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Taxes in the UK can feel overwhelming, from income tax and National Insurance to VAT and council tax. There are a raft of business taxes, landlord tax hikes under Section 24, as well as taxes on your savings, Capital Gains Tax and Inheritance tax.
But why do we pay so much tax? The answer lies in funding public services like the NHS, education, and infrastructure. High taxes are designed to support the welfare state and maintain social programs.
Watch video on YouTube - https://youtu.be/PZ9IFiI2Tio
10 Money Saving Tips
However, there are legal ways to reduce your tax bill. Here are 10 money-saving tips from Charles Kelly Money Tips Podcast:
By staying informed and using these strategies, you can legally minimize your tax liabilities and keep more of your hard-earned money.
For more tips on managing your finances and reducing your tax bill, subscribe to Charles Kelly Money Tips Podcast on YouTube!
How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Watch video version - https://youtu.be/Wx1HXgVW1bM
A Lifetime of taxes
Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents!
You can legally reduce and mitigate your taxes and inheritance tax for your dependents.
Wills and Trusts
New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24, Wills and Trusts.
Watch video now: https://youtu.be/aMuGs_ek17s
#UKTaxes #TaxTips #CharlesKellyMoneyTips #FinancialFreedom #LegalTaxReduction #section24 #stampduty
After months of dithering, the Bank of England has finally cut the base rate to 5 per cent, the first time the central bank has voted to cut the base rate since 2020.
On seven consecutive occasions the central bank voted to hold rates at 5.25 per cent between August 2023 and June 2024, despite falling inflation. There had been 14 consecutive base rate hikes since December 2021.
The bank’s successive interest rate rises between December 2021 and August 2023 were bad news for borrowers but good news for savers.
The average two-year fixed mortgage rate is now 5.78 per cent, according to Moneyfacts, and the average five-year fix is 5.39 per cent.
Right now, the lowest five-year fix is 3.99 per cent and the lowest two-year fix is 4.42 per cent, but lenders have already started cutting rates, but beware for excessive arrangement fees.
Savers Rates
Say goodbye to great savers deals, including Santander's 5.2 per cent special edition easy-access rate and NS&I's one-year bond paying 6.2 per cent, which launched in September 2023.
One of the best one-year fixed-rate account on the market now pays 5.4 per cent, down from a high of 6.2 per cent in October 2023.
Savers should note that 1,638 savings accounts still beat inflation which is now at the Bank of England's target of 2 per cent, according to the Mail Online.
This means the value of your money is growing in real terms against inflation.
NS&I revealed it will offer a new one-year Guaranteed Growth Bond paying 5.15 per cent or a Guaranteed Income Bond at 5.03 per cent.
The offer is exclusive to existing 6.2 per cent bond holders and will be available when their current one matures, starting from the end of next month.
A saver putting £10,000 in Union Bank of India's one-year fix will earn a guaranteed £554 interest over one year. It comes with full protection under the Financial Services Compensation Scheme up to £85,000 per person.
Are Buy-to-Let property deals still worth it?
How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Watch video version - https://youtu.be/Wx1HXgVW1bM
A Lifetime of taxes
Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents!
You can legally reduce and mitigate your taxes and inheritance tax for your dependents.
Wills and Trusts
New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24, Wills and Trusts.
Watch video now: https://youtu.be/aMuGs_ek17s
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards #interestratecut #bankofengland #mortgagerates
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Watch video version - https://youtu.be/Wx1HXgVW1bM
Key Changes Proposed in the Renters' Rights Bill 2024
The bill aims to provide tenants with greater security by abolishing Section 21 “no-fault” evictions. This means landlords will no longer be able to evict tenants without a valid reason, making it more challenging to regain possession of their properties.
One of the most contentious aspects of the bill is the introduction of rent controls. The government plans to cap rent increases, tying them to inflation or another measure. This change is intended to prevent excessive rent hikes but may limit the profitability for landlords.
The bill also proposes stricter property standards, requiring landlords to ensure their properties meet higher quality benchmarks. This includes ensuring proper insulation, energy efficiency, and overall habitability. Non-compliance could result in hefty fines or penalties.
