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What are this government plan for the PRS? does anyone really know why they have reverted to such illogical means as legislating and taxing beyond reason so that now thousands of investors that provide homes for others are being targeted in such a way that the industry has shrunk almost 18% in one year alone, the PRS has millions of people associated with it and employed within it from tradesmen, inventory clerks, letting agents, insurances and so much more and all these people are under threat of losing their livelihoods because this government is adamant that they wants to destroy and tax the private landlord out of existence. I simply do not understand illogical behaviour and in discussion with other we think that maybe the government’s plan as such;
Did the government spin doctors need a new spending spree after PPI? maybe they saw that pensioners had billions in pensions all tied up in institutions where they paid little or no tax on it. Maybe government, in order to get their hands on that cash needed to change the game rules so they announced that we could all have as much of our money as we wanted from our pension pot to invest wherever we wanted. We should be allowed the freedom of choice in what we did with our money, so millions of pensioners took out £100,000,000,000’s in cash and looked for a better investment.
Where should we invest they thought? Where could they now invest to get better returns? - Maybe into a stock market that was up and down like a fiddlers elbow in an ever increasingly iffy economy, or maybe they should invest into an ISA that gave them about enough extra income to buy a gob stopper once a week, neither of those choices was really floating their boat, however, they could invest into property and get a great stable monthly return in rent. Invest into property? seems perfect, the long-term solid security that has always performed fairly well no matter what the economic climate was, that is the place to put it and so hundreds of thousands of greys blindly did.
At Tenant Referencing UK we had hundreds and hundreds of newbie pensioner landlords join who had a plan and who had invested into the property market and worked out their yields it was time. They had all worked hard to be good landlords and get an extra bit to give them a better pension. So, it was time for the government to spring the trap. They started by taking extra at the very beginning with additional stamp duty, get a few grand off them at the front end was a good idea, but that was just the start because now they were going to put their hand in your pocket and steal half your earnings every week and month for the rest of you retired days.
The first tax was to stop you offsetting any expenditure on white goods against your taxes, let’s face it why should they lose their taxes just because you had to by your tenant a new cooker even if it was the law that they made. So your rent started to roll in and that was the next thing they did not want you to have a mortgage to offset any taxes they wanted your cash to pay them 100% in tax on every penny you got so they removed tax relief on mortgage payments and made mortgages on buy to lets harder to get, they even legislated that your letting agent had to be their grass on what you took in rent.
I am sure without banging this drum any further you can see where it is going, I have never seen an industry attacked so relentlessly by any government at any time in my 58 years on this planet, but the bit that really amazes me is that while they are attacking the very life blood of investors that make up the industry, the tenants they so loudly protest they are helping and protecting are finding higher rents, less choice of housing and the children of this country are living in shop doorways "AGAIN"
Ironically, Paul I think you right because today the BBC west have posted that 2000 families who rent cannot now find a home to rent in Bristol within a price range they can afford. What this mob do not understand is that as landlords leave in droves they create more of a shortage of rental stock which is putting the price up and for those that cannot afford to buy they are becoming homeless daily.
What sort of government do we have that does not realise that the more pressure they apply to landlords will create a shortage of rental stock and those who need to rent will simply be priced out of the rental market.
It beggars belief that these people run our country what f###ing chance do we have.
Hi Bristol Landlord
As you say "What sort of government do we have that does not realise that the more pressure they apply to landlords will simply create a shortage of rental stock and those who need to rent will simply be priced out of the rental market."
Well! apparently this government and the two goons Cameron and Osborne that went before.
What part of simple common sense do they not get in, so much as you get more with sugar than you do with salt? Why do they not try and entice investors to invest? They just pour more and more legislative salt and taxes on landlords every day and expect us to take it.
I just sold 13 fantastic flats that were rented out to great tenants for over 8 years, only two were bought by investors (Who immediately showed they did not understand the requirements of them as a landlord and also increased the rents) and the rest were bought by individuals. The government will say that's great because 11 more people own a home and to that I reply "but 11 people who could not buy and who relied on a professional landlord with fair rents are now homeless, paying increased rents elsewhere and/or living in a lesser quality home" these know it all (never been a landlord politicians) need to see the big picture and not the inside of the bubble world they all live in.
This government needs private sector investment to help house the population of this country but this lot do not entice investors to invest they just pour more and more legislative salt and taxes on landlords every day and expect us to take it. Well, Mr Barwell Housing Minister, you can shove your dictatorial oppressive money grabbing housing policies where the sun don’t shine, cos me and all me mates are selling up and leaving you to work out what you are going to do with all the homeless families wandering the streets, I say “GOOD JOB DONE SON”.
