Benji Rock

Registered with
Saturday 15th July 2017

Latest Comments

Total Number of Property118 Comments: 2

Benji Rock

16:20 PM, 16th January 2019
About 2 years ago

Is Class 4 NIC due on a UK property tax return?

Reply to the comment left by Mark Alexander at 16/01/2019 - 09:56
Thank you so much for the comprehensive replies. Having read these replies I think I now understand. I can also confirm an update for others reading this thread. I'm still completing the tax return online with only the UK Property Page - self assessment form (which is a challenge in itself) once all the information is in it is now generating a Tax Calculation Summary page which shows near the end of the ViewTaxReturn.pdf
Self Assessment Tax Summary
Box 1 = Total Tax due
Box 4 = Class 4 NICs due = 0.00
Box 4.1 = Class 2 NICs due = 0.00

Therefore, the Class 2 and Class 4 are showing as 0.00 due. This is also a relief as I wondered if the adjustments to profit with the mortgage interest relief reduction of 25% if this would affect the profit and therefore increase the NIC as well, apparently it has not.

I will re-register for voluntary Class 2 NIC for state pension benefits in future years

Thank you all and I hope this thread helped others... Read More

Benji Rock

23:04 PM, 15th July 2017
About 3 years ago

Iain Duncan Smith Has Spoken Out For Landlords

Reply to the comment left by "Mark Alexander" at "22/06/2017 - 08:00":

Rt Hon Iain Duncan Smith MP
Cc Nus Ghani MP

Dear Sir

I have just read on Property 118 that you recently wrote an article in the Telegraph supporting landlords. I would like to express my sincere thanks. At last sense prevails and a high ranking Conservative MP recognises our plight and has spoken out on our behalf. Please, may I request that you ask the Chancellor to reconsider the new tax regime and taxing buy to let on turnover. This surely is unfair as we have legitimate business expenses, no other business in the UK are taxed on turnover. I am a Conservative but all this nonsense with buy to let and the suggested manifesto is attacking our core conservative beliefs. We are middle class and simply striving to work hard to support our families - traditional conservative values

Are the few ‘rogue’ landlords misrepresenting the core of responsible landlords? It is unbelievable that there are so many of us who provide a really good service to our tenants that the Conservative Party don’t seem to recognise this? Is it a case of the few spoiling it for the many responsible landlords?

I am a parent, work part time and pay my taxes. Because I can no longer pursue my previous career I was fortunate enough to be able to invest in a couple of properties to compensate for a change in circumstances and to be able to plan supporting our family with very long term retirement planning through buy to let. My couple of houses (intentionally) are rented to single Mums who are on housing benefits. They had genuine and real trouble securing long term accommodation and I helped provide it. Why do the treasury think we are all rogues? I am genuinely helping families in need, I completely refurbished the houses to a higher standard than my own. I do not wish to raise rents to compensate for government tax planning and this unjust raid on buy to let landlords.

Our agent has already said he will pass on all the fees to us, which will affect the rent.

I am still working out the full implications of the new tax regime but really can not understand why we are the only business in the UK which has to pay tax on turnover and not on profit? If it was the higher rate tax element could that have been addressed directly and not the whole community of responsible buy to let landlords. I am truly hoping that I can weather this storm so that I may be able to continue to support these Mum’s who really needed my help to put a roof over their heads.

Thank you so much for raising the unfairness of the policy and I hope you are able to continue pursuing this being addressed fairly for the benefit of responsible landlords. I really hope the Chancellor and Treasury address this urgently and in the Autumn Statement, it seems they are targeting core voters which should be avoided at all costs in these difficult times. Thank you for taking the time to read my email and I really hope we hear better positive news in the near future.

With kind regards... Read More