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zara pinder

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Unfortunately, I am a landlord with 34 properties I have built this portfolio up over 22 years, 80% of my tenants are long term, but now with section 24, I am having to set up 2 more businesses, temporarily in the hope to make enough money to prop this portfolio up, while I dispose of it, in the least destructive way both financially and minimum disruption to my lovely tenants. It is too much, paying the mortgages, then as we all know as we cannot offset that cost, it then becomes taxable income, that I have PAID OUT! In my case due to the size of the portfolio, I am now in the 45% tax bracket.... yes "whoopy do.” I get the 20% allowance. Now a lucky friend of mine who did their portfolio in a ltd company from the start, can offset her mortgages, and is doing well, but I am penalised because I am not LTD, sound familiar. I looked at incorporation with Property 118, and another tax advisory firm, ( we all know how that is going, shocking) the cost would be approx. £350,000 with latent tax, conveyancing fees etc, even if you could take advantage of the entrepreneurs relief, I don't have that amount of money, and I would need to borrow more to do that, which I can't justify strangling myself and my family with, and also I suppose for the first time in my life, disillusioned and totally fed up, I will get over it, I ALWAYS DO. Feeling discriminated against right now, always loved the fact the UK was a nation of as" MT "put it, shop keepers and had great opportunities for people with get up and go. Having lifted myself from poverty as a kid, paid more than my share of taxes all my working life, feeling great about supplying local people in my area with decent homes, supplied local tradesman with appreciated trade I am EVOLVING down a different path. These homes are going to be sold off one by one and with all new regulations coming around selling etc that has its challenges too, it will take a little time to do it right and in a small village it’s going to be just GREAT, but "Hey Ho", a LTD Company Housing Provider will benefit from them I expect. as all of us non-Ltd company landlords know, we are penalised for not being in their club....... Operating in an ex-mining area with low employment, and all that goes with that. Having come from a similar background, my father was a miner, my siblings unemployed for some of their adult lives. I have not only provided good homes, but I have also encouraged 5 single parents into work nurtured them through the transition of coming from 4/5 generations of families of never having worked, been an advocate for being a worker, contributing to our community, and respecting ourselves and others in our community. Having nothing as a kid myself, I have been involved in helping their children into apprenticeships, got involved with local groups to help improve the area for us all and enjoyed it. Yes, being a landlord has been a varied role but a rewarding one. Unfortunately, not now, I cannot help anyone, I JUST COMPLY, I simply do not have the time, I am selling their home soon anyway and need to concentrate my efforts on that. I have raised their rents to full market value, there will be no time to recycle and refurbish items and distribute to them for free, as they cannot afford new. No time for help groups, or coffees. They are a now not people but numbers on a spread sheet. These numbers are causing me and my family extreme pain and anxiety. I will now use that time to generate another income stream to pay for the exit and hopefully retain a home for my own family at the end. When I go home, some of my childhood friends still in their ex-mining towns, and are like a proportion of my tenants, from 4/5 generations of either unemployed or low-income work, now claiming full UC, or top on their wages. They still have time, to help others, socialise, love their family, go for a run, bake a cake. Well sometimes working as a dinner lady, a cleaner or a factory/ call centre worker, or having five kids and being a stay-at-home parent, seems like a MUCH BETTER PATH.... I think, I made the wrong choice. Having no control over my own business, paying tax on money you do not earn, being vilified in the press, strangled by over compliance, and now discrimination, working 80 + hours a week, becoming like a robot with no time to see my family or look after my loved ones. Just because I am not a LTD COMPANY. It is what it is, DON'T YOU JUST LOVE THIS COUNTRY. Anonymous housing provider and previous free job & life coach for the community, signing off

From: zara pinder 14 March 2024 14:39 PM

Unfortunately, I am a landlord with 34 properties I have built this portfolio up over 22 years, 80% of my tenants are long term, but now with section 24, I am having to set up 2 more businesses, temporarily in the hope to make enough money to prop this portfolio up, while I dispose of it, in the least destructive way both financially and minimum disruption to my lovely tenants. It is too much, paying the mortgages, then as we all know as we cannot offset that cost, it then becomes taxable income, that I have PAID OUT! In my case due to the size of the portfolio, I am now in the 45% tax bracket.... yes "whoopy do.” I get the 20% allowance. Now a lucky friend of mine who did their portfolio in a ltd company from the start, can offset her mortgages, and is doing well, but I am penalised because I am not LTD, sound familiar. I looked at incorporation with Property 118, and another tax advisory firm, ( we all know how that is going, shocking) the cost would be approx. £350,000 with latent tax, conveyancing fees etc, even if you could take advantage of the entrepreneurs relief, I don't have that amount of money, and I would need to borrow more to do that, which I can't justify strangling myself and my family with, and also I suppose for the first time in my life, disillusioned and totally fed up, I will get over it, I ALWAYS DO. Feeling discriminated against right now, always loved the fact the UK was a nation of as" MT "put it, shop keepers and had great opportunities for people with get up and go. Having lifted myself from poverty as a kid, paid more than my share of taxes all my working life, feeling great about supplying local people in my area with decent homes, supplied local tradesman with appreciated trade I am EVOLVING down a different path. These homes are going to be sold off one by one and with all new regulations coming around selling etc that has its challenges too, it will take a little time to do it right and in a small village it’s going to be just GREAT, but "Hey Ho", a LTD Company Housing Provider will benefit from them I expect. as all of us non-Ltd company landlords know, we are penalised for not being in their club....... Operating in an ex-mining area with low employment, and all that goes with that. Having come from a similar background, my father was a miner, my siblings unemployed for some of their adult lives. I have not only provided good homes, but I have also encouraged 5 single parents into work nurtured them through the transition of coming from 4/5 generations of families of never having worked, been an advocate for being a worker, contributing to our community, and respecting ourselves and others in our community. Having nothing as a kid myself, I have been involved in helping their children into apprenticeships, got involved with local groups to help improve the area for us all and enjoyed it. Yes, being a landlord has been a varied role but a rewarding one. Unfortunately, not now, I cannot help anyone, I JUST COMPLY, I simply do not have the time, I am selling their home soon anyway and need to concentrate my efforts on that. I have raised their rents to full market value, there will be no time to recycle and refurbish items and distribute to them for free, as they cannot afford new. No time for help groups, or coffees. They are a now not people but numbers on a spread sheet. These numbers are causing me and my family extreme pain and anxiety. I will now use that time to generate another income stream to pay for the exit and hopefully retain a home for my own family at the end. When I go home, some of my childhood friends still in their ex-mining towns, and are like a proportion of my tenants, from 4/5 generations of either unemployed or low-income work, now claiming full UC, or top on their wages. They still have time, to help others, socialise, love their family, go for a run, bake a cake. Well sometimes working as a dinner lady, a cleaner or a factory/ call centre worker, or having five kids and being a stay-at-home parent, seems like a MUCH BETTER PATH.... I think, I made the wrong choice. Having no control over my own business, paying tax on money you do not earn, being vilified in the press, strangled by over compliance, and now discrimination, working 80 + hours a week, becoming like a robot with no time to see my family or look after my loved ones. Just because I am not a LTD COMPANY. It is what it is, DON'T YOU JUST LOVE THIS COUNTRY. Anonymous housing provider and previous free job & life coach for the community, signing off.

From: zara pinder 14 March 2024 13:17 PM

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