HMRC Issues Warning To Landlords

from Property Magic Podcast · host Simon Zutshi

Simon discusses the HMRC Spotlight 63 tax warning issued to UK landlords regarding hybrid company structures, addressing the controversy sparked by a retired solicitor's blog post criticising certain tax avoidance schemes. Simon emphasises the importance of being cautious about who to listen to, especially on social media, and advises seeking professional advice tailored to individual circumstances. KEY TAKEAWAYS It is important to be cautious about who you listen to, especially on social media, when it comes to tax advice. Section 24 of the tax laws in the UK discriminates against landlords by limiting the offsetting of interest payments against rental income. Some landlords are selling their properties and retiring early due to the changes in tax laws, leading to an increase in available properties and a decline in property prices. Seeking professional advice from qualified individuals who can assess your personal situation is crucial when making decisions about property investing and tax planning. BEST MOMENTS "Section 24 discriminates against landlords… with Section 24, HMRC say you can no longer offset all of the interest payments against your rental income apart from a 20% marginal tax relief." "Those are not affected by Section 24, although the owner of the property, the landlord, they probably will be affected by Section 24." "Now, interestingly, I think Property 118 have actually the same view. They say that hybrid structures don't work, so I don't really know what Dan's going on about there." "I'm probably the only mentor in the UK who was investing and also training during the last property crash in 2008, 15 years ago. So I know from personal experience exactly how you need to invest in a falling market." VALUABLE RESOURCES To attend your first pin meeting as Simon's guest visit http://www.pinmeeting.co.uk/, find your local meeting, and at the bottom of the page where you normally pay £20, click on where is says "pay with a voucher code" and use this code: PODCAST. This will by pass the payment page and you can attend your first pin meeting for free. Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi Find out about the Global PIN Meetings at www.globalpinmeeting.com To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/ Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.

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