Will they raise taxes again?

[JK0]

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?

[Neelix]

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

its the void periods that cost you

[JK0]

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.

[jpucng62]

The EICR's cost around £12k in total.

Clearly you were a bit behind on your electrical work!

[Neelix]

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

[Neelix]

The EICR's cost around £12k in total.

That's a lots of unsatisfactory EICR's and remedial work - so not annual costs!

[jpkeates]

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.

[Neelix]

^^ 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.

[theartfullodger]

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

[Gordon999]

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

[Gordon999]

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.

[jpkeates]

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.

[Gordon999]

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.

[royw]

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