Summer Budget 2015 – Landlords Reactions

Agreed but they are taxing a well needed service out of existence without any viable alternative it doesn’t make any sense whatsoever the amount of calls I am gettin from people wanting to rent because the landlord is selling is scary the real victims are the tenants o am going to be selling properties where the tenants have been with me for 10 years + they are the ones who are going to suffer I will walk away and diversify where are they going to go ?

One question where do I source the literature to send to tenants to accompany eviction and rent increase letters ?

the impact on tenants will be severe (many may well be living in B&B for a significant portion of their life) and come at great cost to the taxpayer too

Don’t worry local councils will come to the rescue ?

Reply to the comment left by “NW Landlord” at “08/10/2016 – 12:07“:

That is one job I definitely don’t want in the coming years: Council Housing Officer

They have my sympathy too

Michael Fickling writes a couple of good pieces in pages c888 – 891 range.

Im my long held opinion, this is a battle the landlords can not win. I love the notion of a different angle and a different approach, a different legal point or challenge and a conspiracy here or there excites me (when I have no real issues to deal with) but these new thoughts and angles will all make no difference – NO DIFFERENCE.

Michael and his argument are admirable in wanting to solve the technical aspects of the argument or legal and moral case. But it really is very very simple – and far more simple than Michael suggests in his definition of taxes and rules of taxes.

A Tenant Tax had been levied (who cares why) that landlords have to collect from Tenants through increased rents (because all costs are passed on to the consumer). These Tenant Taxes* will increase rents by as much as 50%. Landlords will still exist and there will still be tenants. In the short term properties will not be maintained and some will loose their homes and businesses. I will still be a landlord and making money BUT rents will be far higher than they are today.

* tenant taxes come in to affect through
removal of finance costs relief – Clause 24
removal of 10% W&T
3% SDLT surcharge
28% CGT

Tenants can.
Buy their own home.
Absorb the rent increases
Become homeless
Raise up and protest and seek to reverse the 2015 Tenant Taxes.

I have a great relationship with my tenants and frankly don’t care at all about the public opinion of me or my trade. Any one who knows me knows i am cool guy and anyone with less than me is jealous in the same way i am jellies of Wayne Rooney… Same old same old… Aint no one going to help my business by having a good opinion of me and landlords generally and so I’ll not waste my time trying to change them. ….Unless we all want to rebrand the PRS that is.

I run a great business and if asked by my government to collect tax for them from my tenants, I will do so, no matter how utterly wrong, unfair or malicious i perceive that tax or revenue increasing tool to be. I shall not let to an illegal immigrant or knowing break any law. The costs of being a great landlords who is legal and doing what i should, will unquestionably increase the costs of doing business and that cost will unappologetically be a cost passed to the consumer through rent levels / price increases.

simples!

Reply to the comment left by “Dr Monty Drawbridge ” at “07/10/2016 – 11:56“:

Michael Fickling writes a couple of good pieces in pages c888 – 891 range.

Im my long held opinion, this is a battle the landlords can not win. I love the notion of a different angle and a different approach, a different legal point or challenge and a conspiracy here or there excites me (when I have no real issues to deal with) but these new thoughts and angles will all make no difference – NO DIFFERENCE.

Michael and his argument are admirable in wanting to solve the technical aspects of the argument or legal and moral case. But it really is very very simple – and far more simple than Michael suggests in his definition of taxes and rules of taxes.

A Tenant Tax had been levied (who cares why) that landlords have to collect from Tenants through increased rents (because all costs are passed on to the consumer). These Tenant Taxes* will increase rents by as much as 50%. Landlords will still exist and there will still be tenants. In the short term properties will not be maintained and some will loose their homes and businesses. I will still be a landlord and making money BUT rents will be far higher than they are today.

* tenant taxes come in to affect through
removal of finance costs relief – Clause 24
removal of 10% W&T
3% SDLT surcharge
28% CGT

Tenants can.
Buy their own home.
Absorb the rent increases
Become homeless
Raise up and protest and seek to reverse the 2015 Tenant Taxes.

I have a great relationship with my tenants and frankly don’t care at all about the public opinion of me or my trade. Any one who knows me knows i am cool guy and anyone with less than me is jealous in the same way i am jellies of Wayne Rooney… Same old same old… Aint no one going to help my business by having a good opinion of me and landlords generally and so I’ll not waste my time trying to change them. ….Unless we all want to rebrand the PRS that is.

I run a great business and if asked by my government to collect tax for them from my tenants, I will do so, no matter how utterly wrong, unfair or malicious i perceive that tax or revenue increasing tool to be. I shall not let to an illegal immigrant or knowing break any law. The costs of being a great landlords who is legal and doing what i should, will unquestionably increase the costs of doing business and that cost will unappologetically be a cost passed to the consumer through rent levels / price increases.

simples!

Incorporation may not be suitable for everyone’s situation for many reasons. But for many it just might be if the costs of doing so were not either exorbitant or having to try one of the expensive schemes which seem to carry a certain amount of risk.

@ Jon P: I imagine many professional ‘individual’ LLs would be more than happy for their relief to reduce to 20% (and eventually to 17%) if their overall rate of tax was reduced accordingly, i.e. the ability to offset 100% of finance costs, as I believe corporate LLs can. Clearly professional LL ‘Joe Bloggs’ would be taxed further on extracting dividends from ‘Joe Bloggs Ltd’ above annual allowances, but at least he would then be on level fiscal playing field with corporate LLs.

In terms of future lobbying of TPTB, is it worth asking them to consider allowing a certain period of relatively straightforward incorporation for individual landlord ‘businesses’?

Sign your properties over with option agreements to an independent limited company specialising in this service thus signing over all income and costs and tax liabilities citing having no choice as the new tax regime has rendered your Lettings business unviable and you where facing bankruptcy unless u acted I really can’t see what is wrong with this at all people do options all of the time and are all totally above board and done through solicitors reckon that is a goer me

Reply to the comment left by “NW Landlord” at “08/10/2016 – 12:07“:

Peterborough Conservative MPs recon there is no problem because local authorities have a duty to house the homeless.