The Property Podcast ASK453: What if I can't pay the tax when I sell? PLUS: How do I get my dream job in property?
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Nov 5, 2024 Rob & Rob tackle a listener's concerns about remortgaging and capital gains tax implications when selling properties. They break down the differences in tax treatment between individual and limited company investors, offering valuable tips for maximizing returns. Another listener seeks advice on transitioning from recruitment to a career in property, prompting a discussion about networking and the importance of leveraging transferable skills. The conversation emphasizes determination and strategy for those looking to break into the property sector.
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Carl's Property Journey
- Carl, a listener, bought his first property in Derby in 2021 and is now buying his fourth in Doncaster.
- His portfolio has increased in value by over £80,000 in three years.
Calculating Capital Gains
- If you're unsure about capital gains tax implications when remortgaging, calculate your equity and potential liability.
- Remember, capital gains tax applies to the gain, not the total property value.
Breaking into Property
- To break into the property industry, immerse yourself in property-related content and demonstrate transferable skills like customer service.
- Prioritize networking and experience over prestige or money in your initial roles.