Good news for tenants in budget 2018

hawkelady

lawred2 wrote: »

Sorry.. what?

When a tenant texts their landlord with a “ call me “ text and the landlord rings the tenant , do you not think the landlord should be able to get expenses for the phone call ??

When the tenant tells the landlord that the washing machine broke and flooded the kitchen , do you not think that the landlord should be reimbursed for driving out to look at the mess , before he has to drive to power city to buy a new washing machine and a mop !!

If no is your answer then you can go jog

lawred2

lawred2 wrote: »

Whose phone bills?

What has petrol got to do with the cost of maintaining a property?

As for the lpt, arguments could be made either way I suppose.

But it's supposed to be an asset tax so it kinda defeats the purpose if landlords could expense it. It's not a cost of maintaining a rental property. It's a charge on asset accumulation.

Phone bills for phoning the tenant, accountant, tradesmen, revenue and any other of the multiple calls a LL will make as part of his business.

Petrol driving to and from the property and any other trips he needs to make in relation to his business like meeting his accountant, going to buy furniture etc etc. Capital allowances on the car also as it is used as part of the business.

You are quite obvioulsy being purposely ignorant of these very obvious expenses that all other business can claim. Renting out a property is a business and one that involves a lot of work for the LL, trying to pretend its a buy in and forget "investment" is nonsensical.

Mitch Connor

Yay, more incentive for people to outbid ftb people looking for a house. BRILLIANT. as if it isn't tough enough to beat these property hoarders to a purchase already.

lawred2

hawkelady wrote: »

When a tenant texts their landlord with a “ call me “ text and the landlord rings the tenant , do you not think the landlord should be able to get expenses for the phone call ??

When the tenant tells the landlord that the washing machine broke and flooded the kitchen , do you not think that the landlord should be reimbursed for driving out to look at the mess , before he has to drive to power city to buy a new washing machine and a mop !!

If no is your answer then you can go jog

If you have such issue with tenants and being a landlord then maybe you should sell up. Nobody is holding a gun to your head. It's not a good situation for you or your tenants to be such a reluctant landlord. Nobody owes you a living because you have a property or properties going spare.

The things you've listed are a consequence of being a landlord and your responsibilities in maintaning a habitable accommodation. You are not a contracted service provider to a tenant so your parallel with a plumber is a bit hollow.

I'd worry for your tenants with the attitude you have on display if I'm honest.

I'll 'jog on' now as you so politely put it.

hawkelady

lawred2 wrote: »

If you have such issue with tenants and being a landlord then maybe you should sell up. Nobody is holding a gun to your head. It's not a good situation for you or your tenants to be such a reluctant landlord. Nobody owes you a living because you have a property or properties going spare.

The things you've listed are a consequence of being a landlord and your responsibilities in maintaning a habitable accommodation. You are not a contracted service provider to a tenant so your parallel with a plumber is a bit hollow.

I'd worry for your tenants with the attitude you have on display if I'm honest.

I'll 'jog on' now as you so politely put it.

Ha , you know nothing. Maybe look up previous threads I started here and see how easy it is to sell up , as you say !! It’s going through the courts atm so can’t say much only that the council are still housing tenants in my property even though months have passed since the eviction notice was up !! Reason being that the council can’t find suitable accommodation in the same area .. joke

So please , I laughed when you suggested getting out !! Oh and when that washing machine does break , do worry cause I won’t be looking for phone expenses or fuel allowance cause they can keep going with their broken washing machine !!

lawred2

Miya Poor Stud wrote: »

Phone bills for phoning the tenant, accountant, tradesmen, revenue and any other of the multiple calls a LL will make as part of his business.

Petrol driving to and from the property and any other trips he needs to make in relation to his business like meeting his accountant, going to buy furniture etc etc. Capital allowances on the car also as it is used as part of the business.

You are quite obvioulsy being purposely ignorant of these very obvious expenses that all other business can claim. Renting out a property is a business and one that involves a lot of work for the LL, trying to pretend its a buy in and forget "investment" is nonsensical.

Well that's an issue for the revenue as it goes.

There is actually nothing stopping you setting up a limited company to manage your property by the way. That way you can avail of all those legitimate mechanisms that real incorporated businesses get to avail of.

