BTL how to calculate tax on profit and income?

00ec25

buglawton wrote: »

Yeah Crashy and 00ec25s what a pair, will tidy up!

I note you appear to have deleted one of your posts as you may have recognised your error? I also note you haven't replied to the OP anyway, so I assume you wish to make it triplets?

buglawton wrote: »

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.

so your latest comment basically agrees with what I said to start with: where applicable, professional support is best for those unable to deal with tax themselves.

err, I'll put it down to the fact it was a Friday night when (typically) people are not necessarily at their best intellectually given they may be in vino.

buglawton

Before you get too excited, the deleted post is exactly as #21 to Crashy, I'd erroneously replied to you meaning to reply to him. So, nothing to see here move along please.

Crashy_Time

buglawton wrote: »

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-rent

The appetite wasn`t there in the German public to gobble up the BTL/Mew etc. loans, different history, different attitude to money, so the Brits went crazy while the German banks made their more extravagant loans to the Greeks etc.

Crashy_Time

00ec25 wrote: »

I note you appear to have deleted one of your posts as you may have recognised your error? I also note you haven't replied to the OP anyway, so I assume you wish to make it triplets?

so your latest comment basically agrees with what I said to start with: where applicable, professional support is best for those unable to deal with tax themselves.

err, I'll put it down to the fact it was a Friday night when (typically) people are not necessarily at their best intellectually given they may be in vino.

Most small time BTL people won`t want to pay out even more for "professional support" though? Many are likely to quit the game IMO, as the PTB now want them to do.