As England enters another national lockdown, it’s understandable for Landlords to feel uneasy about what this means for their income and financial position.
The scaling back of government support has been delayed but is looming large on the horizon. Meanwhile, UK redundancies are still rising at record rates.
One thing landlords can be doing, if they haven’t already, is sort out the most tax-efficient way to run their property portfolio. This could save £’000’s in the long run.
There are just 83 days left until your next self-assessment tax payment, and for many landlords, this is going to be a bumper tax bill.
There are two factors driving this:
- Section 24 means landlords tax bills are increasing
- The end of the Government payment holiday means deferred July 2020 tax payments become due
Whilst it is too late to do anything about the past, there’s just about enough time to become tax efficient before January 31st which could see a reduction in your payment on account for the 20/21 tax year.
As always, we’re here to help, and if you haven’t yet done so – please begin by taking a free assessment today and we’ll discuss whether we can help in your circumstances.
All said and despite increasing challenges for landlords in 2020, the opportunity to succeed and prosper in the Private Rented Sector remains strong. For now at least, house prices continue to rise, demand continues to outpace supply and interest rates are low.
Read on to see what’s inside this issue #10 of LT4L News, including why a sound and well thought out business plan is crucial to achieving your property business goals.
The Less Tax 4 Landlords Team
Inside Issue #10
- LT4L Co-Owners The Bailey Group celebrate Property Award
- Access our free Video Vault – We now have 149 minutes of tax & business planning videos including a full video extract from one of our private client events on Property Business Planning for Landlords
- LT4L Live Webinar on Nov 5th – Come and talk to us. Details of how to join below
- Our most recent blog post “Landlord Confidence Index Takes a Hit – Now Selling Up is Not Just About Tax”
- Tax Tips Videos for Businesses – Short and snappy tips from Chris Bailey
Our congratulations go to the Bailey Group Chartered Accountants, with special mention to the LT4L Client Accounts team who are celebrating after scooping their first real estate and property award.Read More
In our 9th issue of LT4L News, we introduced you to the new Video Vault. For landlords who are impacted by the tax changes and are still making decisions about their future, this gives you a chance to find out more about your options online and in your own time.
In this full video extract from one of our private client events, Nigel Hall, Group Managing Director and Head of Business Planning looks at: –
- Why Business Planning is crucial for your property business.
- Business Planning basics,
- Starting with the end in mind
- Importance of quality questions,
- How LT4L can help clients
- How to buy a car (jump to question and 3 minute answer here)
- Flat Rate VAT (jump to question and 30 second answer here)
- Mileage claims and VAT on these (jump to question and 30 second answer here)
- National Insurance (jump to question and 20 second answer here)
- The Christmas Party (jump to question and 2 minute answer here)
- Bailey Group Announcement (jump here)
Articles & Blogs
Landlord Confidence Taxes a Hit
The fate of any business is always tied to the fate of its customers. Landlords are no different. So what are the real reasons why so many landlords are considering selling up? And what else can Landlords do?Read the article
In one of our most popular blogs, we explain why for some landlords who have not taken any action to deal with Section 24, unfortunately, the worst is very much yet to come. Whilst the tax payments might not yet be due, the bill is already accruing at a much higher rate. We explain all in our blog “Section 24, Landlords and Tax Payments on Account: The worst is yet to come.”
Hybrid Business Models For Portfolio Landlords
Watch this webinar if you:
1) Own rental property in your own name(s) and are paying higher rates of tax on property income
2) Are forecasting a Section 24 tax problem either now or in the near future.
3) Simply want to understand more about the options available to professional landlords and successful property investors
Click here to find out when our next live event is taking place.
A new nationwide UK Super Show specifically for Landlords is now being hosted online. On Tuesday 3rd of November at 9.30am, Landlord Investment Show will host 50+ exhibitors and 40+seminars. As main sponsors to the show, LT4L will be there hosting 2 seminars and answering questions, so do join us there!
Click here to find out more about future Landlords Investment Show events.
What it means to become an LT4L Client
Join a community of professional landlords, with regular events, access to exclusive services, and ongoing business support.
“Over several meetings, I learned to understand the importance of a business plan, business model and business structure through to succession planning. When they had opened my eyes to the bigger picture I decided to invest time and money to be part of their community. “ Mr W
Read Mr W’s story here: Building a Business to Last Generations
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