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Found 10 results

  1. Hi All, Given the recent uncertainty created by Coronovirus and 'fake news' stories about insurance companies not paying out on policies I wanted to provide you with some clarity on the situation direct from our protection team. Please take a look at the link below for more information... https://www.privatefinance.co.uk/news/blog/2020/03/25/coronavirus-covid19-and-your-protection-insurance I hope this is helpful to some of you, given the current situation. Stay safe! Best regards Nathan Cole
  2. Hi all, I'm new here, and found this site after a friend recommended the podcast. In short, I'm trying to find out if I should be paying tax or not. I am a UK expat of 8 years, living in the Middle East. I bought my first investment property last year for cash, through an investment company. I understand the even expats are required to pay tax if their property generates income IN the UK. However, the amount generated is below the tax threshold - around eight thousand pounds. Because the government website won't let me o my tax returns online - I have to use some third party software that they recommend. The software is telling me that I owe around one thousand three hundred pounds in tax. Does this seem correct? Also does anyone have any advice on how I can reduce the amount, or tell me if I need to pay anything at all? Thank you in advance for getting me started.
  3. Hi guys, just a quick few questions on tax that come up less often. BTL insurance claim, if you claim on your insurance for damage to a BTL property, do you claim the insurance payout as income and claim any contractor repair costs as expenses or do you claim neither as its an insurance payout rather than earned income? If you withhold some or all of the deposit due to losses of time, work, rent, damage or whatever, either for actual contractor costs or for your own time and hard work to clean and repair etc, does this need to be claimed as income or not as the deposit is actually to counter act your losses? Many Thanks Scott Child
  4. Tapping the collective wisdom here... I own a flat out right (no mortgage...title deeds are in my name) and work full-time. My wife is at home looking after our young children and no income. If the flat was rented out, would it be possible to allocate the income generated to my spouse and use up her personal allowance? Thanks, Imtiaz
  5. Hi Everyone, I currently earn in the higher income bracket and own 1 flat in London which is my current residence. I have 195K to invest at the moment and estimate that I would have a further 200K in 2018 once I renovate my current flat and remortgage as a buy to let (at 75% LTV). My plan would be living overseas at the end of 2018 with sufficient income from BTL Investments make to be liveable but the intention would be to continue workings but doing something a little some enjoyable that the current work. The London flat would remain under my ownership and be rented but all other investments (195K and 299K) would be made through a company (SPV). Any advice on what type to property and areas would be best for me with this sort of investment captial? Is there any issues with owning properties through a SPV and not live in country? I was thinking of investing in manchester or birmingham but really i'm not bothered about any particular area other that looking for solid yields with minimal worries. M
  6. This is my first post, so hello! Right, i'm 29 years old and have just come into £400,000. That truly is a life changing amount of money and I want to invest wisely while making some sort of income from it. Obviously, property is the first thing that comes to mind. I've been doing some research but there are so many options to choose from. What would some seasoned property people do in my situation? Buy to let? Buy, renovate and sell on? What in you guy's opinion are the best sources of information? I can quite easily google and find plenty of sites but where do you think is the best advice and info given? I'm from London so there's no way I'm in a position to buy down here; what areas do you guys recommend at this current time? Any advice is welcome! I'm open to ideas...
  7. I'm really interesting in how people are paying themselves, or taking their profits from their BTL's. My business partner & I pay ourselves a lump sum each year, after we pay our tax bill. This has worked for us so far & ensured we have plenty of funds to cover emergencies - like we had this year. But I'm starting to think that maybe we may be able to start paying ourselves a monthly income, if I work the numbers out carefully & allow for an emergency contingency. What do Property Hubbers do? & how do you work it out? Many thanks in advance!
  8. Hi all This is my first Hub post and many thanks for taking the time to read it. I live in Kent and have let my former flat in Crystal Palace since 2014. It's now re-mortgage time and I am considering the next step in property investment. You may recognise the topic title from a property webinar prepared by Rob B which I would strongly recommend if you have not seen it. The gist of it is how to build a portfolio that in time can provide an income through periodic refinancing. It has lots of pro's as a strategy and is my preferred one subject to clearing up the query below. My question arising from it is: how can you refinance your portfolio (however much equity is in it) for the purposes of paying yourself an income given that (in my v ltd experience) lenders only allow lending for narrow purposes especially buying more property/renovating but not for funding the borrower's lifestyle? Any thoughts very gratefully received. Tom
  9. Hello All, A brief introduction: I am Barney, 22 years old and I work in IT as a Network Engineer. From the age of 18 my mum guided me through property flipping. I helped her flip around 6 properties until i gained enough knowledge and profit to go alone. I'm currently 3 properties down the line and really enjoying myself. I have a 10 year plan to get out of the rat race and wake up doing what I want (To run my own company and manage my portfolio). I am very grateful to have stumbled across this website after reading the book. I'm always open to learning as much as possible about property and i'm sure I will from these forums. I look forward to discussing my future investments with you all and hope to help you with yours. To those wondering why I have only been flipping properties. I have been doing it to build up enough cash to start so that I can start a limited company and begin my BTL portfolio. I have a goal for a monthly income and form my calculations it would mean managing 6 BTL flat/HMO's. I am aiming to get to this stage in the next 2 years max. I'm aware of the new BTL tax law and have read up about a few ways to workaround it. If anyone has any suggestions/constructive criticism; i'm all ears. Regards, Barney Brown
  10. If my future rental income were to push me into the higher rate tax bracket over the next 5 years, when added to my current income, should I set up a Ltd company now to begin my property investments?
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