Currently viewing the tag: "Revenue"
Landlords Could Be Taxed Out Of The Market

Landlords Could Be Taxed Out Of The Market

Conservatives Set About Raising Increased
Tax Revenue From Landlords

Before the general election the Conservatives were the only political party to not openly target landlords and property investors with manifesto rhetoric, making them the property professional’s choice for power.

Even before the budget statement was delivered by Mr Osborne, there was plenty of press coverage about the generous tax treatment enjoyed by private rental sector (PRS) landlords and buy to let property investors.

So it was of little surprise that the Chancellor chose to turn to the private rental sector in order to raise some additional revenue for the government.

Conservatives Vowed To Leave PRS Landlords AloneSpotlight predicted that this would happen after the Conservatives were elected, and this year’s summer budget could be just the tip of the iceberg.

George Osborne before the  summer 2015 budget announcement George Osborne’s post election Budget announcement, made earlier in July, contained two  important changes to buy-to-let taxation that will impact on portfolio landlords and higher rate  tax payers.

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Flipping Property To Be Made More Difficult By Government

Flipping Property To Be Made More Difficult By Government

Flipping Property To Be Made More Difficult By Government
In A Bid To Boost Revenue

In the week when I have just purchased my first property to flip, the UK Government announced that they are planning to crack down on the profits made by property developers and property investors who flip property.

The Government want action due to the demand for housing greatly outstripping the supply to market and they want a slice of the revenue that they feel the country is missing out on. This could greatly affect my business plans, so I thought I would examine the issue in more detail:

Flipping property is considered by Government to be the process of changing your main residence before selling a property in order to avoid paying capital gains tax (CGT).

However, as many property people will tell you, “flipping” is buying a property at one price and reselling it again within a relatively short time frame (6 month rules apply) at a higher price, whether you have done any work to improve the property or not.

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HMRC want to sell tax details to private sector companies

HMRC want to sell tax details to private sector companies

HMRC Want To Share Your Data With Private Companies …For A Fee, Of Course

New proposals could see HMRC sharing personal tax data with private sector companies, if the plans being considered by Her Majesties Revenue & Customs (HMRC) come to fruition.

If the proposal gets the go-ahead from the Government it would allow HMRC to lease  tax data to third party companies including private firms, researchers and even public bodies, earning them a nice amount of additional revenue.

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More Auction Action For Property InvestorsEasier Access To Finance Increases The Number
Of Property Auction Purchases

There has been a sharp rise in the number of property investors snapping up property at auction and the reason has been credited to easier access to finance, as lenders report significant growth in lending, surpassing pre-property crash levels.

The number of properties sold at auction is booming as property investors seek to build rental property portfolios below market value (BMV), without breaking the bank.

There has been a huge increase in the number of loans that have been financed by specialist lenders over the past 12 months, with average loans increasing by more than 22% according to property finance lender, Auction Finance Limited.

The news comes as the latest Essential Information Group (EIG) figures show a seven year high for UK’s auction houses, with lots sold in October 2013 up by 30% compared to October 2012. These record figures have now surpassed pre-recession auction house transactions.

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2 Million Foreign Investors Own UK Properties

2 Million Foreign Investors Own UK Properties

Foreign Property Investors Think UK Property Is A Safe Investment

According to the accountancy group – UHY Hacker Young, the number of foreign property investors owning UK property has now exceeded 2 million.

The accountancy group analysed HMRC data and discovered that the number of overseas property investors owning and renting out property in the UK private rented sector increased by 6% in the past 12 months to 2.04 Million, up from 1.93 Million in 2012.

In the past five years the number of foreign property investors owning UK PRS property has risen by 39%.

However, the accountancy group says that the consistent growth in the number of foreign investors targeting UK property may come to a halt following the Government’s recently announced plans to charge Capital Gains Tax (CGT) on the sale of properties owned by foreign investors from April 2015. A move which could discourage foreign buyers from investing in UK property when the deadline comes in to force.

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Inspirational Speakers Make MoneyCould You and Your Property Business Benefit From Inspirational Speaker Training?

Property investors who attend property networking events around the UK already know that speaking at gatherings of like minded people is a very powerful strategy that can set individuals and businesses apart from all the competition, speaking at events can also attract ideal clients; turn you into the ‘go to person’ in your property niche and make earning money a LOT more easier and enjoyable experience. 

