Will they raise taxes again?

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    Will they raise taxes again?

    My accountant just finished my 2020/21 tax return, and my income is half of the previous year. I did not think it would be quite that bad. (Half my tenants moved out, and I had a job to replace them. Plus had to get fourteen EICR's!)

    I'm guessing you guys are in a similar boat. Never mind that I doubt anyone in the hospitality sector has made a profit at all, (and will likely have losses to carry forward for several years.)

    Are they going to have to raise taxes again next year?
    To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

    #2
    14 EICRs isn’t going to dent the income from 14 properties

    its the void periods that cost you

    Comment


      #3
      Originally posted by Neelix View Post
      14 EICRs isn’t going to dent the income from 14 properties

      its the void periods that cost you
      The EICR's cost around £12k in total.
      To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

      Comment


        #4
        Originally posted by JK0 View Post

        The EICR's cost around £12k in total.
        Clearly you were a bit behind on your electrical work!

        Comment


          #5
          Originally posted by JK0 View Post

          The EICR's cost around £12k in total.
          Wow.

          So that must be lots of unsatisfactory reports and lots of remedial work.

          so not annual Costa

          Comment


            #6
            Originally posted by JK0 View Post

            The EICR's cost around £12k in total.
            That's a lots of unsatisfactory EICR's and remedial work - so not annual costs!

            Comment


              #7
              I'm about £10k down and it's mostly electrical work.

              I can't see this government putting up taxes anymore before the next election, although there's nothing to say that they won't figure out how to tax landlords more specifically - there's few votes lost there.

              My candidate for a tax increase is to change the CGT rates for property (only) to be the same as income.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

              Comment


                #8
                ^^ please don’t take this the wrong way but £10 k down on what turnover or number of properties?

                i’ve done a lot of EICRs and remedial work over the last 18 months and a lot of it was because properties hadn’t been inspected and some were just dangerous.

                Comment


                  #9
                  Taxes bound to go up, huge amounts to pay for Covid & BR*X*it. Death & taxes, death & taxes.

                  Holding off working out my position, wishing to remain cheerful for Christmas.

                  Best wishes to all
                  I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

                  Comment


                    #10
                    Corporation tax for large companies ( over £250K profit ) will be raised from 19% to 25% rate commencing from April 2023.

                    Comment


                      #11
                      The Daily Mail reported on 29 Oct 2021 the 1.25 p increase for social care levy commencing in 2022 , will take £16 Bil from our pockets. The freezing of personal allowance for income tax at £12570 until 2026 will take £19 Bill by 2025/2026.

                      The Nil rate band for iht at £325,000 has been frozen until April 2026 and number of estates paying iht will rise from 25,400 to estimated 47.700.

                      The tax on share dividend will rise by 1.26 p in the pound.

                      Comment


                        #12
                        Another candidate for an increase in tax would be to take the 1.5% additional NHS element of NI and apply it to income that doesn't normally attract NI, like CGT - it wouldn't affect most people, would raise a lot of money, and could be presented as a "rich people paying their part" change.
                        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                        Comment


                          #13
                          BBC website reports on inflation :

                          The cost of living surged by 5.1% in the 12 months to November, up from 4.2% the month before, and its highest level since September 2011.

                          Comment


                            #14
                            And finally they have raised the base rate - not before IMO.

                            Comment

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