Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness. Charles spent over 25 years in financial services working for banks, Insurance companies and as a qualified Independent Financial Adviser running his practice, before setting up his speaking, consultancy and property business. Money Tips will help you save, make and accumulate more money whether you are a business owner, entrepreneur, employee or still searching for your vocation. For more tips and information visit Mondeytipsdaily.com. The Information given in this podcast is for your entertainment and should not be construed as financial advice. As always, take independent financial advice before making any investment decisions.
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Inflation has fallen from 11% to 2.2% yet the Bank of England base interest rate remained at 5%.
Energy prices will rise by 10% in October – time to fix your deal.
“Painful budget” could see higher capital gains (CGT) and inheritance (IHT) taxes, the end of the single persons council tax discount and a possible wealth tax.
Labour Hint Of Wealth Tax, Higher Inheritance and Capital Gains Taxes And “Painful” October Budget
Concerns over potential tax hikes, as the Labour Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT), and even introduce a wealth tax, are already causing an exodus of the rich.
How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
The FT said the UK will lose the most millionaires among the countries covered by UBS due to a combination of threatened ‘non-dom’ taxation, higher taxes and Russian sanctions, which has also seen billions flow out of the country.
UBS’s report estimates that $83.5tn of wealth would be transferred within the next 20 to 25 years.
This puts in doubt London's position as a haven for the global elite, currently a haven for the third highest number of dollar millionaires after the US and China.
At the same time, low growth and high taxes and regulation is moving global investment to countries where the see more opportunity in Asia, North and South America and Africa, according to the media tycoon Sir Martin Sorrell.
Taiwan has seen the highest growth of millionaires largely due to high tech growth businesses in the microchip sector.
Labour Hint Of Wealth Tax, Higher Inheritance and Capital Gains Taxes And “Painful” October Budget
Concerns over potential tax hikes, as the Labour Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT), and even introduce a wealth tax, are already causing an exodus of the rich.
Watch full video version - https://youtu.be/P0WTdbIAuks
How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?
How Will Labour’s New Renters Rights Bill 2024 Affect Buy-to-Let Landlords?
Episode 399
Thursday, August 15, 2024 • Duration 17:43
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Key Changes Proposed in the Renters' Rights Bill 2024
Enhanced Security for Tenants
The bill aims to provide tenants with greater security by abolishing Section 21 “no-fault” evictions. This means landlords will no longer be able to evict tenants without a valid reason, making it more challenging to regain possession of their properties.
Rent Controls
One of the most contentious aspects of the bill is the introduction of rent controls. The government plans to cap rent increases, tying them to inflation or another measure. This change is intended to prevent excessive rent hikes but may limit the profitability for landlords.
Mandatory Property Standards
The bill also proposes stricter property standards, requiring landlords to ensure their properties meet higher quality benchmarks. This includes ensuring proper insulation, energy efficiency, and overall habitability. Non-compliance could result in hefty fines or penalties.
Longer Tenancy Agreements
Labour advocates for the standardization of longer tenancy agreements, such as three-year contracts, to provide tenants with more stability. While this benefits tenants, landlords may find it challenging to adapt to longer commitments.
Impact on Buy-to-Let Landlords
Financial Implications
The introduction of rent controls could impact landlords’ rental income, especially in high-demand areas where they previously enjoyed significant annual increases. Landlords must re-evaluate their financial projections and strategies to maintain profitability.
Don’t Join The Recession – 7 Tips To Help You To Thrive In ANY Economy!
I want to work with a small group of people to help you not only survive but THRIVE in the recession.
In the meantime, here are 7 quick money tips:
Cash flow – do whatever it takes (legally) to keep cash coming in.
Keep working - As the late Zig Ziglar said, you don’t have to “join the recession”. He was selling pots and pans in a recession, but doubled his sales because he worked while everyone gave up and said “nobody’s got any money, don’t you know we are in a recession”.
Manage money – you must get control of your finances and budget. See my free new training to help you get control of your finances in 28 days!
Look for opportunities – there are millions of opportunities to make money in any economy.
Get around the right people – stay away from the people who drag you down with negative talk.
Stay positive and realise that winters pass – “all things must pass”, George Harrison wrote. Winters follow summers and spring follows winter. Recessions are inevitable and come and go in most decades.
