Double capital gains tax, says government review, as London property pri...

Buy to let landlords and property investors could be hit with another tax blow to the solar plexus. 

 

Someone has to pay for all of this money they are printing and throwing around, so why not even investors saving for their retirement? Who is going to have sympathy for them?

 

Estate agents report a sharp fall in activity and asking prices in the London property market.

 

Larger houses in the suburbs are in demand but the flats and London properties sales are sluggish and have dropped off sharply since the summer mini-boom.

 

UK economy recovered in the third quarter but slowed after the end of the heat out to help out campaign ended.

 

UK economy recovers in third-quarter but is expected to slow in the last quarter following the second lockdown.

 

Last week, the Chancellor, Rishi Sunak announced a raft of new stimulus measures, which could cost the Treasury £6billion on top of billions already spent this year propping up the economy. 

 

Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion.

 

Government borrowing was revealed to be running at £1billion a day during the pandemic. 

 

More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com

 

·        New Job Support Scheme

·        Welsh Government lockdown

·        UK state pension age rises to 66

·        Emergency help for energy bills - Ofgem

·        How a crash will affect your pension plan

·        House prices rise will reach all time high

·        How to avoid bankruptcy in business

·        Is this the end of office work as we know it?

·        Why live in expensive town centres anymore?

·        Thousands trapped in unsellable leasehold flats

·        Government extends ban on landlords evicting tenants

·        Self-employed, have you claimed your government grant?

·        Why UK Property prices rising after stamp duty cut, despite the downturn?

·        New planning rules will open up more opportunities to make money in property

·        You can create a second income during the lockdown…and come out stronger

·        Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

 

Are you ready to adapt to the new economic model?

 

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

 

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

 

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

 

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Money Tips Daily - How to SLASH Your Tax Bill Legally

Hello and welcome to Money Tips Daily, this is Money Kelly bringing you money tips to help save and make you more money!

Mitigate Your Tax Liability, Legally!

If you are listening to this in real time, today is the 21st of February and for many of us in the UK the end of the tax or fiscal year on 5 April is fast approaching. Other countries may vary but the principle is the same, use every available legal tax saving method to reduce and mitigate the amount of tax you pay.

Here in the UK, the next few weeks will present your last opportunity to use up your tax free allowances in savings schemes like ISA and Pensions.

There are different types of ISA’s and pensions, and the right choice for you will depend on your own particular financial circumstances. You should seek financial advice from an independent financial advisor, as there are other tax saving investment schemes which require specialist advice.

The amount you can put into these schemes varies from year to year and what the Chancellor decides in the budget. In general, the maximum thresholds usually increase because the government wants to encourage us to save.

For the 2017/18 tax year, you can invest up to £20,000 into a Cash ISA or a Stocks and Shares ISA.

The cash ISA is similar to a bank account which pays interest, but unlike a normal account, there is no tax deduction as long as your money stays within the tax-free ISA “wrapper”. Many savers do not realise that the interest in their savings is taxed.

When I worked in the bank many years ago, some customers would have hundreds of thousands of pounds tied up in accounts which not only paid a low interest rates, but were also taxed.

By simply moving their money into ISA’s they could avoid taxes forever on their savings and earn more money on their savings, as interest rates were higher in the ISA accounts. Remember that banks have a habit of churning accounts and reducing the interest rate on those accounts making them effectively obsolete.

Unfortunately, many of them would say “no, I’m happy where it is” and refuse to move their money!

If you had invested the maximum allowable amount each year into ISA’s or similar accounts since they were introduced you would now have over £1,000,000 in a tax free wrapper.

The Stocks and Shares ISA allows you to invest in shares or funds which invest in the stock market on your behalf. These funds can go up or down and obviously carry more risk than a cash ISA. If you already own shares, it makes sense to shelter them in an ISA wrapper to avoid tax on dividends and CGT or capital gains tax.

Companies like Hargreaves Lansdown offer this ISA service and has a good online platform.

You can invest in an ISA by making regular monthly contributions or a single lump sum each year.

Check out the best deals online (e.g. at moneysavingexperts.co.uk or similar comparison sites) and now is the time to start shopping around rather than leaving it until the last minute and risk losing out.

In addition to the ISA allowance, all UK basic rate tax payers can now earn up to £1000 a year in interest without paying tax on it. With base lending rates standing at .5% as I write, you’d need quite a lot of money on deposit to earn £1000 of interest on your savings. Assuming a savings rate of .25%, you would have to have £400,000 on deposit in order to earn £1000 in interest.

Pensions are more complex and the right plan for you will depend on your circumstances, for instance, your tax status, age and whether you are employed, self employed or a company director.

Bonus tip. Get into the habit of saving a percentage of your income no matter how small to start with. The sooner you start saving the better, as compound interest (interest on interest) will work in your favour. Albert Einstein described compound interest as one of the greatest forces on Earth.

Acton. See an independent financial adviser and do your own research online. If you are self employed, talk to your accountant before the end of the tax year not after when it might be too late to claim allowances against your profits.

See also: 

How to Make Money Online Without a Website or Inventing Your Own Product

2 Tips to Save and Make You Money