Episodes

  • Why Do We Pay So Much Tax in the UK and What Can You Do to Reduce Your Tax Bill Legally?

    Why Do We Pay So Much Tax in the UK and What Can You Do to Reduce Your Tax Bill Legally?
    Aug 29 2024

    Taxes in the UK can feel overwhelming, from income tax and National Insurance to VAT and council tax. There are a raft of business taxes, landlord tax hikes under Section 24, as well as taxes on your savings, Capital Gains Tax and Inheritance tax.

    But why do we pay so much tax? The answer lies in funding public services like the NHS, education, and infrastructure. High taxes are designed to support the welfare state and maintain social programs.

    Watch video on YouTube - https://youtu.be/PZ9IFiI2Tio

    10 Money Saving Tips

    However, there are legal ways to reduce your tax bill. Here are 10 money-saving tips from Charles Kelly Money Tips Podcast:

    1. Utilise Tax-Free Allowances: Make sure to use your personal allowance, savings allowance, and dividend allowance effectively.
    2. Invest in ISAs: Individual Savings Accounts (ISAs) offer tax-free interest, dividends, and capital gains.
    3. Contribute to a Pension: Pension contributions can reduce your taxable income.
    4. Claim Business Expenses: If you're self-employed, claim all allowable business expenses.
    5. Gift Aid Donations: Donations to charity through Gift Aid can reduce your tax bill.
    6. Marriage Allowance: Transfer part of your personal allowance to your spouse if they're a basic rate taxpayer.
    7. Make a Will and Plan for Inheritance Tax: Making a Will and planning ahead could substantially reduce taxes and stress for your dependents.
    8. Use Trusts: Protect your assets for you and your family using the laws of trusts.
    9. Avoid Section 24: Legally take steps to mitigate landlord taxes under Section 24.
    10. Take Professional Advice: Using professional advisers can save you money and even reclaim some overpaid taxes, such as Stamp Duty.

    By staying informed and using these strategies, you can legally minimize your tax liabilities and keep more of your hard-earned money.

    For more tips on managing your finances and reducing your tax bill, subscribe to Charles Kelly Money Tips Podcast on YouTube!

    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.

    Watch video version - https://youtu.be/Wx1HXgVW1bM

    A Lifetime of taxes

    Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents!

    You can legally reduce and mitigate your taxes and inheritance tax for your dependents.

    Wills and Trusts

    New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.

    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.

    Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts.

    Watch video now: https://youtu.be/aMuGs_ek17s

    #UKTaxes #TaxTips #CharlesKellyMoneyTips #FinancialFreedom #LegalTaxReduction #section24 #stampduty
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    11 mins
  • Bank Of England FINALLY Cuts Base Rates By 0.25% To 5% - Good News For Mortgage Borrowers

    Bank Of England FINALLY Cuts Base Rates By 0.25% To 5% - Good News For Mortgage Borrowers
    Aug 22 2024

    After months of dithering, the Bank of England has finally cut the base rate to 5 per cent, the first time the central bank has voted to cut the base rate since 2020.

    On seven consecutive occasions the central bank voted to hold rates at 5.25 per cent between August 2023 and June 2024, despite falling inflation. There had been 14 consecutive base rate hikes since December 2021.

    The bank’s successive interest rate rises between December 2021 and August 2023 were bad news for borrowers but good news for savers.

    The average two-year fixed mortgage rate is now 5.78 per cent, according to Moneyfacts, and the average five-year fix is 5.39 per cent.

    Right now, the lowest five-year fix is 3.99 per cent and the lowest two-year fix is 4.42 per cent, but lenders have already started cutting rates, but beware for excessive arrangement fees.

    Savers Rates

    Say goodbye to great savers deals, including Santander's 5.2 per cent special edition easy-access rate and NS&I's one-year bond paying 6.2 per cent, which launched in September 2023.

    One of the best one-year fixed-rate account on the market now pays 5.4 per cent, down from a high of 6.2 per cent in October 2023.

    Savers should note that 1,638 savings accounts still beat inflation which is now at the Bank of England's target of 2 per cent, according to the Mail Online.

    This means the value of your money is growing in real terms against inflation.

