
Essential Tips to Avoid Property Taxes
Helping You Make Sense of the Tax Changes to Increase Your Wealth
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Narrated by:
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James Young
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By:
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Iain Wallis
About this listen
Since the July 2015 budget, the chancellor continues to throw challenges at UK buy to let investors. Clause 24, restricting the availability of interest tax relief, the abolition of the 10 percent wear and tear allowance, changes to stamp duty, and dividends are causing significant tremors in the buy to let sector.
This book builds on Iain's best seller Legally Avoid Property Taxes, which includes 51 tax tips that you should be aware of to legally avoid tax - whether you do your own self-assessment returns or pass everything over to your accountant, he wants to make absolutely sure that you've not left any money on the HMRC table.
This book is a review of the significant changes that have been brought about by the 2015 budget, how you can make sense of these changes, and what you can do to lessen the impact of direct taxation on your property portfolio.
The 2015 budget, and in particular Clause 24 and the tax treatment of loan interest removing tax relief at the highest rates of tax, has made tax changes that will impact you wherever you are on your property journey, and Iain wants to make sure that you don't just stumble across them. Armed with the correct knowledge, these changes can be dealt with.
How you handle a property investor deal with these significant changes, as with anything, in life will determine your success in property. For some there will be massive short-term pain that may require a complete review of why they invest in property, but through that pain will come clarity and long-term gain. Some part-time landlords may now choose to exit the market, and this will help with that decision; for others a bit of tweaking will be all that is required, and for those with large property portfolios potentially some more fundamental changes.
©2016 Iain Wallis (P)2016 Iain WallisVery useful book!
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Excellent summary for Clause 24 actions
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Good Listen
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The definitive guide to property taxes in the UK
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Good for it’s time
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What made the experience of listening to Essential Tips to Avoid Property Taxes the most enjoyable?
The humour was brilliant, at ease, personable, plus clarity and the delivery made it actually fun be concerned with the complex tax implications as one listens and get aware/a touch worried, and the clarity that you need a property specialist accountant, not just any or to be more precise an accountant that has properties and do rentals themselves, so will they are invested in finding out what needs doing to keep most of their wealth and not put too much on the tax man's table by simply just being ignorant on tax updates and major changes happening now, not later...It is a major change which can bankrupt one if not handled fast as pretty much half of my rental revenue is swallowed up by interest only mortgages... as I am sure this applies to most people renting properties presently. Iain Wallis book is a must read... it kicked me into the reality and action now period...!What was one of the most memorable moments of Essential Tips to Avoid Property Taxes?
Several....Letting relief of £40,000 if you have lived at the property. And double at £80000 for civil partners or married couples if the property is bought in joint names...Making use of the EIS scheme to defer CGT and reinvest...Have you listened to any of James Young’s other performances? How does this one compare?
No, not yet...Was there a moment in the book that particularly moved you?
Yes that tax Avoidance is perfectly legal....like avoiding suppliers higher bills to find alternatives legal ways to not pay more than you must especially if you already have high costs due to older period property portfolios that have better capital growth, but higher maintenance & running costs... be totally ok paying tax not just towards bankruptcy on the new tax laws not being able to take off your highest monthly cost(interest only mortgage) yet rental corporate companies or holiday lets or air Bnb lets can take it off as expenditure on going which is the correct accounting treatment as a going concern...as one is running rental properties exactly like a business does!It totally sucks and it is ruthless if honest, for us providing homes for people at low cost as they can't afford to buy or rent higher priced flats etc... and not enough housing despite government schemes, shared ownership not working so well, as the new checks makes it harder to get them... so not sure why the chancellors things we add no added value to the property market or we are scum... it is so prejudice, bloody rude and unfair! Or perhaps it seems the government want to be the new largest landlord with it's many several schemes which seems to favour the "super developers" now buying up smaller business rental business property portfolios directly because of the new tax rules and writing letters to that effect presently to acquire more, this is so unfair on so many levels especially after Brexit promises too help small businesses my ass!
So not sure what the chancellor is talking about in relation to releasing properties for residential household as it does not apply nor correlate at all, plus I or most smaller property developers/rental businesses mostly buy properties that need major works ( unlike residential buyers) to then turn it into reasonable priced rentals better than my competitors as I buy low, flipping is now pretty much out of the question because of the new tax rules, unless reinvested asap Again there is no real need for that as there are still not enough properties or lower rental properties for the majority that cannot simply afford flats etc... especially in London where I run my rental properties as a business with another individual to assist(my one man agent when needed or over loaded).
Any additional comments?
Brilliant and nicely written... thank you Iain.Total wake up call and Crucial! I must plan now!
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If you have even one buy to let property get this.
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Outstanding and informative
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very useful tax saving tips
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Just what the doctor ordered!
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