I’m speaking at the GB Landlords event this Thursday on, believe it or not, tax!
The tickets have basically gone but there might be the odd one left if you try here.
Tax is such a large topic I do sometimes struggle to figure out what people want to hear about. The tax invasion I mentioned yesterday hasn’t really started yet because we are still very much in the “leak and see how it goes down” stage of the budget.
Landlords definitely have an eye on capital taxes like capital gains tax and inheritance tax but are these stealing the thunder a little? Most people would welcome property price growth and an IHT liability to have to solve.
The daily taxes are often where the big gains can be made. Paying the right tax and no more for every year of property ownership is a great way to make sure that the capital taxes don’t need to matter as much to you.
In my time I have met people that:
- didn’t claim for a kitchen renewal (£10,000 of costs missed – £4,000 in tax)
- haven’t been claiming any relief for mortgage interest since George Osborne first announced the restriction
- didn’t claim anything that wasn’t included in their letting agent statement. That’s insurance, ad hoc repairs and mortgage interest all missed off – for years!
This is why filling in your tax return shouldn’t just be a form filling exercise. Done properly it is a money making exercise. And yes I said making not saving. Anything that adds wealth is money making in my eyes!