Tax Queries over Christmas!

[plym77]

Just to let you all know that during Christmas to New Year I am unlikely to be in the forum (as I am sure many of you will not either!).

If you have any accounts/ tax queries over that period and you would like me to consider them when I return in the New Year, please can you put something in the Topic Description to alert me to the query so that I do not miss it when I get back in the New Year.

On another note.... if you havn't done it already.... remember that your Self Assessment tax return for the year ended 5 April 2006 must be submitted by 31 January 2007 to avoid incurring penalties! If you are looking for someone to prepare the form for you, please do email me at sherena.glanton@horwath.co.uk

I hope that the queries I have helped with over the past months have helped clarify matters for all of you and I will be back in the New Year!

Merry Christmas!!!

Regards

Sherena Glanton CTA

(Plym 77)

[Matthew]

Have a great Christmas Sherena, your help is greatly appreciated!

Thanks,

Mat.

[Melboy]

I would like to say a Merry Christmas to everyone who reads and contributes to this Forum.

I think 2007 is going to be bumpy year and very difficult to predict regarding the property situation.

I am personally very sceptical about the forcast from the so called professionals who, incidently, from this time last year got their predictions hopelessly wrong for 2006!

I will not be purchasing any property in 2007 either for renting out or developing as I believe the market is overblown and overpriced on all counts and there are better investment opportunities in other area's for 2007.

February's interest rate rise will be the hinge-pin on what happens for the whole year.

I might also add that I have been known to be wrong on more than one occasion in the past 10 years but then again no-one is perfect!

HAPPY NEW YEAR.......Mel.

[Matthew]

Not sure about the market being overblown. Yes the property prices are at record levels compared to salaries, but I think this is only going to continue to get worse.

I feel that soon it will only be the people earning mega bucks that will afford to buy a property and there will be an increase in the number of buy-to-let properties.

I predict that in the future there will be many people renting a place to live in, but having a buy-to-let, until they can afford the mortgage.

I think the market can cope with the February increase, but any more and I can see a lot of the Landlords with low yeilds being in trouble.

With more and more buy-to-lets I feel the market is more dependant on the interest rates. If rates go sky-high, alot of poeple who own their own houses can deal with say a £400 increase (by reducing luxuries), but many buy to let landlords won't, especially those with a lot of properties.

Fixed mortgages are definately the way forward!

Happy Crimbo!

[GPEL]

I tend to agree with Mel. Unless there is a serious problem with national inflation or a major economic disaster, it is unlikely that house prices will tumble. Something is only worth what someone will pay for it. Therefore, prices will continue to rise if people are willing pay for it.

Too many variables, both national & local, seem to influence what the upper house price levels will be for a given location, therefore predictions are always diffficult. Necessity is the Mother of invention. If house prices stay high, I see lendors offering an increasing numbers of specialist products to increase or satisfy demand.