Renting out a privately owned premises doesn't actually make it a business. It's an investment.

lawred2

hawkelady wrote: »

Ha , you know nothing. Maybe look up previous threads I started here and see how easy it is to sell up , as you say !! It’s going through the courts atm so can’t say much only that the council are still housing tenants in my property even though months have passed since the eviction notice was up !! Reason being that the council can’t find suitable accommodation in the same area .. joke

So please , I laughed when you suggested getting out !! Oh and when that washing machine does break , do worry cause I won’t be looking for phone expenses or fuel allowance cause they can keep going with their broken washing machine !!

Ya all that is crap for you. Best off out of such a situation. Better all round.

lawred2

lawred2 wrote: »

Well that's an issue for the revenue as it goes.

There is actually nothing stopping you setting up a limited company to manage your property by the way. That way you can avail of all those legitimate mechanisms that real incorporated businesses get to avail of.

Renting out a privately owned premises doesn't actually make it a business. It's an investment.

You don't need to be a limited company to avail of those mechanisms a sole trader can do so and a LL operating a letting business is a sole trader but not treated the same as others.

How on earth can you argue that renting a property is not a business, it is 100% a business and it is beyond idiotic to try to claim it is not.

dr.fuzzenstein

Sleeper12 wrote: »

You'd be doing well to get a tracker now. They were a bad idea from the lenders point of view.
People on non tracker in Ireland are subsidising trackers. This is why our rates are more expensive than the rest of the EU.
3 percent for a buy to let is still historically low.

But that's because the banking system in Ireland is sh*t. What do you call a tracker mortgage in Germany?
There's no such thing.
Or, to be more precise, every non-fixed loan automatically tracks the interest rate of the central bank. I tried explaining the Irish system to my German bank manager, his conclusion was "so the banks just charge what they like? That's crazy!"
And that's why a pay around 2% (or maybe even less) on a regular, non-fixed mortgage here. And the money in my bank account is subtracted from my mortgage.
And if interest rates show any sign of going up, I just call my bank and fix my interest at the current rate for 10 years.
Or I call them up and say I want to pay interest only for a few years. "Ok Mr Fuzz, that is done for you".
Banking here is so ridiculously easy. In Ireland it always felt like it was being made difficult for no other reason than " oh dear, we need some rules and regulations here, quick ask the guy who makes the coffee to make up some mumbo jumbo that wastes time, is difficult and completely senseless, that way everyone will think it's brilliant "

davemie

The number of trolls on this forum is unbelievable. Better not to engage with them.

august12

What expenses can a LL claim other than RTB registration, mortgage interest relief, mortgage protection, insurance, repairs and capital allowances, are travel/fuel costs to inspect property an allowable expense? As you can see, I'm new to this.

lawred2

Miya Poor Stud wrote: »

You don't need to be a limited company to avail of those mechanisms a sole trader can do so and a LL operating a letting business is a sole trader but not treated the same as others.

How on earth can you argue that renting a property is not a business, it is 100% a business and it is beyond idiotic to try to claim it is not.

I think phone expenses being barred from classed as an expense is petty enough alright. Doubt it would make much difference to the revenue's bottom lines if it was expensible.

Fol20

lawred2 wrote: »

Whose phone bills?

What has petrol got to do with the cost of maintaining a property?

As for the lpt, arguments could be made either way I suppose.

But it's supposed to be an asset tax so it kinda defeats the purpose if landlords could expense it. It's not a cost of maintaining a rental property. It's a charge on asset accumulation.

Maintaining property is not passive. it takes up a lot of time, you need to call contractors, arrange viewing, communicate with people.

People dont walk to rental properties or take a horse and cart. It costs petrol money to get there.

Flat rate avoid abuse and it is a legitimate cost people have to bear to maintain a property.

Fair point about LPT, i understand where your coming from. The government have said however in the past that in principle it should be expensed, similar to NPPR however they are not allowing ll to implement it. I thought it was a tax for your local area and amenities and not a wealth tax. Im open to correction on that and thats why i think it should be expendable.

lawred2

Fol20 wrote: »

Maintaining property is not passive. it takes up a lot of time, you need to call contractors, arrange viewing, communicate with people.

People dont walk to rental properties or take a horse and cart. It costs petrol money to get there.

Flat rate avoid abuse and it is a legitimate cost people have to bear to maintain a property.