Even professional speakers can make a few killer mistakes. No matter how good their content is or how expert they are in their own subject when they make these mistakes it kills their performance as a speaker, and you DO NOT want to be making them.

The problem is there are only a very few property people who can actually present effectively, and very few of them are willing to share their secrets. 

So what happens if you speak to an enthusiastic audience, give them great content but at the end of your speech no one takes any action. 

It could be that you wanted them to buy your new property book, or enrol on your latest workshop or even to just register for your newsletter. 

The truth is no matter how good your property product or service is no one will buy from you unless you learn the strategies to influence your audience and get them to take action. 

But, that is ALL going to change now… 

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Landlords Face Closer Scrutiny From HMRC

Landlords Face Closer Scrutiny From HMRC

HMRC Want Landlords
To Pay Up

Her Majesties Revenue and Customs (HMRC) are determined to hit private rental sector (PRS) landlords for as much tax as possible.

Over the past few months, HMRC inspectors have been closely scrutinising PRS landlord activity, focusing on any money generated by sales of buy-to-let properties that were purchased by property investors.

HMRC have created dedicated task forces in the Yorkshire and Humber region and in the South East of England to ensure property investors are not evading tax obligations.

HMRC have also been publicising a property sales campaign to try and round up property investors who have yet to declare income from the sale of rental properties, so if you are a property investor who has recently sold a rental property, (that has never been your main residence), you better hurry up and declare it to HMRC before 6th September 2013.

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HMRC Target Tax Dodging LandlordsHer Majesties Revenue and Customs (HMRC) estimate that more than 30% of UK private rental sector landlords are evading paying any tax on their rental income at a cost of £550 Million (GBP) to British taxpayers.

HMRC reckon that approximately 1 million PRS landlords failed to declare any revenue from their UK rental properties in the past tax year, compared with 1.9 million PRS landlords who paid over 1.8 Billion (GBP) in tax on their rental incomes over the same time frame.

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Mortgage approvals, residential property sales and first time buyer numbers increase

Is the UK property market making a comeback?

January figures from a variety of trusted and respected sources offer a major boost for the UK property market as mortgage approvals, first time buyer numbers and residential property sales all increased during January.

Data gathered from the Council of Mortgage Lenders (CML), British Bankers’ Association (BBA), National Association of Estate Agents (NAEA) and HM Revenue and Customs (HMRC) is viewed as a major boost to the UK property market.

UK property buyers have been taking advantage of the two-year stamp duty exemption due to end in March 2012, with the number of First-Time Buyers (FTB’s) registering with estate agents also being the highest since May 2011.

The British Bankers’ Association (BBA) say that, 38,092 applications were approved in January, 34% up on the same time last year, and the highest figure seen in two years.

The National Association of Estate Agents (NAEA) figures show that 23% of overall property sales in January were made to First-Time Buyers, a rise from 21% in December, marking the third consecutive monthly increase.

Mortgage lenders have claimed that one of the driving forces behind the increase in activity has been the imminent end of the two-year stamp duty holiday for first-time buyers.

The Council of Mortgage Lenders (CML) reported that the £10.5 Billion (GBP) loaned in the form of mortgages during January 2012 was the sixth month in a row that the year-on-year figure has risen, and overall mortgage lending in January was up 10% on a year ago.

Despite general consumer caution around borrowing, first-time buyers have flocked to get on the property ladder, showing stamp duty was a major deterrant.

NAEA President, Wendy Evans-Scott, said: “The figures suggest that stamp duty is a key factor for those on tight budgets who are considering a property investment”.

Overall residential sales across the UK property market increased from 5% per branch in December to 6% in January.

The number of residential properties sold in the UK was 12,000 up on January 2011 and also at its highest level for four years.

HM Revenue and Customs (HMRC) figures showed that a total of 64,000 property transactions went through during January, up on the 52,000 deals in January 2011 and the best start to a year since 2008’s tally of 79,000.

David Dooks, BBA statistics director, said: “January saw the high street banks approve more mortgages for house purchase than of late, despite low household confidence, as some people try to complete transactions before the stamp duty holiday ends in March.”

All in all, this is great news for the UK property market and a warning sign to property investors that they are no longer the only people buying property.

There Will Never Be A Better Time To Invest In Property

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