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Landlord tax question

2

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Gemandcraig wrote: »
    So in simple terms of i buy a second property at £100k stamp duty of 3% as second property.
    No.

    3% additional. So on top of normal SDLT.
  • Gemandcraig
    Gemandcraig Posts: 38 Forumite
    Investing seems scary business to me though. And also doesnt seem too profitable. Maybe I will have to do some more research i just feel you cannot lose property whereas stocks and shares can be lost easily in one day.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Gemandcraig wrote: »
    Investing seems scary business to me though. And also doesnt seem too profitable. Maybe I will have to do some more research i just feel you cannot lose property whereas stocks and shares can be lost easily in one day.


    Tracker funds were mentioned though, totally different thing, plus you can go online/call your broker and sell up as soon as the stock market turns, you can`t do that with property, you just have to sit there and take the losses as buyers dry up.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    * Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

    Topics covered:

    * Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

    * Deposits:     payment, protection and return

    * Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

    * Rent increases: when & how can rent be increased?

    * Repossession: what if a LL's mortgage lender repossesses the property?

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?
  • lovinituk
    lovinituk Posts: 5,711 Forumite
    1,000 Posts Combo Breaker
    G_M wrote: »
    No.

    3% additional. So on top of normal SDLT.
    An additional 3% on a £100k property is 3% in total ;)
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Gemandcraig wrote: »
    Investing seems scary business to me though. And also doesnt seem too profitable. Maybe I will have to do some more research i just feel you cannot lose propertywhereas stocks and shares can be lost easily in one day.

    That's possibly because you don't have a handle on the finances of letting property or basic concepts such as void periods (periods where you don't have a tenant) and haven't looked into any other investment vehicles even though it has been suggested in previous threads.
  • Tiners
    Tiners Posts: 232 Forumite
    Won't the additional income from your proposed BTL venture effect your ability to claim Tax Credits?
  • sparky130a
    sparky130a Posts: 660 Forumite
    Gemandcraig wrote: »
    What are voids?

    :wall::wall::wall:

    It makes you wonder....
  • FBaby
    FBaby Posts: 18,374 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    You need to decide whether you want to invest for a current regular return or for the future. If it's going to be repayment, then it is more about paying it off and getting a revenue in many years.

    Investing in property is becoming a pointless business if you look at it from an income perspective to support your family as by the time you've taken on the on-going cost (and the stress that comes with it), you are unlikely to make any profit and might even lose out.

    However, it remains the most secure investment long term and best way to fund retirement.
  • sparky130a
    sparky130a Posts: 660 Forumite
    FBaby wrote: »

    However, it remains the most secure investment long term and best way to fund retirement.

    Plenty would disagree with that.

    Property maybe, being an LL, not so much.
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