Right, need a Ltd co, a Dave or Trevor and Holiday home. Got it.
@JamieYork3 жыл бұрын
Everyone needs a Trevor!
@christabeluzezi31343 жыл бұрын
I like the way this is simplified in a layman's language. I once listened to a famous property investment teacher about the hybrid tax structure and l had a big headache at the end. Thanks for making it look and sound so simple 😊👍🏽
@JamieYork3 жыл бұрын
Thanks for sharing!
@bogdanditu113 жыл бұрын
Hi Jamie! I just wanted to thank you and to show my gratitude for all the value I am getting from your videos! I am learning quite a lot and it is also enjoyable. Thanks man! Your channel should ve already been at least 500k subs, but I guess most people are watching entertainment. You re awesome man, keep up the great content! Maybe someday we will do business together. Take care!
@ammarnazerali86043 жыл бұрын
This guy's content is great! Love your stuff Jamie. Thanks for giving me so much knowledge over the last 6 months.
@JamieYork3 жыл бұрын
My pleasure!
@stephancoupland16863 жыл бұрын
Best explanation of Capital Gains Tax I have seen anywhere!
@JamieYork3 жыл бұрын
Aw thanks!
@danr53713 жыл бұрын
Really interesting video, you make some very good points. I work as an accountant, and it's surprising how many people are unable to make the distinction between a company's assets and their own, people often in my experience treat the company's bank/cash as if it were there. Similarly, the exercise of calculating the profit/loss of the company, a lot of people want to increase their profits higher and higher in what is essentially a statutory exercise to calculate their tax.
@JamieYork3 жыл бұрын
Wow! Thanks Dan, I really love the comment! It is really easily seen as your own money!
@James-sc1lz4 ай бұрын
Good video. At the rate we are heading we will have no allowance. It was 12,300, then it was half that and now in April 2024 to 2025 they want to reduce it by half again so that’s around £3 000. 20% for pretty much all assets and 25% for investment property if a higher tax payer in 2024. This is exceptionally high which is why I’m here to see ways to avoid it. I realize some things are exempt. Main residence for example. Want to know if you sell can you invest it again in a new property before being taxed. In the US, for example I’m sure this is why they do when flipping a property. In Australia you have six years to leave the then come back but you can live a a main residence leave and come back and the six years applies again which es excellent Pensions are a scam. The age is currently 55 to get 25% lump sum tax free and that’s increasing to 57 in 2028. Apparently we are living longer is 5he reason. In reality they want to delay us getting that lump sum tax free sooner. Particularly if you have no dependencies be use it goes to the government. I also read some people have to pay emergency tax on that supposed tax free l7mp sum and need to do some more reading on this. ISAs are the best option. If you have kids this is easily the best option to do ASAP. Transferring to an Isa can also be done and it’s still tax free and no restrictions apply like the 20%. You can still put 20% I to it every tax year. Well done UK for having this. Countries like Australia have nothing like this as far as I am ware. ISA exempt from all taxes.
@husnainshah4433 жыл бұрын
best property content ever!!!!! love your videos man thank you!!!!!!!!!!!
@JamieYork3 жыл бұрын
Ah thanks mate, really makes me smile reading comments like this!
@hummit2 жыл бұрын
This is really helpful to my understanding of an LTD. Thanks a lot Jamie!
@JamieYork2 жыл бұрын
Glad it was helpful!
@lazer1235 Жыл бұрын
Liked and Subbed instantly when you referred to Trevor as T- Dog
@JamieYork Жыл бұрын
Aha! Cheers for watching mate!
@jamesmacintyre6143 жыл бұрын
This is exactly the content people want 👍👍.
@JamieYork3 жыл бұрын
Thanks bud, glad you like it!
@astrokier2 жыл бұрын
This can be added as a suggestion (not advice) on Lendlord. Thanks for your excellent video!