UK House Prices Will Crash 8% Next Year Mortgage Lender Predicts
Cash buyers are unaffected by mortgage rates of course, but investors have traditionally used leverage and maximum borrowing to expand their portfolios, but higher rates have moved the goalposts.
The Nationwide has reported that UK house prices fell for the first time in over a year last month. Prices fell by 0.9% month-on-month in October.
Over 100,000 borrowers are reaching the end of their fixed rate deals every month at which time they will suffer sharp increases in payments. Many will face mortgage rises of 2-300%.
21 SMART Money And Energy Saving Tips
Episode 308
Friday, December 23, 2022 • Duration 24:38
With energy bills, fuel and interest rates soaring, there’s never been a more critical time to make savings and learn how to manage our money to the best of our ability. I cover many more tips and money-making ideas in my programme, Master Your Money the S.M.A.R.T Way training. Check it out for free - https://bit.ly/3isugCr.
Check out www.gov.uk/individual-savings-accounts for more information. Check for the best cash ISA rates at Moneyfacts. Shop around and be prepared to move your money to obtain the best rates.
5 Emergency or contingency funds
6 Loyalty doesn’t always pay - switch suppliers
Check your latest utility statements and check out comparison sites, such as uswitch or .
Liz Truss Resigns
Episode 307
Friday, December 16, 2022 • Duration 16:12
Truss DOWN but Mortgage Rates UP to 14-Year High as 100,000 borrowers reach end of fixed rate deal every month
Prime Minister Liz Truss resigns after 38 days in office following a tumultuous few weeks
A new party leader and Prime Minister will be voted in by members by 28 October
Will ‘the markets’ get the leader they want with higher taxes, pain and austerity?
As mortgage rates hit new high, 100,000 reach end of fixed rate deal every month
Average two and fiver-year fixed rate deals reach 6.65% and 6.51%
Bank of England will raise rates again next month to fight inflation
Whatever you do, don’t do ANYTHING unless you are financially educated.
Can you change the economy, market or government policy?
No!
Can change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?
YES!
With the cost-of-living crisis getting worse, there’s never been a better time to learn how to get control of your money and change your financial blueprint.
Check out my new training to help you get control of your finances and learn how to build real wealth in 28 days!
Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!Click to join: https://bit.ly/3isugCr
Example of buying a £500,000 property with a £20,000 a year rent or 4% yield. That’s all very well but if you are then borrowing money on say an 80% mortgage, in the past your mortgage payments based on a 2% interest rate would be £8000 a year leaving you a gross profit before cost of £12,000 per annum.
Then interest rates went up to 4% meaning that your mortgage payments rose to £16,000 per annum.
At 5% your mortgage payments will be £20,000, in which case you would not even break even after paying costs such as insurance and letting agency fees.
At 6% per annum your mortgage payments would be £24,000 a year leaving you with a loss of £4000 per annum before costs.
However, that’s not the whole story. Rates are expected to go higher and have already breached 6% for the residential market based on five-year fixed rates.
At 8% the interest only mortgage on a £400,000 loan Will be £32,000 a year.
Even if you only borrowed £300,000, the mortgage payment will be £24,000 a year not only leaving you a loss but an obtainable from the lender which would want a buffer zone in case of rental void.
The higher the interest rate the less you can borrow.
It’s unlikely that the lender would give you more than £200,000 based on an 8% interest rate, which would mean that you would need £300,000 as a deposit.
Housing Slowdown
Episode 305
Friday, December 2, 2022 • Duration 11:47
New warnings of a housing slowdown were issued this week as the number of people struggling with mortgages are forecast to reach a 15-year high, the Royal Institute of Chartered Surveyors (RICS) said. The RICS is the body which regulates and controls the surveyor who carry out surveys and valuations for all the major lenders in the UK.
Subscribe to FINANCIAL EDUCATION FOR FINANCIAL FREEDOM for exclusive training and special offers to help you manage and increase your wealth!
Details:
House sales in September hit their lowest levels since 2020/21
Rising mortgage rates will drive house prices down this year, say RICS
Bank of England said this week the number struggling to pay mortgages will rise next year
New house buyer inquiries fell in September for he fifth month in a row, say the RICS.
Fewer properties for sale has pushed up housing prices, but warned this will end.
