Mini budget

[Omegstrat6]

It's a Conservative government. What were you all expecting?

Exactly. I think Truss is an awful choice - but then I'm not a member of the Conservative Party so can have zero influence on that. It should, however, come as no surprise as to what she is doing as she clearly signposted her beliefs and intentions throughout her campaign so : no windfall taxes on those energy companies continuing to make huge profits, a proposed removal of the ceiling that bankers (bless em) can earn in bonuses, no "handouts", no detail in explaining exactly how increasing the country's debt so massively will be managed, no "redistribution" of wealth, more nice sounding targets for the nhs but no real detail as to how these will be enabled, lots of promises about growth but still little detail on how small businesses particularly will be helped to achieve that. The list goes on. About the only thing I agree with her on is her stance on Ukraine. There will be many Tories no doubt who will worry about the impact of all this on their chances at the next election but in the meantime our Maggie wannabe will press on regardless.

[Albionic68]

It's a Conservative government. What were you all expecting?

I can't speak for anyone else Des' but for me some decent opposition wouldn't go amiss.

[Omegstrat6]

I can't speak for anyone else Des' but for me some decent opposition wouldn't go amiss.

Totally agree, but with so many dreadful candidates across all parties it will then come down to tactical voting-ie voting for one lot, not because you believe in everything they say, but just because the other lot are so bad they need to go. Sad state of affairs isn't it? 😞

[baggiematt]

Overall, I'm not impressed. This budget does nothing to help the sick, disabled or low-income households. It does nothing to create jobs, generate growth or stimulate the economy.

On the positive, it does mean higher income earners such as myself, will take home more money. The stamp duty cut means I might have a look at adding another buy-to-let property to what I already have - if it works for me financially (I've not yet looked into this). My property company is a Limited company, so that will pay less corporation tax.

So, whilst I think this budget is a disaster for the country, it will benefit me. I would really not like to be at the bottom of the food chain in this country under this Government. If you are poor or disabled, you really will find it tough.

And to disagree with Mick, I think the Tories have a very good chance of being re-elected. The gap between rich and poor will get wider and financial inequality will grow because of this mini budget, yet I really think more and more people now have a 'look after themselves' attitude when it comes to things like this.

I’m in no way surprised you’re not impressed. In your mind, any conservative approach is the wrong one.

How can you suggest it won’t generate jobs, growth or stimulate the economy? That comment has absolutely no thought. Cut corporation tax, create jobs - it’s a very simple cause and effect based on simple logic. It’s all quite basic supply side economics.

The question shouldn’t be whether it would improve the economy, the question is whether it is worth it for the additional borrowing and inequalities in society.

[mickd1961]

Overall, I'm not impressed. This budget does nothing to help the sick, disabled or low-income households. It does nothing to create jobs, generate growth or stimulate the economy.

On the positive, it does mean higher income earners such as myself, will take home more money. The stamp duty cut means I might have a look at adding another buy-to-let property to what I already have - if it works for me financially (I've not yet looked into this). My property company is a Limited company, so that will pay less corporation tax.

So, whilst I think this budget is a disaster for the country, it will benefit me. I would really not like to be at the bottom of the food chain in this country under this Government. If you are poor or disabled, you really will find it tough.

And to disagree with Mick, I think the Tories have a very good chance of being re-elected. The gap between rich and poor will get wider and financial inequality will grow because of this mini budget, yet I really think more and more people now have a 'look after themselves' attitude when it comes to things like this.

If you’re a buy to let expert then please ignore this advice.

I’ve done BTL for 20 years but have now sold off all but my last two properties 123.

If you’re not already aware there are ludicrous new rules coming into play in favour of tenants no matter how awful they might be.

Section 21 no fault evictions are being stopped so if you want to sell up at some point in your future then the very best of luck.

Tenants are being handed all of the power.

According to all my estate agent contacts landlords are bailing out of rental property in their droves such is the risk element now becoming.