@pauldavies56553 жыл бұрын
JAMIE---- at 11.15 you looked at the camera and then tossed your pen and CAUGHT it without looking ! you ever play cricket by any chance ? lol.
@JamieYork3 жыл бұрын
😂 haha, I barely noticed. Nope, never played
@paldavi28762 жыл бұрын
Brilliant and informative thanks Paul dublin Ireland
@Xxsteph30xx2 жыл бұрын
THANK YOU SO MUCH FOR YOUR CHANNEL!! Amazing.. you literally cover every single thing I’ve been looking for and need to know about my property journey🤩🤩🤩
@JamieYork2 жыл бұрын
Glad I could help!
@karenferns6160 Жыл бұрын
Jamie that's so well explained. Thank you..!!!
@popdroprolld202 жыл бұрын
Great content mate, hopefully getting property one this year. Ltd company, BTL and interest only.
@JamieYork2 жыл бұрын
Best of luck!
@godfriedmensah37683 жыл бұрын
Just bumped into your website yesterday - some serious stuff you've got going here, keep it up!!
@samhansen7943 жыл бұрын
Great video Jamie, I got a lot from it but the main lesson I got was to not die. Cheers
@JamieYork3 жыл бұрын
I'm here to change lives, Sam! Just DON'T die 😉
@samhansen7943 жыл бұрын
@@JamieYork Can’t change your life if you’re dead 🧠🧐
@CL-vz6ch3 жыл бұрын
That's great advice.
@Random-ln5mt2 жыл бұрын
Awesome content buddy really helping me wrap my head around investment in properties.
@danielroyal253 жыл бұрын
Great video Jamie. The content was just what I was after. Just subscribed 👍
@JamieYork3 жыл бұрын
Ahh really appreciate that! Good to have you on board 💪
@prashphoto3 жыл бұрын
Amazing content. BIG like 👍🏼
@JamieYork3 жыл бұрын
Love it, thanks for the input, Prash
@setache36282 жыл бұрын
Well-explained. Thank you Jamie.👍
@JamieYork2 жыл бұрын
Glad it was helpful!
@Julian-mc2lk3 жыл бұрын
💡 Video Idea: How to forecast refurb/renovation costs and potential problems
@JamieYork3 жыл бұрын
Great suggestion!
@teesquare76273 жыл бұрын
Fab video as always
@JamieYork3 жыл бұрын
Glad you enjoyed it
@stonker3 жыл бұрын
Can you do a vid on super deduction tax, and how to apply it to property on a ltd company :)
@JamieYork3 жыл бұрын
Great suggestion!
@ianh98713 жыл бұрын
The promoted stratergy of refinancing always forgets the increasing CGT liability
@JamieYork3 жыл бұрын
Very true, but usually not an issue for most holding in limited companies and those looking to hold until death. Definitely something to think about though. I may do a video around this!
@philipwood1233 жыл бұрын
@@JamieYork Maybe vector in IHT and alphabet shares with family members in mind. Just did this myself for new purchases. Also ER (BADR now) does not apply to resi property companies unless something has changed.
@mpalmer7129 Жыл бұрын
Hi, Jamie. Your video's are great, and really helpful. Could I please ask you two questions? 1) I currently pay 40% income tax and have owned a house on my own for the last 7 years, whose value has increased by about £200k. My partner and I want to buy another home as a couple quite quickly, and can't wait for my own property to sell, so we're going to remortgage to a let-to-buy, in order to raise a deposit for the second home. This means we'll effectively have two homes, and when I come to sell the first home I'll presumably have to pay CGT at 28%, as well as an additional 3% on the whole of the purchase price of the second home! If I set up an Ltd company in order to pay corporation tax of 19% on the profit of the house sale, rather than 28% CGT, will I only have to pay 19% on how much the house has increased by since it was incorporated into the business, or on how much it increased by since I bought it seven years ago? 2) Is there a time limit I can keep my first home, before having to pay CGT, if I don't set up a LTD company? I can claim back the additional 3% stamp duty on the second home if I sell my first one within three years. Does this also apply to CGT, as I think the 36-month rule has changed recently? Thank you
@JamieYork Жыл бұрын
Hey! Wow what a situation! I'd recommend speaking to your accountant! You could be liable for CGT when you incorporate it into a LTD company then it would obvs reset. Not 100% on the time limit right now!
