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Ths is great, is this the right process for setting up a LTD company as 3 leaseholders coming together to purchase a freehold as one entity? If so, which code would be best to put for the SIC please?

Hi there, I was wondering if you could cover anything to do with depreciating residential property within an LLC . I understand in the UK we cannot depreciate residential property. I was curious to why ? Maybe a video idea :) .Many thanks. I really enjoy your channel.

Most so called "gain" is inflation and no actual real gain at all. To then tax this devalued 'money' is an insult.

Hello Simon If I move abroad, and rent out my UK property for say £800 a month, and have no other incomes. Does that mean I dont pay any taxes in the UK?

Good morning. I want to get my first buy-to-let. I'm in full time work, taxed bellow 50k. Looking at flats... I should be able to deduct all service charges, council tax and building insurance expenses from my joint work and property payable tax isn't, or can I get only a tax relief on the tax due from my rental property?

buying property in the UK reassemble money laundering, money changes hands few times, each time could be stolen by individual pretending to be solicitor or could be used in a way shouldn't, not to mention % earned each 100k when they keep Your money on their accounts... In Europe payment for property goes straight form buyer to seller, solicitor only checks that seller has title for 100% ownership of property, asking for prof of money transfer, handle land registry and contract , and this is it, one day and You can become owner mean time in the UK, three months since instructed my solicitor... lol

Section 24 will go down in history as one of the worst tax code changes ever. George Osborne is a plonker

Be careful. A transfer into a discretionary trust is a chargeable lifetime transfer so this would be immediately chargeable to IHT on the amount over the IHT nil rate band (£325,000) and would be taxed at 20%. If the settlor were to die within 7 years of the transfer into the discretionary trust an additional 20% could be payable as the IHT rate on death is 40%. As far as capital gains tax is concerned a claim under TCGA 1992 s260 could be made to hold over the gain on the way into the trust because this is a chargeable lifetime transfer within the meaning of the Inheritance Tax Act 1984 and is not a potentially exempt transfer. The trustees could be eligible to claim principle private residence relief under section 225 of TCGA 1992 if they meet the normal qualifying conditions. The qualifying conditions under TCGA 1992 s225 i.e. a beneficiary is permitted to live in the property under the terms of the trust deed. Principle private residence relief cannot be claimed when an s260 claim as been made as per s226A TCGA 1992.’ Ie. the trustees cannot claim relief on a disposal (the later disposal) if the acquisition cost of the property has been reduced by a gift hold-over relief claim under s260 made by any person on an earlier disposal. Special transitional rules may allow some private residence relief to be claimed by the trustees if gift hold-relief under s260 is given in respect of a transfer to the trustees which was made before 10 December 2003.

The government and councils bleed the landlords of the UK 🇬🇧 dry! every which way they can!! Then ask can we use your B2L 😂😂 It’s my pleasure to say “NO”

HK ppl with an average house can buy a whole house in cash and a bit above average house can buy the whole property and still have a decent cash left in the bank truth be told. However I find it insane tht the landlord is asking one year advance money. 3 months advance seems more reasonable specially if the tenants are coming there with family and young children.

Can you help I am 65 years old and have paid 45 years of N.I. contributions(mainly on the top band class 1) I took early retirement at 61 so never claimed for anything but I am due for my state pension this year but I have been informed by HMRC that I still need to pay 4 more years £3328 to qualify for full state pension a diffference of £20 considering that you need 35 years to qualify What should I do?

I wonder if this is all part of the government’s master plan, use private landlords investment without laying out. It’s cheaper that buying or building, or putting people in hotels ect.

Don't you talk funny

Both local and national government have burdened private landlords with legislation that social housing doesn't have to abide by. Don't do business with these councils.

Who pays on maintenance if anything goes wrong or if tenants trash the property?

Don't get council's involved with your property letting .Biggest mistake of your lives .They can put who ever they like in your property .And it will get trashed I promise you .

Very interesting facts and figures! Thanks! Will you revisit these figures going forwards regularly? Semi-regularly?

This looks like a great idea for a property landlord who wants to rent out their property and leave the country either forever or for a considerable time as it is so passive and safe!

This sounds very interesting! I wonder how the yields compare with using a property as a BTL in the private sector?

always best rent private . not to councils or housing associations they will trash the property l have seen so many . they don:t care who they put in always get them to sign with a solicitor that they should pay for any damages after they leave . as they don"t this is why they give you up front many be but thats not enough to cover the cost of repaying it.