At present my wife and her sister are going through a lengthy and expensive court case trying to get bad tenants out of their elderly fathers house.

He’s nearly 93 and has severe dementia that costs £1000 a week in care home fees.

His cash runs out in 2023 so almost a year ago the tenants were issued with the correct Section 21 notice giving them two months to vacate.

Since then they have stopped paying rent and have stalled in every way possible, including turning up at court proceedings in July claiming they had Covid which caused the hearing to be cancelled for another four months.

My father in law has lost £12k so far in rental money and paid out about £5k in legal fees and there’s still no end to this in site,

Subsequently we’ve found out that these tenants did the same at their previous rental house and the court case for recovery of lost rental is still going on for that property.

These people are quite dimply criminals.

I will no longer touch rental property with a barge pole unless I’m increasing my AirBnB portfolio which is massively less risky and much more profitable.

In your area even suburban property is in demand for short stays and you can easily quadruple a residential rental value.

I rent a house in Harrogate for holidays that would normally fetch £750 a month in residential rent that brings in over £1000 a week as an AirBnB.

One really important thing to note with rental though and an area we flipped up in.....be sure to take out a Landlords Insurance Policy that covers you for non payment of rent and for ALL legal fees should you end up in my wife’s situation.

These policies are not expensive but are worth their weight in gold given the weight or rights in favour of awful tenants.

My best abuse though, move to AirBnB as a business plan for your property.

My Tenby apartment would bring me about £1000 a month as residential yet it can bring in £8k a month through the summer and £2-£3k a week in quieter times.

[WBA123]

If you’re a buy to let expert then please ignore this advice.

I’ve done BTL for 20 years but have now sold off all but my last two properties 123.

If you’re not already aware there are ludicrous new rules coming into play in favour of tenants no matter how awful they might be.

Section 21 no fault evictions are being stopped so if you want to sell up at some point in your future then the very best of luck.

Tenants are being handed all of the power.

According to all my estate agent contacts landlords are bailing out of rental property in their droves such is the risk element now becoming.

At present my wife and her sister are going through a lengthy and expensive court case trying to get bad tenants out of their elderly fathers house.

He’s nearly 93 and has severe dementia that costs £1000 a week in care home fees.

His cash runs out in 2023 so almost a year ago the tenants were issued with the correct Section 21 notice giving them two months to vacate.

Since then they have stopped paying rent and have stalled in every way possible, including turning up at court proceedings in July claiming they had Covid which caused the hearing to be cancelled for another four months.

My father in law has lost £12k so far in rental money and paid out about £5k in legal fees and there’s still no end to this in site,

Subsequently we’ve found out that these tenants did the same at their previous rental house and the court case for recovery of lost rental is still going on for that property.

These people are quite dimply criminals.

I will no longer touch rental property with a barge pole unless I’m increasing my AirBnB portfolio which is massively less risky and much more profitable.

In your area even suburban property is in demand for short stays and you can easily quadruple a residential rental value.

I rent a house in Harrogate for holidays that would normally fetch £750 a month in residential rent that brings in over £1000 a week as an AirBnB.

One really important thing to note with rental though and an area we flipped up in.....be sure to take out a Landlords Insurance Policy that covers you for non payment of rent and for ALL legal fees should you end up in my wife’s situation.

These policies are not expensive but are worth their weight in gold given the weight or rights in favour of awful tenants.

My best abuse though, move to AirBnB as a business plan for your property.

My Tenby apartment would bring me about £1000 a month as residential yet it can bring in £8k a month through the summer and £2-£3k a week in quieter times.

I'm certainly no BTL expert and I think I've been lucky to have good tenants in mine, since I started up a few years ago. Mine are property managed and I do have decent insurance cover if that did ever happen. I do hear horror stories of what would happen like the example you've provided above, but generally they've been a good investment for me so far.