@Blackbeautie2 жыл бұрын
What happens if the property is a jointly owned. Will the two owners be able to subtract £24,600 from the capital gained based on the capital gains allowance for the two them ?
@bluebirdwales Жыл бұрын
Yes
@davemaslen92203 жыл бұрын
I think there was a number of areas where things got a little confused from a tax perspective. Also, and fairly fundamentally, you mention Business Asset Disposal Relief on the sale of shares in a company. This relief is only available if the company is a trading a company. A property investment company is not a trading a company and a sale of shares will not qualify for BAD relief. Also, bear in mind that the 19% CT rate will not be available to property investment companies under the new rates regime. Property investment companies will pay CT at 25% on profits made and gains on sale.
@JamieYork3 жыл бұрын
Ohhhh thanks for that added insight their Dave especially the property company part. I’ll have to look into that
@davemaslen92203 жыл бұрын
Jamie York no worries. The limited company v private ownership question will remain a topic for debate I think and the thing will be to take advice, as you say. Also I would note a misunderstanding of capital losses. If a taxpayer realises a capital loss (ie they sell a property at a loss) they have up to 4 years to claim that loss on a tax return. The realised loss can then be carried forward indefinitely to offset v future gains. But a capital loss can only be reported when the property is sold - incurring capital expenditure on improvements will not create a capital loss but will increase the base cost of the asset to be offset against sales proceeds when calculating the gain on disposal. Hope that helps.
@gmeadow80793 жыл бұрын
@@davemaslen9220 Hi Dave I see that you are an expert in property tax, is there any chance to get contact to you?
@ravsingh15763 жыл бұрын
Fantastic video as usual Jamie. Breaking down information into simple terms. I just had a quick question regarding ISAs. Even though its a tax free wrapper, is it taxed once you withdraw it? Very interesting about losses, I never thought about it like that. Thanks mate
@jabstraightspam99003 жыл бұрын
ISAs are completely tax free always
@ravsingh15763 жыл бұрын
@@jabstraightspam9900 Cheers, thank you
@JamieYork3 жыл бұрын
Withing the ISA is completely tax free (up to £20k a year currently) - If you take out 10k it's not taxed. BUT if you earn on that £10k once it's outside of the ISA, then you will pay tax on those new earnings. Make sense?
@ravsingh15763 жыл бұрын
@@JamieYork Totally makes sense. Cheers Jamie, thanks for clarifying. Loving your simple and clear videos 😀👍🏽
@JackD872 жыл бұрын
@@JamieYork is the logistics of benefitting from an ISA wrapper as simple as giving the solicitor account details of an ISA, rather than a current account for funds to be transferred from a sale?
@hassanfarid4513 жыл бұрын
Brother a humble request can you make video on how to start buying to let or sell property. Do we have to have some sort licences??
@JamieYork3 жыл бұрын
Search my most popular video (BTL basics) hopefully that will help mate. If it doesn’t shoot me exactly what you need and I’ll get that done 😊
@JackD872 жыл бұрын
This was a very helpful video. Only thing I’m struggling with: aren’t these figures based on one investment a year? Once you’ve used that cg allowance up on one property, you have to ignore it for the next.
@alistairlowe9033 жыл бұрын
Great video 👍... What happens if you buy a property at say £100k (£75k BTL interest only mortgage) as it increases value over the years you re mortgage to the maximum 75% each time meaning when you sell the property for £200k, you have a £150k mortgage to repay. Am I right I’m thinking you pay capital gain tax on the £100k difference between original purchase price and sale price. The mortgage amount has no impact.