Labour advocates for the standardization of longer tenancy agreements, such as three-year contracts, to provide tenants with more stability. While this benefits tenants, landlords may find it challenging to adapt to longer commitments.
Impact on Buy-to-Let Landlords
The introduction of rent controls could impact landlords’ rental income, especially in high-demand areas where they previously enjoyed significant annual increases. Landlords must re-evaluate their financial projections and strategies to maintain profitability.
With stricter property standards, landlords will need to invest in property upgrades to meet the new requirements. This could involve substantial upfront costs but may also enhance property value and appeal in the long term.
3.Changes in Investment Strategies
The bill may lead to a shift in investment strategies among buy-to-let landlords. Some might seek to diversify their portfolios or explore other property markets with less stringent regulations. Others might exit the rental market altogether if the perceived risks outweigh the benefits.
As landlords adjust to these changes, there could be a temporary reduction in the supply of rental properties. Some landlords might sell their properties, leading to a more competitive market for remaining rental units.
In conclusion, the Labour Party’s Renters' Rights Bill 2024 is set to bring comprehensive reforms to the rental market. While these changes aim to protect tenants and ensure fair practices, buy-to-let landlords will need to adapt to new regulations and potentially alter their investment strategies. Staying informed and proactive will be key for landlords to navigate this evolving landscape successfully.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards
Summer school holidays are here, and this is the perfect time to explore the UK with your family without breaking the bank.
Watch YouTube video: https://youtu.be/IWMz3-7LuT0
Here are 20 free activities to enjoy together:
Could you do more with your money and finances? Join my free webinar, "3 Steps to Money Management and Unlocking Financial Freedom," to learn how to get control of your money, invest wisely, and achieve financial freedom.
Join me online on Wednesday at 7:00 PM. Places are limited, so register now below to avoid disappointment.
Register Here - https://bit.ly/3QPp8IH
#FamilyFun #FreeActivities #UKSummer #MoneyManagement #FinancialFreedom #Investing #WealthCreation #Budgeting #FamilyAdventures
Are you curious about what the biggest risk in property investing is? It might surprise you to learn that the most significant risk isn't the market fluctuations or financial constraints; it's the lack of knowledge and education. Understanding this risk is crucial not only for property investing but for any investment, including stocks and shares.
Why is Lack of Knowledge the Biggest Risk?
Investing in property or any financial asset without adequate knowledge is like sailing without a compass. Lack of education can lead to poor decision-making, missed opportunities, and significant financial losses. )Check out video version: https://youtu.be/V0d4sknpGvQ?si=LX1txU5DLwapmDMn) Here’s why:
The Solution: Expert Guidance
Having a coach to guide and teach you can transform your investment journey. A coach provides:
Join Our 6-Week Coaching Programme
Our 6-week Legacy Wealth Coaching Program is designed to equip you with the knowledge and skills needed to excel in property investing and beyond. The program includes:
Don't let lack of knowledge be the barrier to your financial success. Join our coaching program and start your journey towards financial freedom today!
Click the link to find out more and request a callback!
https://bit.ly/moneycourseform
#PropertyInvesting #InvestmentRisks #FinancialEducation #WealthBuilding #MoneyManagement #LegacyWealth #CoachingProgram #InvestingTips #StockMarket #FinancialFreedom #MoneyTips #RealEstateInvesting #PersonalFinance
How Will the New Labour Government Transform the UK Housing Market?
What will this mean for Landlords and Tenants?
The election of a new Labour government, and Prime Minister Sir Kier Starmer, brings a wave of anticipation and uncertainty, particularly regarding the UK housing market and the buy-to-let property sector. As Labour's policies start to unfold, both landlords and tenants are keen to understand the potential impacts.
Labour's Housing Policies
Labour has long championed affordable housing and tenant rights. Their manifesto includes ambitious plans to build 1.5 million new homes over the current parliament, introduce rent controls, and increase ‘protections’ for tenants. This could significantly shift the landscape for both homeowners and the buy-to-let market.
The Renters Reform Bill will be resurrected and will almost certainly include an end to Section 21 ‘no fault’ evictions and more ‘secure’ tenancies.