    NS&I revealed it will offer a new one-year Guaranteed Growth Bond paying 5.15 per cent or a Guaranteed Income Bond at 5.03 per cent.

    The offer is exclusive to existing 6.2 per cent bond holders and will be available when their current one matures, starting from the end of next month.

    A saver putting £10,000 in Union Bank of India's one-year fix will earn a guaranteed £554 interest over one year. It comes with full protection under the Financial Services Compensation Scheme up to £85,000 per person.

    Are Buy-to-Let property deals still worth it?

    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.

    Watch video version - https://youtu.be/Wx1HXgVW1bM

    A Lifetime of taxes

    Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents!

    You can legally reduce and mitigate your taxes and inheritance tax for your dependents.

    Wills and Trusts

    New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future.

    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.

    Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts.

    Watch video now: https://youtu.be/aMuGs_ek17s

    #finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards #interestratecut #bankofengland #mortgagerates

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    12 mins
  • 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?
    Aug 15 2024

    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.

    Watch video version - https://youtu.be/Wx1HXgVW1bM

    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.

    • Increased Regulatory Compliance

    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.

    Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

    Watch video now: https://youtu.be/aMuGs_ek17s

    #finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards
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    18 mins
  • 20 Free Things to Do with the Family in the UK this Summer

    20 Free Things to Do with the Family in the UK this Summer
    Aug 8 2024

    Summer school holidays are here, and this is the perfect time to explore the UK with your family without breaking the bank.

    Watch YouTube video: https://youtu.be/IWMz3-7LuT0

    Here are 20 free activities to enjoy together:

    1. Visit the British Museum in London.
    2. Explore the Natural History Museum.
    3. Take a stroll in Hyde Park.
    4. Discover the wonders of the National Gallery.
    5. Enjoy a day out at the beach.
    6. Hike in the Lake District.
    7. Wander through Edinburgh’s Royal Botanic Garden.
    8. Explore the historic streets of York.
    9. Visit the Tate Modern in London.
    10. Have a picnic in Richmond Park.
    11. Explore the ruins of Fountains Abbey.
    12. Walk along Hadrian’s Wall.
    13. Discover street art in Bristol.
    14. Visit the Scottish National Gallery.
    15. Enjoy a day at the V&A Museum.
    16. Explore the beautiful Kew Gardens.
    17. Walk through the scenic Peak District.
    18. Visit Liverpool’s Walker Art Gallery.
    19. Explore the stunning landscapes of Snowdonia.
    20. Discover the history at the Imperial War Museum.

    Could you do more with your money and finances? Join my free webinar, "3 Steps to Money Management and Unlocking Financial Freedom," to learn how to get control of your money, invest wisely, and achieve financial freedom.

    Join me online on Wednesday at 7:00 PM. Places are limited, so register now below to avoid disappointment.

    Register Here - https://bit.ly/3QPp8IH

    #FamilyFun #FreeActivities #UKSummer #MoneyManagement #FinancialFreedom #Investing #WealthCreation #Budgeting #FamilyAdventures
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    8 mins
  • What’s the Biggest Risk in Property Investing?

    What’s the Biggest Risk in Property Investing?
    Aug 1 2024

    Are you curious about what the biggest risk in property investing is? It might surprise you to learn that the most significant risk isn't the market fluctuations or financial constraints; it's the lack of knowledge and education. Understanding this risk is crucial not only for property investing but for any investment, including stocks and shares.

    Why is Lack of Knowledge the Biggest Risk?

    Investing in property or any financial asset without adequate knowledge is like sailing without a compass. Lack of education can lead to poor decision-making, missed opportunities, and significant financial losses. )Check out video version: https://youtu.be/V0d4sknpGvQ?si=LX1txU5DLwapmDMn) Here’s why:

    1. Informed Decisions: Without proper knowledge, you may not understand market trends, property valuations, or legal requirements. This can result in buying overpriced properties or missing out on lucrative deals.
    2. Risk Management: Education helps you identify and mitigate risks. Whether it’s understanding property taxes, maintenance costs, or market cycles, being informed allows you to plan better and avoid costly mistakes.
    3. Maximizing Returns: Knowing how to leverage investments, understand financing options, and choose the right properties or stocks can significantly enhance your returns. Lack of education limits your ability to maximize these benefits.