@kylejames51213 жыл бұрын
No tax to pay on a remortgage as it’s a a new loan
@JamieYork3 жыл бұрын
What Kyle said :)
@CL-vz6ch3 жыл бұрын
What great videos. We have just bought our second flat to let out after getting the first mortgage right down by piling the rent in and overpaying the mortgage. They are both purchased outright as we borrowed against our own home after finishing our "first" mortgage. Rent income was below self assessment levels but now we've two I realising a company is the best option?!
@davidregis18903 жыл бұрын
Great vid as always. Im curious how payments work through ltd companies. Say 500 monthly rent comes though, do you simply pay yourself a dividend to the amount on a regular basis?
@JamieYork3 жыл бұрын
Great question. Usually you hold profits in the company and draw dividends as and when you want. For me personally I do it ad hoc at the moment, but as I get bigger I guess I'll do it quarterly as a set percentage of profits
@megshawskitchen3 жыл бұрын
18% CGT on any profits above 12 grand. That's actually the same amount of tax applicable to our regular salaried income... depending on threshold. What if one has a regular paying job and then rental property as a side investment. Are taxes higher in this case?
@sirianofmorley3 жыл бұрын
The profit from your rental property will count toward your income. If you earn £50,270pa from the 9-5pm you're paying the 20% income tax rate, that means anything generated from your rental property will push you into the high tax bracket (anything earned above £50,271) and would be charged at 40% tax.
@UltraJamZHD3 жыл бұрын
@@sirianofmorley this is why LTD is the best way it seems to lower your salary and pay your self with dividens to stay in that 20%
@JamieYork3 жыл бұрын
Answering the questions for me! LOVE IT
@mahvashpibworth27513 ай бұрын
If I buy a Ltd company, with three houses in it, when I want to sell up, I’d have to sell the co. With three investment properties together to one buyer? How would I go about doing this as I want to sell all three houses in about three years time.
@liamobrian96423 жыл бұрын
UK rental are to be capped this year large rent reduced new thinking
@JamieYork3 жыл бұрын
I doubt there would be any form of rent capping in the UK for a longggggg time. It would likely destroy the growth of the property market!
@xicheung78673 жыл бұрын
Thanks for this fab content, Jaime.🙌 Quick question: what's that 'whiteboard' of you're using called? 👀 can it be gotten off Amazon?
@JamieYork3 жыл бұрын
Samsung Flip :)
@xicheung78673 жыл бұрын
Cheers! 🙌
@swillvids3 жыл бұрын
Ie The SASS. Can you transfer current/past pension pots into a new opening of one? Also, don’t want to be one of those, but could you do a video on it also 🤣
@JamieYork3 жыл бұрын
Great suggestion!
@cnryan12 жыл бұрын
Hi Jamie, Love this education video. I wanted to ask if CGT would need to be paid if you reinvested the profits in another property or if you part gifted the equity from the buy to let sale to your son who is buying a main residence home. I’m entering this scenario now and I’m not sure if the accountant will be able to give an answer yet. Much appreciated if you know! Cheers Ryan
@JamieYork Жыл бұрын
Cheers, thanks for watching! Glad the video helped you!
@lost_in_philosophy3 жыл бұрын
very informative yet again... thank you... is there a way one can move owned properties to a Ltd Company and let it (not B2L as its 100% owned)
@JamieYork3 жыл бұрын
Yes you can!
@HB-vd4zu Жыл бұрын
Hi Jamie, are you able to recommend and accounting firm that you use or you used in the past that can help me navigate the detailed video you just shared, thanks for all you do !
@jensonank2409 Жыл бұрын
Hi Jamie, thanks for uploading the video(s) very informative. One question, if you are a lower rate tax payer (20%) and sell a property you've had a while and make a 100k profit for example, presumably some of that profit will be taxed at 18% and some at 28% (would be great if this wasn't the case)?
