I don't want or expect sympathy (especially on this thread!:)).
So here I am and I'm trying to do good by my family and obviously not doing it very well! It may well get to the point where I will have to tell the family what's happening, I'm just trying to prevent that, however naively.

All the best.

garyd

ILW wrote: »

An interesting point of view.
Bit like arguing that you should pay no tax on a payrise because you are using the money to get a bigger house.

There's no grey as far as you're concerned, is there.

Again, point taken.

Cheers.

MarkyMarkD

SouthCoast wrote: »

I have made a small amendment.

I would beg to differ with your change. You are required to tell HMRC of a new source of income.

If you started letting a property at a loss - say because you had to work in a different part of the country, and the rental income did not cover the mortgage interest - then that would not be a new source of income as the taxable income would be nil.

SouthCoast

This is my understanding:

Everyone starting out on their own needs to register with HM Revenue & Customs. It’s quick, it’s painless and it can definitely save you time and money. You must do this as soon as you start or within the first three months, even if you already use a Self Assessment tax return. There are penalties for not registering, so fill in the form at the back of this leaflet and send it to us right away. There's the Helpline for the Newly SelfEmployed if you have any problems. And if you're unemployed at the moment, don' t forget to tell the Jobcentre.

From guide SE1

http://www.hmrc.gov.uk/selfemployed/fagir57.shtml

ILW

garyd wrote: »

There's no grey as far as you're concerned, is there.

Again, point taken.

Cheers.

There is no grey area as far as HMRC is concerned. Tax evasion is a crime with pretty severe penalties.

1984ReturnsForReal_2

We have been on C&Gs variable rate since July 2008. It went up for one or two months (cant remember).

But all in all its saved us about £1500 off we were paying & about £2500 in doing another deal.

1984ReturnsForReal_2

ILW wrote: »

There is no grey area as far as HMRC is concerned. Tax evasion is a crime with pretty severe penalties.

Unless your an MP................

StuTheDon

Gary,

I think you need a plan of action to get you on the straight and narrow:

1) You need to inform C&G that you are letting out that property. I think you could have a world of problems if something happens (i.e. tennants burn the flat down etc) as all kinds of policies would be null and void in addition to your mortgage

2) Get on the phone to HMRC and declare the fact you are renting. Whilst I have every sympathy for your situation, the law is not sympathetic and delay will only make things worse in the end.

You might also want to pop over the the debt free board as they have a lot of tips on cutting costs/debt. I'd start by posting an Statement of Affairs (SOA) over there.

I know things seem bad, but delay will only make them worse and worse - it is not going to go away. Get the missus a bottle of wine and sit her down - you need her onside.

Good luck,

Stu

Thrugelmir

1984ReturnsForReal wrote: »

Unless your an MP................

In their defence they didn't break the rules.