How much TAX do you ACTUALLY pay on a property? | Property Investment UK

Подписаться 105 тыс.

Просмотров 13 тыс.

50% 1

It’s good old tax time! How much tax do you actually pay when buying a property? Well in this video I will be breaking down the different types of taxes there are to pay on a property, and how best to go about taxing! Is personal or limited company best to tax in? Guess what? I’ll be explaining my opinion on that too! (DISCLAIMER)... HOWEVER I am NOT a financial advisor so please seek advice from your own financial advisor, but you’ll see that we are on the same hymn sheet!
……………………………………………………………………………………………………………………….
00:00 - Intro
00:30 - Stamp Duty
03:04 - Income Tax
05:40 - LTD Company
07:10 - Dividend Tax
09:39 - Corporation tax
10:28 - Business Costs
11:18 - Capital Gains
13:06 - Inheritance Tax
……………………………………………………………………………………………………………………….
Interested in getting educated by me about all thing Property Investing then go to: bit.ly/aspireeducation
Want to become one of my investors? Do you have £100K ready to go? fill in your details here: Thanks! Go to www.aspirepropertygroup.co.uk and fill in your details!
Try PropertyData here: propertydata.co.uk/a/jamieyork
Before you go make sure you've subscribed to not miss out on the latest property investment videos!

Опубликовано:

27 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 50

@FlyingFun. 2 года назад

Thanks for highlighting the tax situation in the UK, It is unbelievable how greedy tax man is in the uk. It's big part of the reason I sold up a few years ago, dealing with crappy tenants and dodgy agents only for the tax man to just step in and take the profits is a joke.

@FlyingFun. 2 года назад

@@andrewbarton3040 I agree but look at it this way, if they have to pay more tax they have to charge more rent. The problem is not the landlords that have 1 or 2 properties maybe bought mostly in cash as a retirement plan as I did , we can charge lower rent and still do ok, the problem is portfolio landlords who will buy constantly ending up with hundreds of properties all mortgaged to the hilt charging the absolute maximum rent and doing the minimum they can to make the property nice. Hopefully things will change for you but it is never easy getting your first house, the Gov schemes just end up pushing prices ever higher. I bought in 87 and house was 10x my wage interest rate was 17.5%, took 2 of us working 2 jobs each to afford a 40% shared ownership paying rent on the 60%, compare that to todays market , the 10x wage is maybe close but interest rates are nowhere near so its cheaper now ..

@Bestofthebest383 2 года назад

Thanks for CG , I didn’t know that . Going to view few properties this week .

@priiyoo 2 года назад

Much awaited video. Thank you for this.

@JamieYork 2 года назад

My pleasure!

@chriswelsh4397 2 года назад

Great content Jamie 👍 I now have a better understanding going forward.

@JamieYork 2 года назад

Glad to help!

@conormckennaUK 2 года назад

Great info! Property tax is always a subject that can be confusing!

@JamieYork 2 года назад

It sure is!

@neilbeckitt2041 2 года назад

Thanks for the great video! Would be great to see a video on pro’s and con’s of holding multiple properties within a single Ltd company vs a separate single Ltd company for each investment property

@lawrencer25 Год назад

Fabulous video

@isi8317 Год назад

Well, everything was going great in my mind having watched other videos from Jamie, I had a dream plan......now that I've watched this video, I'm back to square one! By the way good video Jamie.

@JamieYork Год назад

Haha, what’s the game plan?

@jeffocarroll7848 Год назад

Loving your videos Jamie! It would be very interesting if possible to work out over someone's lifetime how much tax is taken from all the different taxes. I think it would be shocking.

@richardburke952 2 года назад

Good video Jamie, who would you recommend as a 'relatively in-expense' ( Own words ) ;) tax advisor to set up such a structure, as a Trust or SMART Company (Freezer shares and Growth shares)? I am aware of property 118, but their fees are not transparent on the website and you have to pay for a consultation to even get an idea of costs. Plus there is a high referral fee scheme encouraged by the service providers of £2k+ which is a massive indication their prices are over inflated. I would also be interested in getting your take or even a video on the BVI structure , and again a service provider and idea of fees involved that you would recommend. ? Again thank you for your content and sharing it Best Rich

@jezworsley 2 года назад

Anyone else feel sick to the stomach

@JamieYork 2 года назад

Grin isn’t it!