@Soul_of_Mischief2 жыл бұрын
Good video but I have a quick and easy question that isn’t covered here. I lived in my house for 4 years and have rented it out for the last 7. Do I get a CGT discount? Also I’m thinking to move back into it again so how long would it take for CGT to be wiped? (If at all). Thank you.
@ranajee33 жыл бұрын
Hi Jamie, Lovely videos & genuine pieces of advice, hats off. I need your advice on my leasehold Buy to Live flat in London with 86 years lease left on it. The lease has a clause I cannot let. The flat hs £300PA ground rent which the freeholder never demanded since I own the flat and it seems he is absent. The property is small for the family now. I do not want to sell the flat but what do you suggest to move forward keeping the flat and buying another buy-to-live property? Thanks in advance.
@JamieYork3 жыл бұрын
Increase the lease and rent it out or sell :) Hope this helps
@louisehutchinson5325 Жыл бұрын
I don't understand your comment at 13 mins... why are you "paying" 20% tax, why isn't it 18% as it's capital gains? What am I missing?
@JamieYork Жыл бұрын
I think I may have messed up unless I was talk about income tax at that point. It’s 18% for capital gains, if your at the basic tax rate. 38% if not. My apologies :)
@The_Unintelligent_Speculator Жыл бұрын
Scenario: I buy a property at £100k with £25k deposit on interest only. Skip 10 years the house is worth £150k and remortgage it to £112.5k to leave 25% in and take out £37.5k tax free equity to keep renting with more lending but higher rent coming in. Do I pay CGT from the original amount from £100k to £150k or is it from £112.5k to £150k? Thanks
@Armaan22ful Жыл бұрын
The CGT will be applicable on the 37.5k which was the money taken out because the remaining went back on the remortgage
@TOMMYH983 жыл бұрын
Great video as always 🙂 just wondering I’m about to buy my first buy to let and looking to keep it long term with the prospect of buying others in the future, when do you think is the best time to set up a limited company? After say 2-3 properties? Thanks 🙂🤗
@davemaslen92203 жыл бұрын
Bear in mind that if you set up a limited company having acquired 3 properties and you wish to transfer those into the company that you will then have to transfer them to the company. This may then lead to CGT being payable by you and SDLT being payable by the company. If your plan at the outset is to build a portfolio and to have a limited company then you may want to consider using a limited company from the start. I suggest you seek advice on this.
@TOMMYH983 жыл бұрын
@@davemaslen9220 brilliant thank you for the response you are right I’ll need to speak to an accountant or a financial advisor I think, blimey nothings simple is it haha 🤗🤗🤗
@JamieYork3 жыл бұрын
Always best to speak to an accountant. I would suggest if you're looking long term then a LTD company might be best from the start
@TOMMYH983 жыл бұрын
@@JamieYork thanks guys I’ll certainly look into getting an accountant and hopefully can just protect my main personal assets in case the worst happens! Have a great day guys xxxxx
@sambelkacemi6723 Жыл бұрын
Interesting that the allowance was supposed to be frozen! It actually is halving tomorrow to £6,000 only. And then £3,000 LOL sad times
@jasonhind4172 Жыл бұрын
Im a bit confused im thinking about buy to let, so if i buy a property to let, and sell for retirement whenever i decide to.. So, for example, if I buy a house for 200k and rent it out for how ever many years and when I decide to retire, it's worth 350k. Do I have to pay 150k in capital gains tax?
@Armaan22ful Жыл бұрын
If you buy the property now at 200k and let’s say you have a mortgage on it for 30 years. Then if you decide to retire 30 years from now and the mortgage is paid off, the house sells for 350k and your profit was 150k you would be paying that at 28% CGT. Even though you might be on a lower tax bracket, the profit from the property would be considered as income and therefore combined with your personal income it would push you to a higher tax bracket. Suppose in the tax year of when you decide to sell the property you didn’t have any income then you would benefit from tax free income relief which in the currently at 12.3k, and this would be taken off the 150k profit from the sale and the taxable amount would be 137.7k. However, if you were to buy it with a partner or a spouse as joint owners then it would be beneficial at the time you sell the property - currently there is a tax relief on income up to 12.3k which would be significantly higher 30 years from now (let’s say 20k) now for joint owners the tax relief would be 20x2(40k) so you’d only be paying tax on the 110k based on the CGT rate at the time instead of 150k. Also given the fact that at the retirement year or in the year of sale there was no other personal income for both partners which might have ate up your tax relief of 40k. I hope the detailed explanation was helpful!
