Registered with Property118.comSunday 22nd September 2013
Guess who actually pays the fine ultimately?... Read More
I have been around long enough to see the results of ever increasing socialist regulation, during the 60’s and 70’s, rented property was like gold dust due to the Labour inspired rent acts. It was only when Maggie brought in ASTs that rented property became available in any quantity because owners/landlords could recover their properties relatively easily without risking the dreaded sitting tenant. Gradually, this is being eroded again, especially with the loss of the 10% wear and tear allowance and the section 24 debacle. If the government wants us to improve our properties, it is a funny way to go about it. Increasing our tax liabilities and tightening up all round on lending criteria is a recipe for a mass exodus from the PRS.
Telegraph readers will know about the 2000 Care and Nursing Homes that have closed down in the last 15 year’s. Nearly entirely due to over-regulation and very low profit margins. They wheel out the usual idiots to try and explain it all, but we all know what is what in reality... Read More
I would hate to be your accountant to try and sort all that out! Your costs would far outweigh any benefit from the tax avoidance I should think.... Read More
Yes, the whole licensing system is a mess anyway. Every Council has its own thoughts on the subject and you can get different criteria being applied across county borders as a matter of fact, no speculation involved. Of course dealing with all these matters as a private unincorporated landlord still means that you are not actually running a business, just an investement vehicle and taxed accordingly, well according to our ' learned friends' anyway.... Read More
I have had some discussions with my accountant about the 20 hours requirement for defining a business as opposed to investement only . It seems to me that it is about time this matter was sorted out in the Courts. My wife and I have three
houses, two of them are 10+ room HMO's, so it is of some interest to us to get a ruling about this matter. I am very 'hands on' and do all the admin., most of the painting and decorating
and running around changing damaged furniture, washing machines, cookers, fridges etc. Plus a good deal of plumbing. It is quite clear to me that we are running a business, but my accountant disagrees, even after consulting other members of the accountancy and tax professions have been consulted, who all seem to back him up. I think it is a matter that the Landlords Union should be campaigning vigorously on, it is long overdue. What say you?
Mike Holmes... Read More