Impact on the Housing Market
Effects on the Buy-to-Let Market
What This Means for Landlords
Landlords might face increased regulation and potentially lower returns on their investments. It is crucial for landlords to stay informed about new policies and consider strategies to adapt, such as focusing on property quality and location to attract long-term tenants.
What This Means for Tenants
Tenants are likely to benefit from increased protections and potentially lower rents. Labour's policies aim to create a fairer rental market, offering tenants more stability and affordability.
Immigration
The new Prime Minister has promised to deal with the “small boats” illegal immigration, as well the “processing” the huge backlog of asylum cases. He refused to say what he means by “processing” applications, but it will probably involve some kind of an amnesty or “legacy” scheme as implemented by the Blair government.
In practice, hundreds of thousands of migrants will be granted leave to remain whether or not the arrived in the UK legally. This means asylum seekers will be able to work and could see an end to temporary housing and hotel accommodation.
Conclusion
Prime Minister Sir Kier Starmer’s Labour government’s policies are set to bring significant changes to the UK housing market and the buy-to-let sector. While tenants stand to gain from greater protections and affordability, landlords may need to navigate tighter regulations and potentially lower profits. Staying informed and adaptable will be key for all parties involved.
Understanding these potential changes is crucial for navigating the evolving landscape of the UK housing market. Stay tuned for more insights and expert advice on how to manage your property investments under the new Labour government.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
3 Steps To Unlocking Financial Freedom!
Could you do more with your money and finances?
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.
Join me online on my free live money management training Wednesday at 7.00PM.
Places are limited, so register now below to avoid disappointment.
https://bit.ly/3QPp8IH
#finance #moneytraining #moneymanagement #wealth #money #UKHousingMarket #BuyToLet #LabourGovernment #PropertyInvesting #TenantRights #LandlordTips #HousingPolicy #AffordableHousing #RentControls #RealEstateInvesting #UKProperty #PrimeMinisterSirKierStarmer #section21 #section21nofaulteviction
Mortgage rates are coming down despite the Bank of England holding the base rate at a 15 year high at 5.25%.
In this episode we discuss:
Watch full video at Charles Kelly Money Tips Podcast - https://youtu.be/zgHqeA_hhUA
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
3 Steps To Unlocking Financial Freedom!
Could you do more with your money and finances?
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.
Join me online on my free live money management training Wednesday at 7.00PM.
Places are limited, so register now below to avoid disappointment.
https://bit.ly/3QPp8IH
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly
Interview with Theodore (T.J.) van Gerven CFP, as Boston-based Certified Financial Planner and podcaster covering the subject of “How to maintain financial independence and create growth and income streams from investments”.
In this episode we discuss:
Watch full video at Charles Kelly Money Tips Podcast - https://youtu.be/VzpfEsAUwkw
Theodore Joseph (T.J.) is the founder of Modern Wealth Builders, that aims to help maximize your resources and he is passionate about helping millennials to use money intentionally as a tool to build toward financial flexibility while accomplishing various goals on the path to independence.
Website: https://modernwealthbuilders.com
YouTube: https://www.youtube.com/channel/UCxejrzu3vF5dc9V3tb9uOoQ
Nectarine.com: https://hellonectarine.com/r/moneytips
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
3 Steps To Unlocking Financial Freedom!
Could you do more with your money and finances?
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.
Join me online on my free live money management training Wednesday at 7.00PM.
Places are limited, so register now below to avoid disappointment.
https://bit.ly/3QPp8IH
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #FIRE #financialindependenceretireearly
The BRICS group, comprising Brazil, Russia, India, China, and South Africa, represents a formidable alliance in the global economic landscape. Formed in 2006, this coalition of emerging economies has steadily gained influence, shaping international trade and economic policies. Let's delve into the significance and impact of BRICS on the world stage.
Join me online on my free live money management training – 3 Steps To Financial Freedom - Wednesday at 7.00PM. Places are limited, so register now Click: https://bit.ly/3QPp8IH
BRICS: An Overview
BRICS stands for Brazil, Russia, India, China, and South Africa. These five countries together represent about 42% of the world's population, 23% of global GDP, and around 30% of the world's land area. The group's primary goal is to foster economic growth and development, facilitate trade, and promote peace and security among member states.