@lindarice5783 Жыл бұрын
Hi Jaimie, thanks for all the information. I am considering becoming a rent to buy landlord. Does capital gains tax apply when the tenant eventually buys the property, or is there something that can be done to mitigate this tax? Eg. perhaps putting the profit into a pension. Many thanks
@johnbunyan30702 жыл бұрын
Isn't the explanation of bands at 3m40s wrong? If you"ve an income of £20,000 and the 40 percent band starts at £50,000, and you have a £212,500 gain, the first £12,500 is tax free, the next £30,000 is taxed at 18%, and the remaining £170,000 is taxed at 28%. That's my understanding from the .Gov online CGT calculator and worked examples online. This situation will arise if a property is bought for £50,000 in 1990, rented out for 30 years and sold today for £262,500.
@louisehutchinson5325 Жыл бұрын
I thought exactly the same as you on this also that it was tiered and that was my understanding too..... frustrating Jamie hasn't commented on your comment here?!
@martinhaad5702 Жыл бұрын
I purchased a house for £61k to live in 2020. Sold in 2022 for £120k. It required alot of work hence why it took long to do up. Spent around £20k doing it up. Made around £40k profit. I changed my mind and did not live in the property I ended up selling it as I didn’t like the area. I did not live in the property for long (maybe 1 week max, none of my documents were transferred over to this house) I don’t own any other properties and live in my mother in laws house. Am I liable to CGT ?
@liamobrian96423 жыл бұрын
All buy to let 40% down pluss capped rent
@JamieYork3 жыл бұрын
I hope not! 😆
@neilbrabbs842 жыл бұрын
Is there no tax implications at the point it transfers from personal ownership into the company? Is it not done at the new increased value?
@ibraheemmonks88663 жыл бұрын
Hi Jamie what are you thoughts on buying an ex-council house? Is there slower capital growth or even a potential ceiling to growth as people may be willing to spend only so much on an ex council house? Cheers matey.
@JamieYork3 жыл бұрын
Ex-Council houses are usually great cash flowing properties and if bought in the right area you can get capital growth too! They make great BRR
@jcs33302 жыл бұрын
Hi, my main and only residence home is in Spain (I hold a residencia for 2.5 years), which I am selling to finance a new main residence in the UK. Will I have to pay Spanish CGT, has I will be paying uk 'Stamp Duty' for my new UK residence?
@JamieYork2 жыл бұрын
Yes you'll still need to pay Stamp Duty
@skyscout32 жыл бұрын
11:05 it bothers me a lot when he draws a square or house and does the bottom right corner so long and pointy
@JamieYork2 жыл бұрын
😂 I’ll take that as a positive if that’s your gripe 😘
@gmeadow80793 жыл бұрын
20:18 min.Could you please elaborate more about selling property owned by company, from example I understood that you are selling part of company as you paying capital gain tax which is pai by an induvial person not applies to company
@JamieYork3 жыл бұрын
CGT doesn't apply to a company!
@grzegorzkrawczynski69603 жыл бұрын
@@JamieYork Whats than a CGT (20:18)do in yours example in selling house owned by company?
