Summer Budget 2015 – Landlords Reactions

Reply to the comment left by “BTL INVESTOR SCOTLAND” at “04/09/2015 – 22:21“:

Yes, I see, so there will be even more pressure on housing.

Ros, yes happy to. Let me know which one and I’ll submit an FOI.

@ James Tallis: about 15 years ago I debated for a long time with my accountant whether to start this ‘business’ of mine as sole trader or ltd. Let’s suppose I had an identical twin and one went sole trader and the other ltd. Are you suggesting that the twin who went sole trader should bow be taxed more over his or her sibling who chose not to? And please specify your rationale.

Reply to the comment left by “Mark Shine” at “04/09/2015 – 22:28“:

Hi Mark. Barry can suggest which one for you as they are his questions – although you might both want to get on with the first two, as you can do those straight away and then we just need two more volunteers – you could even ask people in your families if no-one volunteers here in the next 12 hours or so – if I think I am going to be delayed by people not coming forward or seeing a request like this (apart from those who have already submitted some, so can’t) I prefer to sort it out independently, otherwise these things sometimes don’t get done.

Re James Tallis, you ask him a good question with impeccable logic. But he will not be able to give you a satisfactory answer, Indeed, I find it is a waste of energy to have anything to do with him. He is clearly from ‘over the other side.’ I try not to engage with agents provocateurs in general as we have a very important task on our hands. I would only do it if it amused me, as a form of light entertainment. Unfortunately, I don’t find him interesting or funny. I preferred the guy some time ago who kept going on about the ‘1000 families.’ That was more my cup of tea.

Reply to the comment left by “Ros .” at “04/09/2015 – 22:43“:

The other side being the incorporated type? I am not saying it’s right that the two are treated differently. ….just pointing out that its an anomaly that has always been there. It’s a technical point and one that has formed the basis if the government’s apparent descrimatory actions.

Reply to the comment left by “Ros .” at “04/09/2015 – 22:12“:

happy to ask one if you need – just let me know how to do it and which

Reply to the comment left by “Darlington Landlord” at “04/09/2015 – 23:10“:

Hi Darlington.
Why don’t I make an executive decision and suggest you do number 3, as revised by BTL on the page before this one? The link is

https://www.gov.uk/make-a-freedom-of-information-request/the-freedom-of-information-act

Also: if I can make another executive decision to save time: if Barry does number 1 and Mark S does number 2? Now we only need one more for number 4 and job done.

Reply to the comment left by “Claire Oswald” at “04/09/2015 – 16:58“:

a) the Belvoir article was written nearly 2 months ago shortly after the budget.

b) the author seems to have misread the proposals in the same way as I did, believing that profit will be calculated in teh same way as now and higher rate taxpayers will have to pay a bit more. This is evidenced by the statement that “basic rate taxpayers will not be affected”.

Does anyone have contact wit them who could get them to reassessthe article?

Reply to the comment left by “James Tallis” at “04/09/2015 – 21:37“:

Hi James

As an accountant who has been a landlord for 30 years, I do not understand what you mean by “Don’t forget….investing under your own name…..interest has NEVER been allowed as an expense…..It only appears to have been because of the relief that hmrc allowed to apply back on investors annual returns. Setting aside semantics of whether or not an individual is a business…..The tax has ALWAYS been on the basis that the interest was not allowed as an expense….but given back as relief. ”.

Do you understand what you wrote after having a few drinks?

Companies produce annual returns. Individuals prepare self-assessment forms.

Your first posting on a Property118 site was last year when you were seeking advice about buying your first BTL property. Presumably you have not yet filled in the property income section of a self-assessment form.

Up to now, finance costs have been included in these forms as a normal business expense. The amount goes into box 24. Box 23 is for repairs, maintenance and renewals. Box 25 is for legal, management and professional. Finance costs are treated like any other business expense in calculating rental profit.

Reply to the comment left by “BTL INVESTOR SCOTLAND” at “04/09/2015 – 21:54“:

Hi BTL I S

Filling in the box for the number of properties is optional. I did not do so when we only had paper forms, and I continued not to when filing online. Maybe another FOI question could be how many landlords do not tell you how many properties they have, and what rental income did they declare in total for 2013/2014. That might reveal the size of the gap in their knowledge.

OK let’s get this underway.

I will submit Question #1 as revised by BTL IS.

The way yo submit requests to HMRC is via an online form : https://online.hmrc.gov.uk/shortforms/form/DPU_FOI_Request?dept-name=DPUFOI&sub-dept-name=&location=37&origin=http://www.hmrc.gov.uk

NOTE: they only give you 15 minutes in which to complete and submit the form