I have looked into AirBnbs before, but what has put me off is the increased hassle/agro in turnaround times between people coming and going. And I know someone who has one in the lake district who tells me how hard it is to get cleaners to turn up on time etc. I do know they return more, but I was never sure if it was worth the time I'd have to spend on it. I like being able to leave my current property with the managers and as long as they pay for themselves, I'm quite happy. But a couple of people have mentioned holiday property to me lately, so I see it as a bit of a sign to get into. I'll let you know if I delve further into it.

[WBA123]

I’m in no way surprised you’re not impressed. In your mind, any conservative approach is the wrong one.

How can you suggest it won’t generate jobs, growth or stimulate the economy? That comment has absolutely no thought. Cut corporation tax, create jobs - it’s a very simple cause and effect based on simple logic. It’s all quite basic supply side economics.

The question shouldn’t be whether it would improve the economy, the question is whether it is worth it for the additional borrowing and inequalities in society.

Hmmm, I'm no economics expert but I do know a little bit. You think cutting corporation tax will create jobs? I think the exact opposite.

The more corporation tax a company has to pay, the more financially beneficial it is for them to reinvest it back into the company - on things like new employees or infrastructure.

Raising corporation tax makes more sense to create jobs, not cutting it.

As for stimulating the economy, take a look at what most of the financial experts think of this mini budget. This benefits the top end of society, when its the bottom end that are in most need. This is typical Tory fantasy economics and PR Spin.

How they create this perception of being good for the economy is a myth. They have crushed growth in this country since coming to power, damaged our international credibility with Brexit and are leaving us with many times the debt they inherited from the last Labour government. They shouldn't be seen in power for decades to come, if the electorate had any sense about them.

[mickd1961]

I'm certainly no BTL expert and I think I've been lucky to have good tenants in mine, since I started up a few years ago. Mine are property managed and I do have decent insurance cover if that did ever happen. I do hear horror stories of what would happen like the example you've provided above, but generally they've been a good investment for me so far.

I have looked into AirBnbs before, but what has put me off is the increased hassle/agro in turnaround times between people coming and going. And I know someone who has one in the lake district who tells me how hard it is to get cleaners to turn up on time etc. I do know they return more, but I was never sure if it was worth the time I'd have to spend on it. I like being able to leave my current property with the managers and as long as they pay for themselves, I'm quite happy. But a couple of people have mentioned holiday property to me lately, so I see it as a bit of a sign to get into. I'll let you know if I delve further into it.

I use a specialist holiday company to do everything with my holiday property 123.

This includes hosting it on AirBnB and on over 500 websites worldwide.

If I were you I’d look for this type of operation to handle anything you do.

It’s also useful to be within a manageable distance yourself as well just in case there’s a panic situation but mine is well managed and I’ve had no hassles.

The return is massive compared to residential though and you don’t end up with tenant problems.

[baggieal]

Without going into too much detail, yes I do this already.

Perhaps now I should look to increase this.

Foodbanks should be a measure of shame for the Government in my view.

Yes food banks are a complete measure of shame! Shocking how the rich have got richer from today. The higher rate tax threshold should have not kicked in until about 70K. Those that are earning 60K and not much better off than those under the higher tax threshold especially when forced to take benefits in kind ie car - private medical etc and get walloped on this tax wise. So to these people what’s the f uckin point of trying to do well!

At 150K these people are in a different league so need to help! Disgusting!!

[WBA123]

I use a specialist holiday company to do everything with my holiday property 123.

This includes hosting it on AirBnB and on over 500 websites worldwide.

If I were you I’d look for this type of operation to handle anything you do.

It’s also useful to be within a manageable distance yourself as well just in case there’s a panic situation but mine is well managed and I’ve had no hassles.

The return is massive compared to residential though and you don’t end up with tenant problems.

Is this holiday management company just in the area you have your holiday property or are they national? If they are national do you mind providing a link to them? Thanks for the advice Mick.