Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 4 days ago 60
I have just received an email from a gentleman called Kevyn Davies-Jones about the tax status of buy to let profits and felt compelled to share it with you.
Feel free to join in with our rant. It’s unlikely to change things but you may feel better after doing so 🙂
Are my wife and I the only ones who get irritated with HMRC describing our buy to let profits as “unearned” income?
Apart from using agents to find tenants, we do all the management ourselves – we devise our investment strategy, we arrange repairs, we have disputes with tenants who have not paid the rent or caused damage, and we even do a lot of the painting and decorating ourselves. Yet HMRC then class it all as unearned income.
I am not asking for new tax treatments (that is a separate matter), just a bit of recognition that actually, it can be hard work being a landlord!
I was with you all the way Kevyn, right up the the point of where you said “I’m not asking for new tax treatments”. Why not? It’s bloody hard work being a buy to let landlord at times and can certainly be incredibly stressful. Too right our profits should not be called “unearned” or taxed as unearned income!
Landlords profits are very much earned.
Now that you’ve got me on my soap box; why is it that seemingly any other business can roll-over their capital gains but for landlords it’s different?
Ahhh, I feel better for that.
It will be very interesting to read what others think about this.
Anybody else fancy a rent?
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