@davemaslen92203 жыл бұрын
It is important to understand that a limited company is a separate legal entity in its own right and that an interest in property and an interest in shares are separate interests in chargeable assets. Say you own a company and that company owns a property. Your personal asset is the shares you hold on the company; the company’s asset is the property. You do not own the property. Jamie notes this in his video. If the company sells the property and there is a chargeable gain on that property, then the company will pay corporation tax on that gain - currently 19%, will be rising to 25%. At this point you are not selling any of your shares so there is no personal tax payable by you. The sale proceeds will go to the company. If these are retained for further investment then there is no further tax to pay. If you want to access those funds though you will need to extract them. Normally this is done via a dividend. This dividend will be taxed at 7.5%, 32.5%, 38.1% depending on your marginal rate of income tax (there is also an effective 60% tax rate if it pushes your income above £100k). It can be seen that, as a general rule, if you are looking to reinvest profits, leverage up and build a portfolio then a limited company typically works well. If you are just going to buy one or two small lets, and extract the rental profits then the hassle of a limited company can outweigh the benefits and often best just to do personally.
@nguyenbella90762 жыл бұрын
@@davemaslen9220 so helpful . thank you
@dragonfliesbutterfliesandb43672 жыл бұрын
Hi Jamie, thank you for your video, it is very informative. Someone I know keeps seller their own home and keeps making a profit, does that mean, they never have to pay tax on the profit they make? Could you or someone comment on this and confirm this for us please? Many thanks.
@Armaan22ful Жыл бұрын
The if the person is selling their own residential home they would not have to pay any tax on the profits. However, if it is an investment property which is on their personal name then they will be required to pay tax on the profits made based on the tax bracket they’re under 20% or 40%
@CARBONJUNIORS3 жыл бұрын
Hi, what happens if I buy my first home say at £90,000 do it up and in 5 years times it’s worth say £150,000. Now I want to move and buy a new personal home and remortgage this home as a let. Would I have to pay CGT in the future say if I sell it for £180,000 a few years after that on the whole £90000 increase as it wasn’t my personal residence at the time? In this case can I ‘sell’ the house to my own company when I move out the first time then the cg would only be £30,000 under my company during the time I was a let.
@JamieYork3 жыл бұрын
You wouldn't pay CGT as it is a new loan
@atulgupta76723 жыл бұрын
have one residential property and if I make that let to buy and buy another residential property. Do I have to pay 3% surcharge in the new residence property that I buy?
@JamieYork3 жыл бұрын
You would indeed! Good old stamp duty eh!
@atulgupta76723 жыл бұрын
@@JamieYork can you pls make a video on let to buy
@mihailmihaylov5659 Жыл бұрын
Apg
@JamieYork Жыл бұрын
Thanks! Go to www.aspirepropertygroup.co.uk and fill in your details :)
@thevalleyofdisappointment Жыл бұрын
2:15 I thought they dropped it to 6k then to 3k next year?
@JamieYork Жыл бұрын
This video was in 2021. Shall I do an update one?
@thevalleyofdisappointment Жыл бұрын
@@JamieYork ah that explains it. Haha yes might be handy to stay current with all their broken promises…
@brickers9113 жыл бұрын
Jamie, could you pull money out of a property tax free if you refinanced it instead of selling, eg if you bought a house for £100k 75%LTV and say 5 years later it was worth £200k and you refinanced @75% LTV again you could take £50k out (not including costs for simplicity)? If you then sold it on a year later your progit for CGT would also be less, wouldn't it?
@JamieYork3 жыл бұрын
You wouldn't pay CGT on the refinance as it is a loan. You would only pay CGT on the profit
@rhull94513 жыл бұрын
@@JamieYork So.... (using the example above without costs for simplicity) are you saying that when time comes to sell you only pay CGT on the £50k (the amount of cash left after the sale repays the £150k loan) or you pay CGT on the entire £100k profit regardless of how much cash is left after the sale?