    The Solution: Expert Guidance

    Having a coach to guide and teach you can transform your investment journey. A coach provides:

    • Personalized Advice: Tailored strategies that suit your financial goals and risk tolerance.
    • Experience and Insight: Learn from someone who has successfully navigated the investment landscape.
    • Accountability and Support: Stay on track with your investment goals and receive continuous support.

    Join Our 6-Week Coaching Programme

    Our 6-week Legacy Wealth Coaching Program is designed to equip you with the knowledge and skills needed to excel in property investing and beyond. The program includes:

    • Personal Zoom Sessions: One-on-one coaching to address your specific needs.
    • Weekly Group Lessons: Covering crucial topics like investing for financial freedom, money management, tax-efficient savings, property investing, stock market insights, and leaving a legacy.
    • Ongoing Support: Continuous accountability and email access to ensure you stay on track.
    • Free Access to SMART MONEY COURSE: Lifetime access to my money course.
    • Monthly Master Classes: Investing, stock market, property, Gold and Silver, mindset and much, much, more…

    Don't let lack of knowledge be the barrier to your financial success. Join our coaching program and start your journey towards financial freedom today!

    Click the link to find out more and request a callback!

    https://bit.ly/moneycourseform

    #PropertyInvesting #InvestmentRisks #FinancialEducation #WealthBuilding #MoneyManagement #LegacyWealth #CoachingProgram #InvestingTips #StockMarket #FinancialFreedom #MoneyTips #RealEstateInvesting #PersonalFinance
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    8 mins
  • How Will the New Labour Government Transform the UK Housing Market?

    How Will the New Labour Government Transform the UK Housing Market?
    Jul 26 2024
    How Will the New Labour Government Transform the UK Housing Market? What will this mean for Landlords and Tenants? The election of a new Labour government, and Prime Minister Sir Kier Starmer, brings a wave of anticipation and uncertainty, particularly regarding the UK housing market and the buy-to-let property sector. As Labour's policies start to unfold, both landlords and tenants are keen to understand the potential impacts. Labour's Housing Policies Labour has long championed affordable housing and tenant rights. Their manifesto includes ambitious plans to build 1.5 million new homes over the current parliament, introduce rent controls, and increase ‘protections’ for tenants. This could significantly shift the landscape for both homeowners and the buy-to-let market. The Renters Reform Bill will be resurrected and will almost certainly include an end to Section 21 ‘no fault’ evictions and more ‘secure’ tenancies. Impact on the Housing Market Increased Housing Supply: Labour's pledge to build more homes aims to address the chronic housing shortage. This could stabilize or even reduce house prices, making it easier for first-time buyers to enter the market. Affordability: By increasing housing supply, Labour hopes to make homes more affordable. This is particularly beneficial for young people and families currently priced out of the market. Effects on the Buy-to-Let Market Rent Controls: One of the most talked-about Labour policies is the introduction of rent controls. While this aims to protect tenants from excessive rent hikes, landlords might see a cap on their rental income, potentially reducing the profitability of buy-to-let investments. Tenant Protections: Enhanced tenant protections could include longer tenancies and restrictions on eviction procedures. This provides tenants with greater security but might limit landlords' flexibility in managing their properties and will be a challenge to small landlords.Tax Changes: Labour has suggested revisiting tax reliefs available to landlords. Possible reductions in tax incentives could discourage new buy-to-let investments and prompt some landlords to sell their properties. What This Means for Landlords Landlords might face increased regulation and potentially lower returns on their investments. It is crucial for landlords to stay informed about new policies and consider strategies to adapt, such as focusing on property quality and location to attract long-term tenants. What This Means for Tenants Tenants are likely to benefit from increased protections and potentially lower rents. Labour's policies aim to create a fairer rental market, offering tenants more stability and affordability. Immigration The new Prime Minister has promised to deal with the “small boats” illegal immigration, as well the “processing” the huge backlog of asylum cases. He refused to say what he means by “processing” applications, but it will probably involve some kind of an amnesty or “legacy” scheme as implemented by the Blair government. In practice, hundreds of thousands of migrants will be granted leave to remain whether or not the arrived in the UK legally. This means asylum seekers will be able to work and could see an end to temporary housing and hotel accommodation. Conclusion Prime Minister Sir Kier Starmer’s Labour government’s policies are set to bring significant changes to the UK housing market and the buy-to-let sector. While tenants stand to gain from greater protections and affordability, landlords may need to navigate tighter regulations and potentially lower profits. Staying informed and adaptable will be key for all parties involved. Understanding these potential changes is crucial for navigating the evolving landscape of the UK housing market. Stay tuned for more insights and expert advice on how to manage your property investments under the new Labour government. 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. Email charles@charleskelly.net for a free consultation on how to deal with Section 24. Watch video now: https://youtu.be/aMuGs_ek17s 3 Steps To Unlocking Financial Freedom! Could you do more with your money and finances? I want to take you to the next level, help you get control of your money, learn how to invest and become financially free. Join me online on my free live money management training Wednesday at 7.00PM. Places are limited, so register now below to avoid disappointment. https://bit.ly/3QPp8IH #finance #moneytraining #moneymanagement #wealth #money #UKHousingMarket #BuyToLet #LabourGovernment #PropertyInvesting #TenantRights #LandlordTips #HousingPolicy #AffordableHousing #RentControls #RealEstateInvesting #UKProperty #PrimeMinisterSirKierStarmer #section21 #section21nofaulteviction
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    24 mins
  • Mortgage Rates Fall Despite Bank of England Hold

