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Since buy-to-let mortgage interest tax relief was reduced to the basic rate of income tax, a high number of landlords have transferred ownership of their buy-to-let portfolios to a limited company.
This means that they have to pay corporation tax instead of completing a Self Assessment.
From April 2023, the corporation tax rate for companies with profits above £250,000 increased from 19 per cent to 25 per cent.
Landlords with a limited company portfolio that generates profits of between £50,001 and £250,000 will pay corporation tax at 25 per cent, reduced by a marginal relief. This means they’ll pay a gradually higher tax rate based on how much they earn.
Landlords who make annual profits of up to £50,000 will continue to pay corporation tax at 19 per cent.
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This is really really bad. A friend of mine is a landlord and he is getting out.
This is going to screw landlords with mortgages and tenants as the landlords dump their stock making the housing crisis even worse. Glad I am a secure tenant in a council house I tell ya
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It’s on profit, and the earnings rates are the same as PAYE.
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It’s on profit, and the earnings rates are the same as PAYE.
Not any more it isn't from what he was saying
Quote:
For the 2023-24 tax year, landlords will pay 20 per cent tax on buy-to-let income between £12,571 and £50,270.
From your link. He was telling me currently he was getting taxed purely on profit after mortgage and the new way he has to pay tax on the total rent he charges so he is dumping stock and getting out of it. I am guessing he makes a fair bit more than the £12k. And I am only going on what he told me so don't shoot the messenger
It is the changes to Section 24 he was on about. Which still counts
For the 2023-24 tax year, landlords will pay 20 per cent tax on buy-to-let income between £12,571 and £50,270.
From your link. He was telling me currently he was getting taxed purely on profit after mortgage and the new way he has to pay tax on the total rent he charges so he is dumping stock and getting out of it. I am guessing he makes a fair bit more than the £12k. And I am only going on what he told me so don't shoot the messenger
It is the changes to Section 24 he was on about. Which still counts
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If only we’re brave enough to see it.
If only we’re brave enough to be it. If my post is in bold and this colour, it's a Moderator Request.
This is what I get - it asks for an email address and blurs out the bottom of the page.
Logging in from a Chrome browser on iPad iOS on a VM IP, no VPN being used.
__________________ There is always light.
If only we’re brave enough to see it.
If only we’re brave enough to be it. If my post is in bold and this colour, it's a Moderator Request.