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I'm preparing to buy my first property next year, and am getting my strategy together, and want to keep really good records from the start. I'm confused about when I will start making money. Let's say I need 30k to cover the deposit, legal etc costs, renovations, insurance, all of the costs, and then after paying the mortgage I make £100 per month. In my mind I don't make a profit for 300 (plus extra yearly expenses) months, because my initial outlay was so much, but I technically would have an income of £100 more than my wage. Is it a yearly thing, like i'd make a loss in the first year and then £1200 profit in year 2, 3....., etc? I'm thinking about it partly for tax, as that would become another expense that ate into my £100 per month, but also from a strategy perspective, for when I'd break even. I'm confused about when I call the £100 per month profit.
With COVID-19 cases increasing day by day our fear of earning income also increases. In such kind of confused state, everybody is bound to pay their residential property taxes. I hope this article would help you out in reduction of residential property tax: https://www.biggerpockets.com/member-blogs/12978/89996-top-3-ways-to-reduce-your-residential-property-taxes?created=1
Dear all I'm new on this so I will try to explain my query as clear as possible. I would like to buy and renovate properties, maybe starting with small spaces as a studio or similar, and then to sell them again for profits. I'm thinking to do it trough my Ltd so I can invest the money directly from my ltd account (I'm the director - no employees) I got some basics questions on the above.: A- is to buy and sell properties trough my ltd legal? Even if my ltd has been settled as a consultants company. I'm a project manager working on constructions B- are the money used to buy and renovate the properties considered as expenses so they could be deducted from the turnover. C- as above, the money that the ltd will get from selling will be considered as a normal money earned by my Ltd D- Do you think would be better set up a new ltd dedicated for the activity of buy to let/sell properties? E - Any particular suggestion? I'm good to find the properties I know how to work on that and the potencial they might could have...what I missing is all the legal process, taxes etc etc Many thanks to all will spend a bit of time to answer Ciao Simone
At the Property Investor Show, we grabbed interviews with experts on two of landlords’ least favourite topics: tenants and taxes. First we spoke to Paul Shamplina from Landlord Action about the messes landlords get themselves into with troublesome tenants. Then, to keep the party mood going, we turned our attention to tax – grabbing Janice Parker from Rita4Rent to learn what investors should be thinking about in the constant tug-of-war with HMRC. You can check out the podcast here: http://thepropertypodcast.com/2016/05/tpp165-tenants-and-taxes-interviews-with-paul-shamplina-landlord-action-and-janice-parker-rita4rent/