The Budget

chucknorris

Thrugelmir wrote: »

That's a giveway for a start.

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The furniture in my properties is all very good stuff, it is really false economy to put cheap stuff in, it doesn't look as good (that will affect the achievable rent, and probably won't last as long either.

Thrugelmir

Graham_Devon wrote: »

I personally believe calling it a living wage instead of a rise to the minimum wage was a masterstroke. All the papers are now reporting it as their main item - "george osbourne introduces living wage".

George obviously has learnt from the Master of Budget speakers. (Brown). Make the headlines with a splash. Bury the devil in the detail where it doesn't impact until 2, 3 or even 4 years later.

Brown used to change NI rates in advance. No one cared as it had no immediate impact. Papers didn't even report it.

Graham_Devon

cells wrote: »

given a large number of properties its probably easy to calculate what the cost of replacing/maintaining furnishings is so using a wear and tear allowance seems common sense and good for both sides.

It probably was. But there are large numbers of painters, builders, delivery men, plumbers etc etc.

Should we give them a blanket allowance regardless too? Afterall, it would be easier....

There are loads of high street shops - they could have blanket allowance for shop refitting, regardless of whether they refit the shop...

And I doubt many landlords paid OVER what they owed. If they knew they had spent more, they could submit receipts to cover the total cost if the blanket allowance was a lower amount.

Pennywise

Graham_Devon wrote: »

It may have been. But clearly it's excessive for many properties.

Secondly, it just brings it into line with what every other company or self employed person has to do. Keep the receipts and simply claim what they have spent.

I'm not sure why BTL landlord should be exempt from doing what hundreds of thousands of others have to do to claim allowable expenses.

And they already have to keep receipts and records for all the other costs, such as property repairs, insurance, agent's fees, loan interest, etc. Keeping and recording the costs of occasionally replacing & repairing the furniture and furnishings as well isn't a big deal.

vivatifosi

Just spotted this nugget which may prove useful for pensions planning:

1.227 Over 85,000 people have taken advantage of the new flexibilities for accessing pensions that were introduced in April 2015. The government believes it is important that all consumers can access free, high quality guidance on their choices. Following the successful launch of Pension Wise in April 2015, the government is extending access to this free and impartial guidance service to those aged 50 and above, and is launching a comprehensive nationwide marketing campaign to further raise awareness of the service.

chucknorris

Pennywise wrote: »

And they already have to keep receipts and records for all the other costs, such as property repairs, insurance, agent's fees, loan interest, etc. Keeping and recording the costs of occasionally replacing & repairing the furniture and furnishings as well isn't a big deal.

I disagree, personally it is going to be a pain in the backside, why didn't he just do everyone (both tax payers and landlords) a favour and reduce the allowance from 10% to 5%. I wouldn't have minded making a small loss, if it kept the paperwork down.

Thrugelmir

chucknorris wrote: »

The furniture in my properties is all very good stuff, it is really false economy to put cheat stuff in, it doesn't look as good (that will affect the achievable rent, and probably won't last as long either.

I appreciate that. The first objective of making a business successful is to make it profitable. Little point in worrying about tax until there's some to pay.

chucknorris

Thrugelmir wrote: »

I appreciate that. The first objective of making a business successful is to make it profitable. Little point in worrying about tax until there's some to pay.

It was only last week my wife said to me that our sofas were the worst in all our properties (there's 9 of them). But to be fair though, we do tend to keep stuff until it really needs replacing. We aren't exactly impulse buyers, that throw away good stuff simply because we see something that 'we must have'.

vivatifosi

Another one, commuter train fares:

1.296 To support working people across the country, the govenment will cap regulated rail fares at RPI for the remainder of this Parliament.

vivatifosi

Don't remember seeing this one either:

2.46 Lifetime tenancies – The government will review the use of lifetime tenancies in social housing to limit their use and ensure that households are offered tenancies that match their needs and make best use of the social housing stock.