Watch YouTube Video - https://youtu.be/772wkB3pfBw
Economic Powerhouse
The BRICS nations are some of the fastest-growing economies globally. China and India, in particular, have witnessed unprecedented economic growth, becoming major players in the global market. Russia and Brazil, rich in natural resources, add significant value to the group's economic stability. South Africa, as the gateway to Africa, enhances the group's reach and influence across the continent.
Strategic Initiatives
BRICS is known for its strategic initiatives aimed at enhancing economic cooperation. The New Development Bank (NDB), established in 2014, is one such initiative. The NDB provides funding for infrastructure and sustainable development projects in member countries, reducing dependency on Western financial institutions. Additionally, BRICS has initiated the Contingent Reserve Arrangement (CRA) to offer financial support to members during economic crises.
Global Influence
The BRICS alliance seeks to create a multipolar world, reducing the dominance of traditional Western powers in global affairs. Through collaborative efforts in technology, energy, and infrastructure, BRICS nations are positioning themselves as key influencers in international policymaking.
Challenges and Future Prospects
While BRICS has made significant strides, it faces challenges such as economic disparities among members, geopolitical tensions, and varying political ideologies. However, the group's commitment to mutual growth and development continues to drive its agenda forward.
Stay tuned for more updates on BRICS and its evolving role in the global economy.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
3 Steps To Unlocking Financial Freedom!
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.
Join me online on my free live money management training Wednesday at 7.00PM.
Places are limited, so register now below to avoid disappointment.
https://bit.ly/3QPp8IH
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #LeaseholdReform #PropertyScam #Homeownership #UKHousingCrisis #FreeholderAbuse #LeaseholdScandal #moneymanagement #financialfreedom #section24tax #landlord #BRICS #GlobalEconomy #EmergingMarkets #EconomicGrowth #InternationalTrade #NewDevelopmentBank #SustainableDevelopment #Geopolitics #BRICSnations #WorldEconomy #EconomicCooperation #GlobalInfluence
Leasehold Property Owners MUST Watch This!
Housing Market Update Leasehold Reform Act Passes into law.
Join me online on my free live money management training Wednesday at 7.00PM. Places are limited, so register now Click: https://bit.ly/3QPp8IH
The UK leasehold system has long been a contentious issue, and many argue it’s one of the biggest scams in history. The current system, which dates back to feudal times, sees homeowners purchasing property but not the land it stands on. Instead, they lease the land from a freeholder, often for 99 years or more.
Watch on my Money Tips YouTube channel video - https://youtu.be/i9WAY0qrt0U
In theory, this feudal relic has reformed by the Leasehold Reform (Ground Rent) Act which was passed into law by Parliament and granted the ‘Royal Assent’ on 24 May 2024, just before it was closed for the forthcoming election. But many feel it has been watered down from its original aims.
Read the Act in full - https://bills.parliament.uk/bills/3523/publications
Leasehold Reform Act Summary
The new law will be good news for most leaseholders, especially those holding short leases.
Summary of benefits to leaseholders known as tenants.
Service charges and insurance
Landlords will now have to demand Service charges in a standard form and provide more clarity. Tenants will have the right to challenge unreasonable charges.
A new ban on commissions made on insurance by freeholders and/or managing agents and more transparency on fees for placing insurance.
Management of buildings
The legislation will require those freeholders who manage any buildings to belong to a redress scheme enabling leaseholders to challenge charges.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
Email [email protected] for a free consultation on how to deal with Section 24.
Watch video now: https://youtu.be/aMuGs_ek17s
3 Steps To Success Financial Freedom And Money Management!
I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.
Join me online on my free live money management training Wednesday at 7.00PM.
Places are limited, so register now below to avoid disappointment.
https://bit.ly/3QPp8IH
#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #LeaseholdReform #PropertyScam #Homeownership #UKHousingCrisis #FreeholderAbuse #LeaseholdScandal #moneymanagement #financialfreedom #section24tax #landlord
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