    Mortgage Rates Fall Despite Bank of England Hold
    Jul 18 2024

    Mortgage rates are coming down despite the Bank of England holding the base rate at a 15 year high at 5.25%.

    In this episode we discuss:

    • Housing market and mortgage rates
    • Section 24 Tax Trap for Landlords
    • Money Management and Financial Freedom
    • Gold and Silver Vs Cash Currency

    Watch full video at Charles Kelly Money Tips Podcast - https://youtu.be/zgHqeA_hhUA

    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.

    Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

    Watch video now: https://youtu.be/aMuGs_ek17s

    3 Steps To Unlocking Financial Freedom!

    Could you do more with your money and finances?

    I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

    Join me online on my free live money management training Wednesday at 7.00PM.

    Places are limited, so register now below to avoid disappointment.

    https://bit.ly/3QPp8IH

    #finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly

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    19 mins
  • Financial Planning And Wealth Management For High-Earning Millennial Couples

    Financial Planning And Wealth Management For High-Earning Millennial Couples
    Jul 11 2024

    Interview with Theodore (T.J.) van Gerven CFP, as Boston-based Certified Financial Planner and podcaster covering the subject of “How to maintain financial independence and create growth and income streams from investments”.

    In this episode we discuss:

    • ‘F.I.R.E’ for Millennials
    • Money Talks But Wealth Whispers
    • How to financially plan for retirement or a sabbatical
    • How to effectively manage finances for newly married couples
    • Planning for an IPO: how to make the most of equity compensation

    Watch full video at Charles Kelly Money Tips Podcast - https://youtu.be/VzpfEsAUwkw

    Theodore Joseph (T.J.) is the founder of Modern Wealth Builders, that aims to help maximize your resources and he is passionate about helping millennials to use money intentionally as a tool to build toward financial flexibility while accomplishing various goals on the path to independence.

    Website: https://modernwealthbuilders.com

    YouTube: https://www.youtube.com/channel/UCxejrzu3vF5dc9V3tb9uOoQ

    Nectarine.com: https://hellonectarine.com/r/moneytips

    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.

    Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

    Watch video now: https://youtu.be/aMuGs_ek17s

    3 Steps To Unlocking Financial Freedom!

    Could you do more with your money and finances?

    I want to take you to the next level, help you get control of your money, learn how to invest and become financially free.

    Join me online on my free live money management training Wednesday at 7.00PM.

    Places are limited, so register now below to avoid disappointment.

    https://bit.ly/3QPp8IH

    #finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #FIRE #financialindependenceretireearly

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    35 mins