Banks, such as HSBC have issued similar warnings of a housing market slowdown
Higher interest rates will make buy-to-let purchases unsustainable
Fixed rate deals have reached around 6%, a 300% rise and a gamechanger
Mortgage lenders will not lend to investors if deals do not stack up financially
Up to 200,000 households will need to remortgage in the next year, say BBC.
The news comes of top of a brewing financial crisis in the City of London as the Bank of England are again printing money to bail out financial institutions – this time it’s the people running your pension funds.
Tail wagging the dog as centrals banks tell elected governments how to run the country!
Question: What can you do to change the economy, market or government policy?
Answer: Nothing!
Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?
Answer: EVERYTHING!
Subscribe to FINANCIAL EDUCATION FOR FINANCIAL FREEDOM for exclusive training and special offers to help you manage and increase your wealth!
Get Control of Your Finances and Learn Investment for Beginners
Episode 304
Friday, November 25, 2022 • Duration 23:00
In this podcast, I take you through the basics of getting control of your finances and learning how to become financially free.
The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
With stricter property standards, landlords will need to invest in property upgrades to meet the new requirements. This could involve substantial upfront costs but may also enhance property value and appeal in the long term.
3.Changes in Investment Strategies
The bill may lead to a shift in investment strategies among buy-to-let landlords. Some might seek to diversify their portfolios or explore other property markets with less stringent regulations. Others might exit the rental market altogether if the perceived risks outweigh the benefits.
Impact on Property Supply
As landlords adjust to these changes, there could be a temporary reduction in the supply of rental properties. Some landlords might sell their properties, leading to a more competitive market for remaining rental units.
In conclusion, the Labour Party’s Renters' Rights Bill 2024 is set to bring comprehensive reforms to the rental market. While these changes aim to protect tenants and ensure fair practices, buy-to-let landlords will need to adapt to new regulations and potentially alter their investment strategies. Staying informed and proactive will be key for landlords to navigate this evolving landscape successfully.
Section 24 Landlord Tax Hike
Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.
10 Look for old bank accounts and pension policies
11 Check for any entitlements to benefits.
12 Reduce your grocery bill
13 Avoid wasting food
14 Explore local charities for help – there is an abundance of food given away by supermarkets
15 Check your workplace or private pension
16 Check your state pension and NI contributions level
17 Use loyalty cards, price match and vouchers and deal finders
Try hacks like VoucherCodes ‘DealFinder’ as a plug-in on Chrome to be alerted to the best deals while buying online.
There are hundreds of money saving apps and discount offers, such as Sweatcoin and BetterPoints, where you can get paid to walk and exchange your steps for store discounts and freebies.
18 Cut energy bills
Check out the Energy Saving Trust for some great energy and money saving hacks.
19 Sell unwanted stuff on resale platforms
You can turn unwanted clothes into cash using resale platforms such as Depop, Vinted and eBay.
20 Mindset – avoid emotional spending and blowing your salary on payday
In my programmes and YouTube Money Tips Podcast videos I talk about money mindset. A recent survey by Nationwide’s Payday Saveday revealed that 1 in 5 people blow over half their spare monthly wages within 48 hours of payday!
21 Plan, organise and forecast
The key is in planning and organising your expenditure, work, goals, relationships and life! As in the first tip, prioritise essential expenditure and your savings pot, before spending.
Finally, searching for the best deals, tracking and reviewing your finances and being mindful of spending money on things to don’t really need will not only help you get through the current crises but help you form lifelong habits that will enable to build wealth.
For more ideas and tips, see out my new training to help you get control of your financesin 28 days!
In short, higher interest rates will wipe out any hope of a monthly residual yield or profit for buy to let buyers using islands value by to let mortgages.
Bearing in mind that the high growth model for most investors is based on using maximum leverage and borrowing against their properties, higher interest rates will wipe out a large percentage of the potential buyers as the deals no longer stack up.
Learn how to invest and build wealth.
The Bank of England were forced to bail out the pensions industry after it nearly collapsed and brought down the financial industry with it.
Whatever you do, don’t do ANYTHING unless you are financially educated.
Question: What can you do to change the economy, market or government policy?
Answer: Nothing!
Question: What can you do to change YOUR economy (Uconomy), your policy, your financial and money management and your earnings?
Answer: EVERYTHING!
With the cost-of-living crisis getting worse, there’s never been a better time to learn how to manage your money and change your financial blueprint.
Check out my new training to help you get control of your finances and learn how to become financially free in 28 days!
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