ZARZA We are Zarza, the prestigious firm behind major projects in information technology.
Listen "Buy To Let Taxes To Be Aware Of"
Episode Synopsis
In this succinct episode, Shaz shares an overview of the taxes you are likely to need to pay when you have a buy to let property portfolio.
You need to consider Section 24, stamp duty land tax, capital gains tax and inheritance tax along with deciding which is the right structure for you to purchase property through.
This is a great opportunity to hear about what you need to take into account and the different ways taxes will impact on your property portfolio and the way property is purchased.
KEY TAKEAWAYS
Section 24 came into effect in April 2017 and it means you cannot claim your finance costs if you have a portfolio in your own name or as a partnership.
You can get a 20% tax credit if you are a higher taxpayer but can’t claim finance costs
If you are a basic rate taxpayer you can claim finance costs.
You will be paying more in tax.
When buying property to let you will have to pay property stamp duty land tax.
When you sell a property, you will pay capital gains tax.
You need to forward plan for inheritance tax
If you are employed it makes sense to purchase properties in a limited company
Every situation is different and a limited company may not be the right route for you.
You need to explore all the options to ensure you use the right structure for you.
BEST MOMENTS
‘You can buy property within a limited company’
‘You need to consider Section 24, Stamp Duty Land Tax, Capital Gains Tax and Inheritance Tax’
VALUABLE RESOURCES
[email protected]
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
Facebook
LinkedIn
Instagram
YouTube.
You need to consider Section 24, stamp duty land tax, capital gains tax and inheritance tax along with deciding which is the right structure for you to purchase property through.
This is a great opportunity to hear about what you need to take into account and the different ways taxes will impact on your property portfolio and the way property is purchased.
KEY TAKEAWAYS
Section 24 came into effect in April 2017 and it means you cannot claim your finance costs if you have a portfolio in your own name or as a partnership.
You can get a 20% tax credit if you are a higher taxpayer but can’t claim finance costs
If you are a basic rate taxpayer you can claim finance costs.
You will be paying more in tax.
When buying property to let you will have to pay property stamp duty land tax.
When you sell a property, you will pay capital gains tax.
You need to forward plan for inheritance tax
If you are employed it makes sense to purchase properties in a limited company
Every situation is different and a limited company may not be the right route for you.
You need to explore all the options to ensure you use the right structure for you.
BEST MOMENTS
‘You can buy property within a limited company’
‘You need to consider Section 24, Stamp Duty Land Tax, Capital Gains Tax and Inheritance Tax’
VALUABLE RESOURCES
[email protected]
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
YouTube.
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