@ChrisLee-yr7tz 2 года назад

14:33 That only works if you move out of your home or pay market rent to the beneficiaries of the gift. Otherwise HMRC just look through the gifting of the asset as if it never happened. You cannot continue to be the economic beneficiary of the asset AND mitigate IHT.

@vaniv2886 2 года назад

Thanks Jamie very informative. Can I move a property thats in an individual name into a company at any point?

@miketree7715 Год назад

You didn't mention selling the Ltd company shares rather than selling the properties individually. No CGT ( I think) and much lower stamp duty.

@Cappaghgrove 2 года назад

Jamie....I heard the corporation tax increase could be scrapped. Also pleaaaaase could you do a video about LLP...?

@asifch2230 2 года назад

Another good advise, pay more to your pension pot, you get tax relief from government, that's what I do. Then you pay lesser tax. Good luck

@888Allanmac 2 года назад

makes you want to leave for somewhere hot, sunny and tax exempt. WEF is closing the loopholes, so that cash and assets can't be kept away from government oversight or confiscation.

@standuppants1049 2 года назад

Gifting property - be wary. Consider what would happen if your child got divorced/entered into bankruptcy before you die. V helpful video Jamie. Thanks

@JamieYork 2 года назад

That’s a very interesting one. That’s where trust commit o play eh

@ElaMederska Год назад

Great Video, as always! Can you tell me which property accountant you would recommend?

@JamieYork Год назад

Glad it was helpful! Thanks for watching!

@celiahall6168 2 года назад

So how long should you live in property for to mitigate CGT? I own a house my mum lives in… had it 23 years and nearly paid off mortgage and it’s a residential mortgage with lenders permission for mum to live there. It will be due for a refurb in a few years…

@ChrisLee-yr7tz 2 года назад

You only get a reduction for the proportion that you lived in it plus the last 9 months of ownership.

@laughinglikefuck297 Год назад

How would the tax man know if your property is rented out or not? Needle in a haystack surely ?

@reecewatkins1 Год назад

Can you please confirm that CGT is only applicable if you're buying in your personal name? In other words, if you're buying under a LTD Company, then you wouldn't pay CGT, right? You'd just pay corporation tax on any profits you've made that year?

@JamieYork Год назад

Correct!

@fffs8598 Год назад

What about the inflation ? Is it taken in the concedration by the HRMC ?

@JamieYork Год назад

Nope. Only if you sell and profit of course

@willyd-adv 2 года назад

Sat here in New Zealand where we have no incone tax on rentals, no stamp duty AND no capital gains tax at all. And they wonder why boomers here are so rich and property prices are so high. I know a guy with nearly 300 properties and makes over $2million a month in rent, he's never paid a cents tax and never will

@JamieYork 2 года назад

Dayummmmmm. Hold my beer, I’m coming to New Zealand!

@willyd-adv 2 года назад

@@JamieYork ha yeah we thought the same but sadly prices to just get on the market here are insane. We live in the cheapest part if NZ and a junkie hovel (I.e smashed and squatted in) starts at £250,000 and the average price is now just over £650.000, plus minimum of 7% mortgage upto 24%. Hence we are returning to the UK

@Tigerrae187 2 года назад

Where does one find information to mitigate stamp duty?

@Tigerrae187 2 года назад

Anyone that's not a scammer

@douglasprovost768 2 года назад

Capital gains on a company sale? I thought it was only on a private sale.

@ChrisLee-yr7tz 2 года назад

You pay corporation tax on the profit on the sale of the property...so it's not called CGT but it's still tax on the gain. In a Ltd Co you're actually supposed to revalue the property every year and calc the gain and the tax due on it. The only difference being that you keep the tax liability on the balance sheet until you actually sell.

@douglasprovost768 2 года назад

@@ChrisLee-yr7tz thanks, that's what I thought. It gives a company more options than simply paying the tax as a private sale would have to do.

@JamieYork 2 года назад

As Chris said. Ltd is corp… person CG. 😊

@JamieYork 2 года назад

As Chris said. Ltd is corp… person CG. 😊

@JamieYork 2 года назад

As Chris said. Ltd is corp… person CG. 😊