Author Topic: Being a Landlord.Is it all plain sailing?  (Read 1442 times)

Rois

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Re: Being a Landlord.Is it all plain sailing?
« Reply #30 on: June 27, 2017, 11:14:18 PM »
What's this about tax? And I don't mean this in a cute hoor South Armagh sort of way. I have been a landlord for 4 years and was under the impression you only paid tax when the profit of rent v mortgage outlay was over a certain percentage ?

I think you should do the online HMRC income from property webinar.

You have to pay tax on rental income less allowable expenses, those expenses including (at present but not for long) interest. If rent less mortgage interest, agent fees, wear and tear allowance, repairs to key equipment etc is more than zero, you are liable to tax.

Stall the Bailer

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Re: Being a Landlord.Is it all plain sailing?
« Reply #31 on: Today at 10:30:09 AM »
What is wrong of doing away with the buy to let sector if it makes it easier for people to own their own homes. Is this not one case where the Tory's are taxing the rich to the benefit of the poor?

TabClear

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Re: Being a Landlord.Is it all plain sailing?
« Reply #32 on: Today at 11:08:45 AM »
What is wrong of doing away with the buy to let sector if it makes it easier for people to own their own homes. Is this not one case where the Tory's are taxing the rich to the benefit of the poor?

It doesn't make it easier if the person can't  get a mortgage in the first place and has no option but to rent.  All it means is that rents will go up to keep the landlord whole. There is an argument that it will help keep prices lower as less demand for buying houses with reduced buy to let interest but I have my doubts in his much impact this will have. I think it's more Osborne thinking about where can i increase tax revenues

Stall the Bailer

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Re: Being a Landlord.Is it all plain sailing?
« Reply #33 on: Today at 11:35:22 AM »
Well a lot of stuff the price of housing is to do with supply and demand. It should help the first time buyer, how much is debatable. I would be very anti Tory but it seems this is one case where they are helping the small man. Probably just a convenient side effect for their real reason n doing it.

manfromdelmonte

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Re: Being a Landlord.Is it all plain sailing?
« Reply #34 on: Today at 12:01:24 PM »
good tenants is crucial
a list of things they are expected to do - rubbish, cleaning etc
and a list of things that you are expected to do - , painting, maintenance

it will keep things very clear from the outset.

we've had two brazilian lads working in the IFSC in an apartment in Dublin for 4 years.
have never had a moment's problem with them. rent always paid on time.

TabClear

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Re: Being a Landlord.Is it all plain sailing?
« Reply #35 on: Today at 12:05:04 PM »
Well a lot of stuff the price of housing is to do with supply and demand. It should help the first time buyer, how much is debatable. I would be very anti Tory but it seems this is one case where they are helping the small man. Probably just a convenient side effect for their real reason n doing it.

Lol you are a cynical man STB  ;)  I would tend to agree with you though.  It hurts the "reluctant landlords" that Rois refers to. People who bought houses as a home rather than buy to let but who are in negative equity. They had to move say because of kids and couldn't sell the 1st house because of the negative equity hit so they rent it out at a "loss". That cash loss could increase significantly with no interest relief.

T Fearon

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Re: Being a Landlord.Is it all plain sailing?
« Reply #36 on: Today at 04:33:27 PM »
Manfromdelmonte! Your tenants aren't Neymar and Ronaldinho??

Rois

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Re: Being a Landlord.Is it all plain sailing?
« Reply #37 on: Today at 06:43:35 PM »
Just got an email from the agent - rental property needs a new fridge  :(

Tony - just sell up.  Not worth the hassle.

gallsman

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Re: Being a Landlord.Is it all plain sailing?
« Reply #38 on: Today at 06:56:10 PM »
Manfromdelmonte! Your tenants aren't Neymar and Ronaldinho??

Ha ha ha ha ha!

f**k you're one unfunny p***k.
"Never mind your why. Why ain't in your repetoire no more n***a"

seafoid

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Re: Being a Landlord.Is it all plain sailing?
« Reply #39 on: Today at 07:57:58 PM »
Just got an email from the agent - rental property needs a new fridge  :(

Tony - just sell up.  Not worth the hassle.
I think 10% is too much for tenant management. In the past price appreciation would have hidden it but with payrises a thing of the past prices will go nowhere for the next 5 to 10 years.
Last of the choc-ices there now