@liamobrian96423 жыл бұрын
I have? Haveing few properties I am being taxed on the rent is ther any loop holes to reduce it
@JamieYork3 жыл бұрын
Typically holding in a limited company is the most tax efficient dependant on current personal tax situation of course. I'd definitely have a chat with a property accountant around this. I'd rec Joshua Thornaby
@andrewtamblyn21913 жыл бұрын
Hi Jamie, Is there a way you can be gifted £100k without the 7 year inheritance tax rule? Thanks
@JamieYork3 жыл бұрын
I'm not 100% sure as I'm not a qualified lawyer. there might be loop holes but best contacting a solicitor
@meta4282 Жыл бұрын
Capital gains tax is a hoax - You made no money when you buy a house for $50,000 and re sell it for $100,000 20 years later, you have literally gained nothing. The only thing which that money can now buy, is a similar market related house, it's not as though you are now in a position to buy a house that is double the size. Inflation kept track and you are expected to pay gains tax on an inflated value. You have scored absolutely nothing.
@roguewon34273 жыл бұрын
If your a freeholder of a property then split the property into 2 flats. Do you pay capital gains tax.. Is this considered disposal of asset.
@davemaslen92203 жыл бұрын
No it is not a disposal. Bear in mind though that when you split a freehold into 2 flats it can become difficult to raise finance on them or indeed to sell them individually. If you’re doing that you probably want to consider holding the freehold in a property management company and creating long leaseholds for each of the flats. Best take some advice before proceeding.
@JamieYork3 жыл бұрын
Some great advice from Dave
@deanchapple13 жыл бұрын
How long do you have to live in a house before it’s considered personal?!
@davemaslen92203 жыл бұрын
There is no minimum period in law. However it might be worth explaining how things work. If you buy a property with a view to holding it for the long term, then any difference between sales price and cost will be subject to capital gains tax. However, if at some point, that property was your principal private residence then the taxable gain will be reduced. If you lived in it throughout your ownership then there is no taxable gain at all. However if you lived there only for part of the period of ownership then some detailed calculations are required to work out how much of the gain is taxable.
@JamieYork3 жыл бұрын
Does Dave answer your question?
@deanchapple13 жыл бұрын
@@JamieYork not really. So basically, to get over capital gains, you could buy a house, renovate it and then sell it all within say 6 months??
@healthiswealth81533 жыл бұрын
so basically it depends on your tax band?
@JamieYork3 жыл бұрын
Tax band is important
@FULLMOON3223 жыл бұрын
I changed entire tiles in my house. Can I claim tax relief ?
@JamieYork3 жыл бұрын
Best asking a tax accountant about that :)
@FULLMOON3223 жыл бұрын
What’s your opinion for a career in capital allowance tax? I read there isn’t much progression within this area.
@bickiethompson53733 жыл бұрын
If I transfer my properties to a company do I have to pay CGT
@JamieYork3 жыл бұрын
Shouldn't do, but you may have to pay stamp duty, but you'll want to talk to an accountable about that. I'd recommend a guy called Joshua Tharnaby
@bickiethompson53733 жыл бұрын
@@JamieYork thank you Jamie
@Liam3019872 жыл бұрын
People having property portfolio's and renting to lot's of people is what drives up house prices. If there was a regulation banning large portfolio property businesses it would drive down the price of property and would mean way more people could afford to be home owners. Complaining about paying tax on multiple home ownership profits is so ignorant. Good for you, you're making the most of the system we have, but as someone who wants to be a 1st time buyer, listening to you talk about how to avoid paying taxes on the business model that makes it more expensive for everyone to buy a home is infuriating. And not that I'm in favour of loads of social programs, but all of them are funded by tax, that's the NHS, public schools etc, all underfunded and tax laws are what are put in place to try to pay for them.
@JamieYork2 жыл бұрын
Bare in kind this is a tax for making a house available to someone to buy… you’re right though. We all contribute to the house price. Around 20% by private landlords. 60% by homeowners and 20% government social housing
@travellingtom60912 жыл бұрын
T-DOG! LOL
@JamieYork2 жыл бұрын
Haha ;)
@martinduplessis39493 жыл бұрын
You're a handsome guy with a million dollar smile.....