I think this thread pretty much sums it all up. I rent all of my 12 rentals to ppl on h. Benefit, or ppl who need a home but can't afford to live on their own (hmo). I try so hard to not put rents up and everytime something needs fixing its done. They are all refurbished to a nice comfortable standard and I'm totally happy to be flexible with my tenants not making rent on time if they communicate and work with me. And it all really works. But even though i dont like to price my rents at the top rate (as its just so unobtainable for h. Benefit tenants) i will have no choice but to raise it at some point. I dont want to sell because i like helping them in an unstable rental market, giving ppl an option of a real, long term home, and i dont want to raise rent as they will not be able to afford it which means lower grade rental or being homless, but i can't continue to rent at reasonable rates when the new taxes come in so my hand is forced. It all has the same outcome. Tenants are put in an uncontrollable and impossible position. If the government just put money into building more social housing, the demand for private rental would decrease, which would help lower rental rates, which would give better options for both tenants and landlords. Landlords have been demonised by the media for many years. There are bad ones, but none of this will weed them out or make anything better. Its all so shocking and lacking any ounce of common sense and factual thinking
Paul get yourself elected and sort this mess out! Landlords need to stand together and fight with all their might but as we know - they won't!
I am going to have to sell and whoever buys will increase rents, kick tenants out and certainly not care as much as I have. Same old problem - only 60,000 landlords signed the petition against the govt policy (100k and it would have had to be read in parliament) only 40 landlords donated to the Axe the Tenant tax - the list goes on. Landlords are just lining up to be shot!!
I still maintain our route to changing this ludicrous assault on landlords is through the tenants! They need awareness - you get enough people behind something and anything can happen (FARAGE!! BORIS!!! TRUMP!!!)
I have had a busy day today promoting my company and sorting out my rentals "NOT" actually I have worked totally free of charge today for the government, I remember reading about a forced labour camp where without the want too you could get a job like that.
Why? you may ask. Well! I just read an article about a family that needs to distribute their whole property rental portfolio they took 20 years to develop around the family and pay £1000's in stamp duty to just get around the section 24 or go bankrupt. Can anyone remember the days when we used to be able to get up in the morning and look forward to being creative and spending the whole day developing our businesses with new ideas and new challenges which made us and our employees healthier, wealthier and wiser? Can you remember when we used to only spend a few hours a week doing paperwork associated with our businesses and pay a fair tax on our earnings?
Now with over 100 new pieces of legislation and numerous slaughtering taxes what the #### has happened to this country where we now spend 8 hours a day dealing with legislative paperwork, taxation issues or analysing ways to save our livelihoods by having to find yet another swerve around another obstacle from another government policy. Time and effort not spent productively growing our wealth but spent just trying to keep our heads above water and enough crumbs on our plate to feed our family. Why does government think this country will grow when the entire business community is in, a constant cat and mouse chase trying to survive being eaten.
Yesterday I spent the morning sorting out VAT, IPT the FCA the ICO of which I had to pay all these government bodies money. I then spent the afternoon covering off the employee’s compulsory pension schemes, dealing with employer’s tax contributions and employers national insurance contributions, again all of these I had to pay more money to the government. but after that, I ended up with a small profit of which I had to pay the demand to take more "the corporation tax" this tax needed to be paid in one lump sum. Where was it coming from this year in one lump sum? it has to be paid like that as the tax man said “No payment deals available” better try and get another interest free credit card to put it on.
I will retire home for tea this evening and then I can then try and deal with all the council tax demands and wrong summons from the council to try and evaluate what I owe on empty properties (now that there is no empty property tax relief for landlords) after a tenant had run off or they were empty for redecoration. I might even woo the wife with a romantic evening sorting out a tenant dispute over a deposit where the tenant has flooded the house with a washing machine they installed and blamed me. I will, of course, win but still have to submit all the paperwork to prove my case another 3 hours work for nothing.
To end my day in this wonderful free democracy and land of growing opportunity, I am going to sort out my recycling bin properly because the bin men left me a nasty note saying I left a bean can and gin bottle in the cardboard bin and in future they will refuse to take it unless I have sorted it out. I had also failed to squash the cardboard boxes down enough for them to get them into the whole in the van oops. However, lucky me, after my telling off I can now spend 15 minutes this evening clearing up the rubbish that they left blowing down the street, truthfully, what should I expect for my measly £2400 a year council tax.
RULE BRITANNIA (Paul whinging old b#####d 58)
Paul if it is any consolation you have echoed my day.
I asked a freedom of information question of my council as to how much it costs to issue and collect a Council Tax bill, the answer "we do not keep that information". When the new council tax levy was announced I asked how they managed to calculate the bill when they did not know their costs. I was fobbed off once again.
Excellent post, couldn't have put it better. They wont stop til every property activity is taxed to oblivion.
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