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Mike McCormick

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my expertise in the industry

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I seems you are in disagreement with the country's top economists and lenders Steve. I accept we're going to have a price correction, that's inevitable, but it isn't down to the lunatic at No 11. It's because the ratio of house prices to incomes has got to the stage that the market is fragile. When interest rates go up (which may or may not be for a while yet) then that could well spark the correction or crash. However in a falling market, builders scale back and lenders don't lend much. So even with prices tumbling it's not going to help FTBs, unless of course they have wads of cash which for most is unlikely.

From: Mike McCormick 03 December 2015 09:29 AM

So... the Institute of Fiscal Studies, the Institute of Economic Affairs, Policy Exchange, the RLA, the NLA, the SAL, landlords across the country, various heads of mortgage lenders, Say No To George, etc, etc, etc, are all telling the Chancellor that the tax grab will not help FTBs get on the market, and he still spouts the same old garbage. When will he come clean and admit that he really doesn't care one jot about FTB's? He can tax landlords but he can't tax owner occupiers so he just takes, takes and takes some more. This is all about filling the coffers and clearing the deficit. Anyone who thinks that George Osborne wants to help Generation Rent is seriously deluded. Even my own Conservative MP admitted that these measures are about nothing else other than tax revenue. Come on Osborne - 'Fess up' !!!

From: Mike McCormick 03 December 2015 08:36 AM

You are completely right John. As a lifelong Tory voter I will never put a 'X' next to a Conservative candidate again. The tax changes are nothing to do with helping FTBs and the long term consequences of the changes will be devastating. The trouble is that the Chancellor is focused on just one thing - to clear the deficit and he's using tax on landlords as a major tool, assuming everyone is going to fall for the spin. Alas many have, especially the youngsters who don't recognise how this will actually make their predicament much much worse, not just in the forseeable future but possibly for their whole lives.

From: Mike McCormick 30 November 2015 10:04 AM

Do I understand this correctly??? We are now responsible for ensuring that tenants pay their taxes? So do we now have to write into our ASTs that tenants must send us copies of their P60s or tax returns? Completely ridiculous!

From: Mike McCormick 10 November 2015 08:25 AM

“The Government stated its intention earlier this year to hold a post-election consultation" but GO clearly doesn't believe in consultation. He's proved that already. What was it Richard Dyson said in the Telegraph??? "It is a tax from Alice in Wonderland, a truly bonkers tax, a tax you’d laugh at – if it were being applied in a Third World country by a lunatic dictator". Hmmm, well we're not third wold but some of that seems to be very close to the truth!

From: Mike McCormick 26 October 2015 09:35 AM

I find this very odd. An accountant has missed one of the most crucial points about this change. The proposal is structured so that the rental profit is added to the finance costs and any other income that you may receive. That means that landlords could easily shift up from lower tax rate to higher rate and even lose their personal allowance. They could end up with a tax burden that will be much higher than their incomes. Not only 'could' this happen, it WILL happen to some landlords. Some may be able to sell up but some will not due to various charges such as early redemption penalties and Capital Gains Tax. The latter is probably the most serious. Unable to see they'll still be faced with the tax bill and will in many cases just have to wait for HMRC to bankrupt them.

From: Mike McCormick 28 August 2015 08:50 AM

How will offsetting energy improvements against income stop landlords going bankrupt and tenants being evicted? Can someone explain please?

From: Mike McCormick 24 August 2015 10:07 AM

Sorry - typo - Barry

From: Mike McCormick 19 August 2015 08:57 AM

Absolutely Gary. I think a lot of people just think that it means 'a bit extra' tax for them, but for many it will mean their BTL properties are unviable, and for some landlords it will mean bankruptcy. The knock-on effect to tenants will be either to pay much more rent or they will lose their homes. The Chancellor seems to be want to be known as the man that nailed the deficit and nothing else matters.

From: Mike McCormick 19 August 2015 08:56 AM

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