S24

Tax Planning and Financial

Has there been any update on this since these posts?

As I see it, currently, it is useless being a landlord. The rents are not sufficient to cover the increased costs of the tax burden. The scrapping of mortgage relief has completely skewed my annual tax and effectively puts me at 60%+ tax band. As it stands I am currently paying the tax man for the luxury of having BTL properties.

I have looked at the NRLA tax associated companies that help with setting up LLP and transferring the properties into these 'tax efficient vehicles' however they want an astronomical amount to do this.  This raises the question the only ones benefitting from the new rules is all the consultants, it's just a bonanza for them. 

Every which way we are being clobbered and all we want to do is simply provide good affordable homes for every day people to live in. I signed the petition, and it is really disheartening to know, that out of all the NRLA membership, all that was recieved was somewhere between 30 & 40% response. 

HMRC could of taken a much more pragmatic approach to this and applied a banding to Landlords such as Band A to F. small independent sole owners with less than 4 properties say, could apply for 75% relief and larger portfolios would be scaled depending on type of ownership (i.e. company/LLP). Just a completely ill conceived tax process and simply penalizing small business as usual.