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The Property Podcast

ASK121: Why am I paying so much tax? PLUS: Does owning in a company avoid the stamp duty surcharge?

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.82K Ratings

🗓️ 30 January 2018

⏱️ 9 minutes

🧾️ Download transcript

Summary

It's time for another couple of questions in this week’s edition of ‘Ask Rob & Rob’, Dominique & Mike ask Rob & Rob... Why am I paying so much tax? PLUS: Does owning in a company avoid the stamp duty surcharge? ASK YOUR OWN QUESTION TO ROB & ROB! Don't be shy! All you need to do is leave a message with your name and whatever's on your mind. Just pick up the phone and call 013 808 00035 (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob, and I'm Russell. And this is Ask Rob and Rob and Russell.

0:07.0

Yeah, I'm getting into flow of this now. We've got these special episodes where Rob and I are joined by Russell Smith tax extraordinary from the Property Hub tax.

0:21.0

Yes, he's been bringing his knowledge over the last few weeks and there's more to give.

0:25.0

So we've got two more tax questions for you this week. Tax knowledge bombs going off on the show at the moment.

0:32.0

Absolutely brilliant.

0:33.0

But we know it's what you want, so that's why we're giving it to you.

0:35.5

This week we've got two great questions,

0:38.0

but before we answer them, let's give you a reminder of how you can get on the show.

0:42.0

Yep, dead easy. just give us a call

0:44.1

oh 1-1-808 triple oh 3-3-0-3-5 that's 1-808-O-35 or you can get on your laptop

0:50.8

and head over to the Property Hub.

0:52.5

Dot Net slash Ask.

0:54.0

All you need to do is leave us a quick message

0:55.5

and wait patiently to receive your answer.

0:58.1

That is what today's first question did.

1:00.4

So let's have a listen to this one from Dominique. I wonder if you can help me with

1:03.5

some tax issues that I'm having a bit of trouble understanding. I work full time

1:09.7

and self-employed. I have my own limited company so pay corporation tax and as a

1:15.9

sideline I have six by to let properties and I pay self-assessment tax on those.

1:26.8

My accountant does all of my accounting together and I find every year that I pay more tax for my by to let's than I do for my day-to-day work, despite the fact that I earn a lot more day

1:35.8

today than I do with my by-to-let on my by-to-let's.

1:40.2

Now I understand why that is, because a corporation tax is at a lower rate than other tax,

...

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