Fair point about LPT, i understand where your coming from. The government have said however in the past that in principle it should be expensed, similar to NPPR however they are not allowing ll to implement it. I thought it was a tax for your local area and amenities and not a wealth tax. Im open to correction on that and thats why i think it should be expendable.

It's only paid by those who own property though hence I'd see it as more a wealth tax. A council tax where everyone paid regardless of ownership status like in the UK would in my eyes be more akin to how you see it.

Grumpypants

Sleeper12 wrote: »

You really don't understand interest rates at all do you?

Tracker mortgages weren't interest rates. They were a product. A very bad one as it turns out so the product has been withdrawn from the market. The trackers still in existence are still the same rate. They haven't been increased. Its not that the tracker rate increased. Its that the product has been withdrawn. The trackers still running are costing non tracker mortgages at least an extra one percent. The reason Irish interest rates are higher than the rest of the EU, though still historically low, is because everyone on a variable rate is subsidising trackers.

Just because you feel interest rates aren't historically low doesn't make it so. Fortunately we rely on the CSO for our statistics and not Joe Soap Grumpypants.

I do, i understand an interest rate of 1% is lower than an interest rate of 3%. You seem to be struggling with that simple fact.

Tracker rare, variable rate, fixed rate, buy to let. They are all just mortgage products. Each one changes from bank to bank.

My mortgage was at 3.9% when I took it out 3 years ago as my LTV was 90%. Now it's 60% i was able to change my product to a fixed rate at 2.6%. The interest rate on my second mortgage i took out 15 years ago is only 1%.

I know which one has the lowest interest rate. It's not the one i got now.

But by all means carry on with your fantasy.

Fol20

lawred2 wrote: »

If you have such issue with tenants and being a landlord then maybe you should sell up. Nobody is holding a gun to your head. It's not a good situation for you or your tenants to be such a reluctant landlord. Nobody owes you a living because you have a property or properties going spare.

The things you've listed are a consequence of being a landlord and your responsibilities in maintaning a habitable accommodation. You are not a contracted service provider to a tenant so your parallel with a plumber is a bit hollow.

I'd worry for your tenants with the attitude you have on display if I'm honest.

I'll 'jog on' now as you so politely put it.

Please do.. He provided you with a logical response of how other Businesses operate and how they are able to expense certain items. He had no attitude in his response and was an objective form of analysis.. Yes it is part of being a landlord. It is costing us money to call people or drive somewhere, We are not talking about labour which could be very intensive depending on what your doing. It is only fees incurred to do something which other companies such as plumbers, estate agents which do the same job are entitled to expense. Flat rates would be best in the ll business as it stops any form of abuse and at least it allows a legitimate expense which you dont seem to understand.

beauf

Topgear on Dave wrote: »

If it brings more rentals it may do some good.

No seems to be interested in will it work.

I guess no one thinks it will...

Fol20

lawred2 wrote: »

It's only paid by those who own property though hence I'd see it as more a wealth tax. A council tax where everyone paid regardless of ownership status like in the UK would in my eyes be more akin to how you see it.

You could be right, im honestly not a 100pc on it, It can also be garnered from your wages so it might be just be a straight up wealth tax. Depending on your local council though, fees can vary and the fact the government have said it in the past that it should be expendable might put it in a grey area.

listermint

Is this one of those threads where all the landlords pile in giving out about tenants and then giving out about how hard they have it but yet they are not selling . And are still the same landlords giving out for years on boards about being landlords.

It must be an incredible lose lose to own property all these years and give out about it year on year.

Fol20

listermint wrote: »

Is this one of those threads where all the landlords pile in giving out about tenants and then giving out about how hard they have it but yet they are not selling . And are still the same landlords giving out for years on boards about being landlords.

It must be an incredible lose lose to own property all these years and give out about it year on year.

Generally the comments have been directed at the way legislation is enforced and ineffective government solutions.

Some ll are leaving the market as the stats indicate, if only i was smart enough i would be a billionaire in the stocks and shares market :cool:

davindub

hawkelady wrote: »

lawred2 wrote: »

Sorry.. what?

When a tenant texts their landlord with a “ call me “ text and the landlord rings the tenant , do you not think the landlord should be able to get expenses for the phone call ??

When the tenant tells the landlord that the washing machine broke and flooded the kitchen , do you not think that the landlord should be reimbursed for driving out to look at the mess , before he has to drive to power city to buy a new washing machine and a mop !!

