Is this right Investment?

Malthusian

Pincher wrote: »

There must be plenty of indian landlords frustrated by the new anti-BTL measures in the UK. I can see a new time share boom on the Costa del Punjab coming.

If anyone tries to sell you timeshares on the Costa del Punjab you should steer well clear, as the Punjab is landlocked.

Malthusian

kingrulzuk wrote: »

I totally agree with you its free money but its just that my employer only tops up 1% and I can put in just 1% and in 2 years it will go up to 3% so im thinking to invest as I want to retire @ 40

And then die at 55?

Because unless you don't plan to live past 55 it is bizarre to turn down free money, even if it can only be accessed at that time.

kingrulzuk

Malthusian wrote: »

And then die at 55?

Because unless you don't plan to live past 55 it is bizarre to turn down free money, even if it can only be accessed at that time.

Yes I agree and people should opt in for it

bowlhead99

kingrulzuk wrote: »

So I don’t know about the tax and I’m still thinking as the properties are very cheap in Portugal should I invest more

Well, before you invested in the first place you should have a business plan and that business plan should take into account local taxes and your own UK taxes back home.

If you blindly ignore tax because you don't want to try to understand it or pay it, and you carry on investing like this you are just creating a bigger problem.

When one of your friends or neighbours gets jealous of you having foreign property he can just anonymously tip off HMRC just for fun and then you are in a new world of having to understand it *and* having to pay back taxes and fines.

Also if you are leaving a paper trail for any of this income (like a bank account in India or Portugal), it is worth being aware that the bank account balances and any annual interest amounts earned in those accounts will be automatically reported to the UK by the foreign banks every year starting from next year. This will potentially prompt HMRC to wonder why you haven't been including any foreign income on your tax return if you have foreign cash and other assets.

Consider getting your affairs in order with the help of one of HMRC's voluntary disclosure schemes before you get caught.

http://www.gov.uk/let-property-campaign

coyrls

kingrulzuk wrote: »

I don't know about Costa del Punjab as I buy down south of India, but when I have enough investment I will open an time share resort and sell IPOs still early stage now.

........I'm out.

kingrulzuk

bowlhead99 wrote: »

Well, before you invested in the first place you should have a business plan and that business plan should take into account local taxes and your own UK taxes back home.

If you blindly ignore tax because you don't want to try to understand it or pay it, and you carry on investing like this you are just creating a bigger problem.

When one of your friends or neighbours gets jealous of you having foreign property he can just anonymously tip off HMRC just for fun and then you are in a new world of having to understand it *and* having to pay back taxes and fines.

Also if you are leaving a paper trail for any of this income (like a bank account in India or Portugal), it is worth being aware that the bank account balances and any annual interest amounts earned in those accounts will be automatically reported to the UK by the foreign banks every year starting from next year. This will potentially prompt HMRC to wonder why you haven't been including any foreign income on your tax return if you have foreign cash and other assets.

Consider getting your affairs in order with the help of one of HMRC's voluntary disclosure schemes before you get caught.

http://www.gov.uk/let-property-campaign

Thanks for the info I need to look into this ASAP

Pincher

Malthusian wrote: »

If anyone tries to sell you timeshares on the Costa del Punjab you should steer well clear, as the Punjab is landlocked.

time share + Costa , hint, hint?

Beach front plot on the shores of the Sea of Tranquility, any one?

Slave_to_the_job

Some people seem to have life sussed... Buy some cheap property. Let it out cash only and avoid paying any tax. Then retire at 40!

No doubt utilising all the state provided benefits such as the nhs being funded by us mugs who pay tax and live in the right side of the law

kingrulzuk

Slave_to_the_job wrote: »

Some people seem to have life sussed... Buy some cheap property. Let it out cash only and avoid paying any tax. Then retire at 40!

No doubt utilising all the state provided benefits such as the nhs being funded by us mugs who pay tax and live in the right side of the law

To be honest I was a mug like you and after meeting my OH I found out there are so many ways people can save money. but I do pay my Tax and NI around £700 a month, so its not all bad :beer:

bigadaj

kingrulzuk wrote: »

To be honest I was a mug like you and after meeting my OH I found out there are so many ways people can save money. but I do pay my Tax and NI around £700 a month, so its not all bad :beer:

Sounds like it's some tax though, not all.