do your due diligence first and worry about the taxes later
Make the money and then worry about the tax. Most people worry about that and that's not ignoring the tax before you make money but most people spend so much time worrying about paying tax before they even make any money.
Another one from Alan: There's talk of CGT (capital gains tax) increasing in the US if Biden gets in. Have you heard of any potential CGT increases in the UK?
BRETT: Yes, so I think capital gains tax potentially will increase. You know at the end of the day it's a tax on profits, they are actually realised profits. So I think yeah that is one of the stings in the tale because there's almost this spending somehow we're going to pay for that. How do we pay for it?
We pay for it by the economy growing but let's face it if everything is you know if we go into stagflation that's not really going to happen. How are they going to pay for this, the thing is most countries are doing this now. Most countries have done massive stimulus programs so they've had to borrow for that. The challenge is that it could mean that for 10, 20 years who knows it could be subduing things. So rather than having these wild you know rides we may see that it's more of a you know like this now who knows.
It could bounce back and I think this is where London I think, my gut feel is London is going to bounce back next year. That's why you know I'm quite you know bullish on London next year I think even though affordability and all of that issues I just don't see that necessarily being a massive issue. I think unfortunately taxes will be going up because the governments have to pay for it somehow and how they're going to pay for it? They will pay for it any way they can.
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It's a very different market in Scotland, it's a smaller market. There's some fundamental changes namely oil and gas with all the issues there and that I know Aberdeen and a few of those places house prices have dropped considerably. So, it depends on how that's reacted.
Unfortunately the capital gains tax is an easy tax to raise you know so yeah any thoughts on that boys?
RITESH: I mean what I'll say is that with things like taxes you know that the score is a chance you know that they're gonna we're talking about CGT yes today it's that it could be income yeah you've got to know it you've got to understand it.
I like to sort of focus on let's get into a position where we're making money to be thinking about tax and then use professionals in that field like accountants to structure you in a way where you know you're paying your taxes but you'll set up tax efficiently. I just find sometimes or too many times people are worried about the tax before they've actually made the money so yes have your eye on it understand it know it but really keep that focus on making that money.
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BRETT: Yeah, 100% Make the money and then worry about the tax. Most people worry about that and that's not ignoring the tax before you make money but most people spend so much time worrying about paying tax before they even make any money. I'd rather them spend the same amount of time they worry about tax, into actually doing research into the area and into the property and into the deal and the cash flow and all that you know because that's going to make them infinitesimally more money.
Another one from Alan: There's talk of CGT (capital gains tax) increasing in the US if Biden gets in. Have you heard of any potential CGT increases in the UK?
BRETT: Yes, so I think capital gains tax potentially will increase. You know at the end of the day it's a tax on profits, they are actually realised profits. So I think yeah that is one of the stings in the tale because there's almost this spending somehow we're going to pay for that. How do we pay for it? We pay for it by the economy growing but let's face it if everything is you know if we go into stagflation that's not really going to happen. How are they going to pay for this, the thing is most countries are doing this now. Most countries have done massive stimulus programs so they've had to borrow for that. The challenge is that it could mean that for 10, 20 years who knows it could be subduing things. So rather than having these wild you know rides we may see that it's more of a you know like this now who knows. It could bounce back and I think this is where London I think, my gut feel is London is going to bounce back next year. That's why you know I'm quite you know bullish on London next year I think even though affordability and all of that issues I just don't see that necessarily being a massive issue. I think unfortunately taxes will be going up because the governments have to pay for it somehow and how they're going to pay for it? They will pay for it any way they can. Unfortunately the capital gains tax is an easy tax to raise you know so yeah any thoughts on that boys?
RITESH: I mean what I'll say is that with things like taxes you know that the score is a chance you know that they're gonna we're talking about CGT yes today it's that it could be income yeah you've got to know it you've got to understand it. I like to sort of focus on let's get into a position where we're making money to be thinking about tax and then use professionals in that field like accountants to structure you in a way where you know you're paying your taxes but you'll set up tax efficiently. I just find sometimes or too many times people are worried about the tax before they've actually made the money so yes have your eye on it understand it know it but really keep that focus on making that money.
BRETT: Yeah, 100% Make the money and then worry about the tax. Most people worry about that and that's not ignoring the tax before you make money but most people spend so much time worrying about paying tax before they even make any money. I'd rather them spend the same amount of time they worry about tax, into actually doing research into the area and into the property and into the deal and the cash flow and all that you know because that's going to make them infinitesimally more money.
