With all the changes to the tax laws and landlords not being able to deduct the cost of mortgage interest payments from their income before tax means that a landlord could very easily move from their current tax band to a higher tax band and increasing rents increases the likelihood of that happening. This could even mean that some landlords are out of pocket after paying tax. The HMRC is the only winner. I'm not a tax expert but I used to be able to work out my likely tax bill and had formulas in my spreadsheet that worked it out. but now I have no idea how to work it out or what formulas to put on my spreadsheet. So no idea what my tax bill will be but I know that with the BoE interest rate increases that I will be paying a lot of tax on money I don't actually have. That could even mean that I am out of pocket. It's a double whammy for me as my pension age increased from 60 to 66 and I currently rely on the rental income to live on.
I enjoy your presentation style, simple and straight to the facts. On a separate note, I can't find the link for legal rental requirements in the description.
I use the insured scheme, for a small fee you get to keep the deposit and invest it for the duration. Sure you return it if they move out (with no damages) but within weeks you get it back again.
Am i right in saying that an EICR is valid for 5 years even after the property has been sold to another landlord? Or will the new landlord need to get a new certificate done?
@@jlh82 Don't need to "try it", mate. A 27% s.13 increase in rents and people queueing desperate to find somewhere proves otherwise. All local LLs are putting up rents to keep up with current market rates (just a positive feedback loop lol) so no problem with first tier tribunals.
@@jlh82 He is right, I get 50 enquiries within 24 hours for every property, huge demand. Every time the government comes up with some new tax, legislation or adds risk, then I put the rents up. The landlords that are pulling out or going out of business are the ones not doing this.
Why would you rent a property too much red tape, no money in it and the new rules mean your less likely to get your investment back in good time. Sell up and stick it in an isa.
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This video is a golden nugget. Excellent!
With all the changes to the tax laws and landlords not being able to deduct the cost of mortgage interest payments from their income before tax means that a landlord could very easily move from their current tax band to a higher tax band and increasing rents increases the likelihood of that happening. This could even mean that some landlords are out of pocket after paying tax. The HMRC is the only winner.
I'm not a tax expert but I used to be able to work out my likely tax bill and had formulas in my spreadsheet that worked it out. but now I have no idea how to work it out or what formulas to put on my spreadsheet. So no idea what my tax bill will be but I know that with the BoE interest rate increases that I will be paying a lot of tax on money I don't actually have. That could even mean that I am out of pocket. It's a double whammy for me as my pension age increased from 60 to 66 and I currently rely on the rental income to live on.
I enjoy your presentation style, simple and straight to the facts. On a separate note, I can't find the link for legal rental requirements in the description.
me neither.
I'm selling up. Can't be bothered with the red tape
I don’t take deposits anymore it’s not worth the hassle,,I just put the rents up £20 a month,
I use the insured scheme, for a small fee you get to keep the deposit and invest it for the duration. Sure you return it if they move out (with no damages) but within weeks you get it back again.
Good value!
Can you do a complete A-Z of deal sourcing please from searching for the deal all the way to either selling it or refinancing
I got 5/5 😎
Am i right in saying that an EICR is valid for 5 years even after the property has been sold to another landlord? Or will the new landlord need to get a new certificate done?
The certificate relates to the property, so it doesn't matter who owns it or is living there, it is still valid for the full 5 years.
its valid for the new landlord
Do these rules applu to having a lodger? Under a lodger agreememt?
Partially!
Photo I’d or the tenant doesn’t get passed first base, I take copies
Just pass on all these costs to the tenants plus a nice healthy mark-up. It's a landlord's market out there so renters will pay.
You think so?
Try it. You'll soon find it isn't.
@@jlh82 Don't need to "try it", mate. A 27% s.13 increase in rents and people queueing desperate to find somewhere proves otherwise. All local LLs are putting up rents to keep up with current market rates (just a positive feedback loop lol) so no problem with first tier tribunals.
@@jlh82 He is right, I get 50 enquiries within 24 hours for every property, huge demand. Every time the government comes up with some new tax, legislation or adds risk, then I put the rents up. The landlords that are pulling out or going out of business are the ones not doing this.
London so many landlords know give cash room rent or so many council home give room rent just not used post most done by migrants from 1 community
Why would you rent a property too much red tape, no money in it and the new rules mean your less likely to get your investment back in good time. Sell up and stick it in an isa.