Government supoort
Tax Planning and Financial

PhilHowell
PhilHowell
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20 Posts
7 months ago
0

With a portfolio of ten property representing my sole income, the potential for ALL tenants not paying rent to me (or taking a rent holiday) is real.
Three have paid in the past couple of days (on time) so I'm not overly worried.

However, in the event people start or ask to default/take a payment holiday, or two move out (which they think they are but I'd be very surprised if they're able to!!!)

I understand I have the option of taking a B2L mortgage break.
However the below calculation worries me:
RENT: + £1000
MORTGAGE: - £500
PROFIT/i.e MONEY FOR ME TO LIVE ON: £500

NO RENT: +/-£0
NO MORTGAGE: +/-£0
PROFIT: £0 ZERO TO LIVE ON.

In this event I guess I can claim this new government support for self employed.
However … my SA302s show income from property for many years now but ONCE in 2017 I did some "self employed acting/extras work' which shows as SELF EMPLOYMENT on the SA302. This is suggesting that all this other income from property isn't taken as self employment.

Considering in 2017 I made £203 from acting (once) … I stand to get a rather unhelpful £15 a month to replace my whole income should I need to rely on it …

… or are we all confident that in the event the rent dries up and the government can't help my tenant that they'll help me by just looking at the PROFIT in its entirety ???

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