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kristen
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« Reply #45 on: November 21, 2008, 10:44:11 AM » |
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"is this another example of 'farmer bashing'? "
Not at all, I live in the farming community, have done all my life, and have great respect for them.
I don't have a problem with the land purchase being part of the capital assets of the business, and thus interest being a pre-tax cost. Not so sure about tax relief on a person mortgage on the farm house
I work from home, can I have tax relief on my personal house mortgage?
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mespilus
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« Reply #46 on: November 21, 2008, 10:52:26 AM » |
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I work from home, can I have tax relief on my personal house mortgage?
probably not, but, try living at the (commercial) office. |
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Now in the HS2 blight zone
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kristen
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« Reply #47 on: November 21, 2008, 11:50:42 AM » |
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Actually it is my commercial office in the sense that I have two people who come to work here each day, which actually means I lose a proportion of my personal capital gains allowance on my principle primary residence (AFAIK) ...
... thus I'm not sure how I'm different to a farmer with regard to house-as-office and thus tax-relief on mortgage.
Anyway, I'm not bothered per se, just seemed to be a bit of an uneven playing field, that was the only point I was making.
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renewablejohn
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« Reply #48 on: November 21, 2008, 02:14:44 PM » |
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Actually it is my commercial office in the sense that I have two people who come to work here each day, which actually means I lose a proportion of my personal capital gains allowance on my principle primary residence (AFAIK) ...
... thus I'm not sure how I'm different to a farmer with regard to house-as-office and thus tax-relief on mortgage.
Anyway, I'm not bothered per se, just seemed to be a bit of an uneven playing field, that was the only point I was making.
Kristen It is not an uneven playing field if you are using part of your home as a commercial premises then the same relief will apply and you could get tax relief on the mortgage. The problem arises when you come to sell the property and try to claim that the whole property is your principle private residence. On a farm you do not have this problem as it is a business you would be selling which just happens to be your home as well. |
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kristen
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« Reply #49 on: November 21, 2008, 02:24:13 PM » |
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"On a farm you do not have this problem as it is a business you would be selling which just happens to be your home as we"
I can see that distinction, thanks.
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NickW
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« Reply #50 on: November 22, 2008, 09:37:22 AM » |
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Here we go. A great bleedin hearts story lifted from MSE I ask you all to dig deep or go door to door for this chap  when i was with my ex we had a highly successful business but everything was in my name as he had problems with his credit. we split up a year ago for reasons i wont bore you with here. but basically this what i have been left with. i need to know if going bankrupt is the best option as the consequences will be quite severve.
i thank you in advance. i am really close to doing something stupid. i havnt eaten or slept for days and i am really really scared
The below is all in my sole name apart from 1 property that is in joint names with some one else
Property
. House ex lives in £825,000 mortgage (not been paid for 4 months, been up for sale since jan'08, about to proceed with repossion)
. BTL flat -£105K mortgage (worth about £110K owe 1 months mortgage)
. BTL house - £475K mortgage (up to date) this is in joint ownership
loans
.barclays - £22K (2 months in arrears)
.Mbna - £5K ( 4 months in arrears)
cahoot - £7K (4 months arrears)
c'cards
16K - all in 3 months arrears
Overdraft
. 2K over drawn
cars
. Ex's car - £85K (1 month in arrears)
. Ex's car - £49K (this has been re-possed)
.other car - £30K ( owe 1 month)
i currently live with my 3 year old in a rented house (1K a month) and the rent is now 1 month late. the banks are obviously ringing all day everyday. what i need to know is will they automatically take the houses, what if it is repossed first? |
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Ask Questions, look for evidence, think for yourself
Gold is the currency of Kings, Silver the Currency of Gentlemen. Barter is the Currency of Peasants, whilst DEBT is the currency of SLAVES
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NickW
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« Reply #51 on: November 22, 2008, 09:39:36 AM » |
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I bet a few years ago this bloke would of looked on anyone not driving a Porsche Cayenne as a piece of doo-doo. Real masters of the Universe type  As I said before MSE is great if like schadenfraude |
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Ask Questions, look for evidence, think for yourself
Gold is the currency of Kings, Silver the Currency of Gentlemen. Barter is the Currency of Peasants, whilst DEBT is the currency of SLAVES
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O MidKnight
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« Reply #52 on: November 22, 2008, 10:36:45 AM » |
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Ramblings of a fool from Devon.....
No mention of income from the MSE posting.
We decided to move to a small manageable house while we can.
Who knows how your health will be when you are at retirement age. Will you really be able to look after xxx acres, split logs, maintain the house, grounds, car, machinery and whatever else.
If bird flu or some other epidemic reduces our population what will be the effect on investments?
Perhaps enjoy yourself now with the simple things while you can and do not worry too much about old age.
The government may well decide to compulsory confiscate from each household the £155,000.00 that is required to relieve the national debt.
Keep it simple.....
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Solar heating - makes you feel good when you open the hot tap and when you look at your heating bill
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Amy
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« Reply #53 on: November 22, 2008, 11:29:07 AM » |
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The government may well decide to compulsory confiscate from each household the £155,000.00 that is required to relieve the national debt.
Keep it simple.....
And do you think they will use anti terror laws like they recently did with iceland bank? How the heck they managed to get away with that just demonstrates how foolish, naieve and dangerous it is to let any gov change or make new laws which appear innocuous at he time and we are told its for all our safeties but can be misused for other purposes we cannot stop. Once we all have ID cards, the biometric stuff therin will tell every card swipe reader what illness you have, what your politics are, and most of all may mean that your not able to enter certain buildings, and will be marked for life. |
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NickW
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« Reply #54 on: November 22, 2008, 11:32:26 AM » |
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Ramblings of a fool from Devon.....
No mention of income from the MSE posting.
We decided to move to a small manageable house while we can.
Who knows how your health will be when you are at retirement age. Will you really be able to look after xxx acres, split logs, maintain the house, grounds, car, machinery and whatever else.
If bird flu or some other epidemic reduces our population what will be the effect on investments?
Perhaps enjoy yourself now with the simple things while you can and do not worry too much about old age.
The government may well decide to compulsory confiscate from each household the £155,000.00 that is required to relieve the national debt. Keep it simple.....
Have you added an 0 in there?. National debt is about 45% of GNP. However PFI commitments are a millstone on our kids and grandchildren. |
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Ask Questions, look for evidence, think for yourself
Gold is the currency of Kings, Silver the Currency of Gentlemen. Barter is the Currency of Peasants, whilst DEBT is the currency of SLAVES
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Paulh_Boats
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« Reply #55 on: November 22, 2008, 12:30:28 PM » |
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Once we all have ID cards, the biometric stuff therin will tell every card swipe reader what illness you have, what your politics are, and most of all may mean that your not able to enter certain buildings, and will be marked for life.
Hear hear. One of my goals in life is to never have an ID card. |
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