If no is your answer then you can go jog

Phone call = a few cents or dont most people have free calls as part of their packages. But yes you can claim actual expenses.

Most people dont bother tax returns are to the closest euro so a few cents wont make muxh difference.

Fol20

davindub wrote: »

Phone call = a few cents or dont most people have free calls as part of their packages. But yes you can claim actual expenses.

Most people dont bother tax returns are to the closest euro so a few cents wont make muxh difference.

Not every package has unlimited phone calls, even if they did, its not the point. its a legitimate expense where a percentage of your bill or just a flat rate should be expendable.

rawn

The Student wrote: »

lawred2 wrote: »

Whose phone bills?

What has petrol got to do with the cost of maintaining a property?

As for the lpt, arguments could be made either way I suppose.

But it's supposed to be an asset tax so it kinda defeats the purpose if landlords could expense it. It's not a cost of maintaining a rental property. It's a charge on asset accumulation.

Ever paid a call out charge for a plumber before he will even look at the problem. He is paid for his time even if he does not fix the problem. So a landlord should receive payment for his time.

Why not pay for it out of the 4% rent increase you'll be adding on every year?

beauf

listermint wrote: »

Is this one of those threads where all the landlords pile in giving out about tenants and then giving out about how hard they have it but yet they are not selling . And are still the same landlords giving out for years on boards about being landlords.

It must be an incredible lose lose to own property all these years and give out about it year on year.

Maybe you can explain your focus is on LL and not the Govt who latest idea this is.

No discussion of tenants, housing crisis, the focus is just LLs.

jay0109

The interest relief was happening anyways. It was announced last year it was going from 75% to 100% over 5 years. This is just speeding it up into 2 years.
Won't make any difference to supply of course

corks finest

AlmightyCushion wrote: »

They should use the money funding this to build more houses/apartments instead.

Yep, obviously

Sleeper12

Grumpypants wrote:

But by all means carry on with your fantasy.

I know that you are just trying to wind me up. I have provided official CSO figures from the 1970s to 2017 showing the average interest rates for each year. These are the official figures. These are the figures we use. Official figures show Interest rates are at an all time low. Can you please post any official figures backing up your claim.

If a bank offers zero percent for the first year in a 30 year loan that doesn't mean Irish interest rates are zero. Official figures have to take into account all interest rates, offers and deals for the year and they come back with the average for the year. Interest rates were at an all time low in 2016. Dropped even lower in 2017 and for the first six months of 2018 even lower again. This year is the lowest interest rates have ever been in Ireland.

I know that you know all this. Being dyslexic and autistic I left school at 14 before any state exams. I have no maths skills greater than fractions, percentage & averages. If I understand it I know you do to. A small child could understand this so I have to conclude that you are winding me up.

beauf

rawn wrote: »

Why not pay for it out of the 4% rent increase you'll be adding on every year?

Rent increases are now driven by govt policies.

Except for new entrants line Reits. They can set what they like with new rentals. Recently one was in the news for 25% increase.

Sleeper12

Sleeper12 wrote: »

I know that you are just trying to wind me up. I have provided official CSO figures from the 1970s to 2017 showing the average interest rates for each year. These are the official figures. These are the figures we use. Official figures show Interest rates are at an all time low. Can you please post any official figures backing up your claim.

If a bank offers zero percent for the first year in a 30 year loan that doesn't mean Irish interest rates are zero. Official figures have to take into account all interest rates, offers and deals for the year and they come back with the average for the year. Interest rates were at an all time low in 2016. Dropped even lower in 2017 and for the first six months of 2018 even lower again. This year is the lowest interest rates have ever been in Ireland.

I know that you know all this. Being dyslexic and autistic I left school at 14 before any state exams. I have no maths skills greater than fractions, percentage & averages. If I understand it I know you do to. A small child could understand this so I have to conclude that you are winding me up.

The average for the year is meaningless the question is what was the lowest interest rate ever available in Ireland and the answer is 1% trackers not the rates available today. I really don't know why you are wasting your time incorrectly arguing otherwise.

Browney7

beauf wrote: »

Rent increases are now driven by govt policies.

Except for new entrants line Reits. They can set what they like with new rentals. Recently one was in the news for 25% increase.

They've rowed back on this one - they'll probably just hike in between tenancies. Genie out of the bottle though