In this episode, hosts Russell and Anna Leeds discuss the recent changes in council tax laws that have significantly impacted property investors by doubling the tax on second homes and service accommodations. They explain the reasons behind these changes and share their own experiences of receiving increased council tax bills. The hosts delve into potential solutions, such as applying for business rates instead of council tax, which could result in significant savings. They provide detailed steps on how to reclassify properties for business rates, highlight the benefits of these changes, and stress the importance of staying informed about property laws and regulations. The video also underscores how a supportive network can help property investors stay updated and agile in a constantly changing market.
Time Stamps
00:00 Introduction: The Unexpected Council Tax Hike
00:37 Personal Experience with Council Tax Increase
01:28 Understanding the New Law and Its Implications
02:38 Government's Rationale Behind the Tax Changes
04:12 Impact on Second Homes and Service Accommodations
07:04 Strategies to Mitigate the Tax Increase
07:35 Switching to Business Rates: A Viable Solution?
08:59 Proving Your Property's Business Use
11:03 Final Thoughts and Practical Advice
12:01 Understanding Council Tax Valuation
12:06 Application Process for Property Valuation
12:45 Challenges and Delays in the Valuation Process
13:52 Criteria for Property Valuation
14:39 Benefits of Switching to Business Rates
16:18 Small Business Rate Relief Explained
18:30 Potential Issues with Property Classification
20:43 Staying Informed and Adapting in Property Business
22:27 Conclusion and Viewer Engagement
FOLLOW US ON SOCIAL MEDIA:
https://www.instagram.com/russellleeds/
https://www.instagram.com/anna.n.leeds/
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