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Have You Checked Your Property Tax Code
Sorting through your self assessment is never fun, but according to the Chartered Institute of Taxation now more than ever, it is important that you go over your tax codes and ensure you are only paying the right taxes for your rental income.
The taxman is reputed to have issued a whopping 25 million PAYE tax codes under their new computer system for 2010/2011 which is meant to improve the accuracy of their tax codes. However, a significant proportion of these codes are believed to be wrong…
In light of this revelation, property advisors are advising part-time property investors and investors with multiple sources of rental income, to thoroughly check through their tax codes when they receive them to ensure they are not being over taxed.
Under this new computer system, they are more than likely to receive a different tax code for every job they work for, meaning should they fail to act they could potentially be paying as much as £100 extra a month in tax.
Speaking on this report Andrew Hubbard, the president of the CIoT feels many investors could get caught out by this mistake if they are not careful. Assessed on their previous tax returns, the HMRC might try to collect tax based on estimated figures which are excessive and out of date.
How can this affect you?
If you are looking to supplement your income through property or are hoping to expand your existing property portfolio, then ensuring you are not over paying on your tax is vital. Not only can this affect the profitability of your properties, but it could unnecessarily leave YOU out of pocket…
Fortunately our unique Property Mentor course and team of brokers, IFAs and negotiators can help you to navigate around this problem and ensure you only pay the right taxes at the right rates for your future property investments.
Simply attend one of our FREE 2 hour taster sessions today, and in just 2 hours, you can discover how to:
- Invest in property using little, if any, of your own money
- Make some of your income 100% tax free
- Invest in the RIGHT properties in the RIGHT locations at the RIGHT price
- Structure your properties for long term profitability
So open your doors to a safer, more profitable future and ensure you escape this tax code mistake. We guarantee they will be the most profitable 2 hours of your life…
More about the author of this article
Peter Franklin, Property Mentor Delegate
With 15+ years of property investment experience under his belt and an extensive knowledge of stocks and shares, Peter Franklin has learnt how to make a profit the hard way. If he has learnt anything from his time investing in property in the early 1990’s, right through to the height of the property boom of 2007, it is the importance of using proven investment strategies. Read more
To see a full list of our writers and find out more about them please visit the authors page.
How Property Mentor Can Help You
Keeping you up to date with the latest property investment news is just one of many ways that we ensure all of our investors get the most from their properties. On our FREE property courses we will show you how we made a success of investing in property, and what you need to do to replicate this success.
The strategies that we teach apply to everyone - if you are new to property you need all the advice you can get, and if you are an experienced investor you never stop learning.
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