Take the 18 year property cycle and see how it fits into your graphs,interpret where/how it fits ,late 1990's no-one couldve guessed that house prices multiplied by x3-x5 depending on postcode from 2000 to2006 before credit crunch/recession!?

I put a loan in 5 years ago and not charged interest. I bet I can't back date it can I ?

How do I find out if my local council / housing association do this?

To be filled by?

I'm guessing the rent is much lower? as to going through an estate agent?

I have sold my house in India and I have paid capital gain tax in India so do I need to pay again on UK

Sir what you are telling we already know this .Something new please , ,

CONFUSING: 2024 Capital Gains *Theft (CGT)

Hi I started my self employed work as a locum on April 3rd 2024 (this is the date of my first work) as self employed. When do i file my tax return? Thanks

Hi, i have a ltd. I stopped trading, deregistered from VAT. Got my corporation tax refund. Now do i strike the company off if i want to move the business to property investment?

Do inheritance law still apply if you are resident abroad.

Hi Simon, in 2022 i was buying a property and my wife had a share of a property with her late husband. I was informed that i had to pay additional stamp duty even though i had no financial interest in my wife's share of her property and the new property i was purchasing was in my name only! I bought the property and paid an additional £30k stamp duty on the advice of the legal team representing my purchase. The property i bought was to be in my name only. Is this right? It seems like a tax on marriage.

Help!! The deeds of the house belong to my Mum and Dad. My Dad said the property is in both their names, so I assume 50/50. No mortgage. In his Will, can he leave his half of the house to me? I live there as well. I thought it was straightforward but apparently not.

can I take dividend now i.e. 2024/2025 and include it in my tax return of last year 2023/2024? I still haven’t filed my personal tax return.

my son is selling his flat ..its fell through for the ....two lots of buyers he exepted ... even though he had dropped the price well below its worth both surveyers ok the price but the buyers had a problem..it seems ..( the flat has a private parking space ) in the middle of the city ) as well..well decorated and a new boiler.. STILL IT FELL THROUGH

Sir how we can see our UTR number in web filing? 🤔

With regard to investments like crypto for example if you moved to Dubai and cashed in your crypto there, there would be no cgt payable, is that correct as long as you have a residency permit in Dubai and stay out of the UK for over 5 years?

Hi is there a reason you didn’t complete the cash at bank section? My company has been dormant not trading since 2022. I’m currently going through MVL but need to file the dormant accounts to prevent HMRC striking the business off too early . There were small nominal charges that have left the account for some accountancy fees and bank charges. Do I need to deduct these from the last balance sheet figure ? Thanks Rose

Hi Simon, hopefully a quick question as I think my solicitor has advised wrongly. I have 1 residential home which I will sell to purchase a new residential home for 450k, and I have 1 BTL. Do I pay 3% SDLT Charge?

I have made contribution for 40 years and I have the last 4 years as gap years because I stopped working at 60 for on e year then took a zero hour job and am still working

Need Help! If application is reject for some reason the amount is refundable or not? Cause i’ve received email which mention the amount is automatically refund with in 24 hour it may takes upto 4 days please clearify this issue.

Hello, I have a company registered but haven’t used it yet as I’m still waiting but wanted to set up beforehand. I’m the only registered employee and have had 0 transactions this year, what criteria would this come under? And how do I proceed further. Any help is greatly appreciated!

Great video, easy to understand, and well spoken. thx a lot.

I live in Bahrain but the tax man made me pay around 6% tax after they made me complete a double tax form, even though Bahrain is meant to be tax free. I have had 7, 17, 36 days on vacation in UK in last 3 years. I need advice but can't get it here in Bahrain. Any contacts would be appreciated.

We are currently xero users. We have found xero support to be simply beyond abysmal, which is why I am currently looking at comparisons with other systems

Starmer needs to go fast before total Chaos will be the worst !

Great video and no one has addressed the very 1st part on HMRC for Private Residence Relief if you own your home bought and live a property added value too it so for example 1 bed into 2 price has now gone up 70k but you live in there all the time your a higher rate tax payer how would you pay capital gains on the 70k?

My work right is ending in August 2024 and hence employment so returning to home. Can i get taxes back?

Hello Simon, I'm about to purchase a commercial property for £220,000 plus VAT (£264,000)...I realise this is 4 years old, Does this still apply? Thanks All the best.

Can you add your children as share holders