LANDLORD NEWS AND ADVICE FROM UK'S LARGEST ONLINE LETTING AGENT
The latest from the world of lettings and written for landlords. Top stories, advice, commentary and analysis...
Keep the discussion lively, if you read an article and have some thoughts, please comment. We’re always looking for new landlord tips and stories so if you have something you’d like to share please let me know, simon@upad.co.uk (editor).
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Archive for the ‘Landlord Tax’ Category
Are Buy to Let landlords to blame for Britain’s housing crisis?
An article in The Daily Telegraph this week focussed on the causes of Britain's acute housing problems. The article by Ed Howker, associate editor of 'The Spectator’ and co-author of 'Jilted Generation: How Britain Has Bankrupted its Youth', cited Buy to Let landlords as part of the problem. The article entitled “Britain has too few homes for sale” claims that one of the major reasons... Read more
New HMRC tax guidance on rental income
Don't get too excited, but word has reached us here at Upad Towers that new guidance has been released by Her Majesty's Revenue and Customs (HMRC) related to taxation on income from property. The new information is published in the Trusts, Settlements & Estates Manual (TSEM) at TSEM9000 to 9978. We're reliably informed that much of the recently released information is absolutely new, has... Read more
5% VAT on renovating unoccupied properties
If you're in the market for another Buy to Let flat or house, there are lots of reasons to steer well clear of unoccupied properties. It's especially true if they have been empty for a while or are in very bad shape. The time and expense of renovating a property will often take a good chunk out of your short term profits. That's why it pays to take a more long term view and consider the value you... Read more
A gloomy forecast from the Bank of England
The Governor of the Bank of England Mervyn King has issued his quarterly forecasts and it doesn't make happy reading. Notably, he has downgraded the UK's forecast economic growth and also said that inflation has not reached its peak. The Bank estimates that Britain's economy will grow by 1.7% during 2011, less than the 2% in February's forecast of 2% growth but the same as the latest forecasts... Read more
Ask Upad: What sort of records does a landlord need to keep?
Q: I have recently started letting a property in Birmingham but I don't know what sort of records I need to keep. Can you help? A: There are some records that you're required as a landlord to keep by law. The most complex regard your tax records and accounts like with any other enterprise. You'll probably need to file a self-assessment tax return so you'll need full records of income and... Read more
Ask Upad: Do I need a special bank account for my landlord earnings?
Q: I rent out a 2 bedroom flat in London. I receive the rent by bank transfer monthly into my personal bank account. Do I need a special bank account for my landlord earnings? In particular, I don't want to incur the expense of a bank account if I can avoid it. A: There are no legal requirements to have a specific, dedicated bank account for your landlord earnings. It's perfectly permissable... Read more
Landlords: Does the taxman owe you money?
Fact: thousands of landlords up and down the country are owed money by HMRC. Are you one of them? You might own and rent out a single multi-let or HMO, or manage a dozen properties. It doesn’t matter whether you pay tax through PAYE or fill in a self-assessment tax return, there’s every chance you could be in line for a tax rebate windfall. It all comes down to making the most of your... Read more
Challenge your accountant to save you more money today
Seize the opportunity and surprise your accountant this week: put them on a tax saving mission. Yes. Talk to them now and help them advise you on how you can pay less next year. It’s your duty as a landlord. But what do you need to ask them? Here are some pointers. Make the most of expenses. All sorts of spending you incur as a landlord can be claimed as a tax deductible expense. This can... Read more
Tax tips for new landlords
When you’re letting a property for the first time, there are plenty of things you need to know about. One thing that you mustn't forget is the thorny issue of tax. If you’re embarking upon the landlord game for the first time, you are well advised to have a conversation with an accountant and understand what your responsibilities are and how you can minimise your tax liabilities. But here... Read more
What does the VAT hike mean for landlords?
Today’s the day. VAT (value added tax) rose from 17.5% to 20% at midnight. The Chancellor George Osborne has indicated that the increase is entirely necessary to fund cuts in the deficit and he has also said he expects the change to be permanent. Economists have warned that the rise may well risk further rises in inflation. Opposition politicians have said it’s a regressive move that will hit... Read more
Are you claiming your Landlords Energy Saving Allowance?
You don’t get much in this world for free. And whilst the Landlord’s Energy Saving Allowance (LESA) isn’t that elusive free lunch that Milton Friedman tells us doesn’t exist, it is a useful tax allowance available to landlords who are undertaking property improvements. That’s right. It’s a little tax break for landlords who have taken steps to improve the energy efficiency of property... Read more
Beware of fake tax refund scammers
A little warning from James for a Monday morning: beware of emails like this, which claim to advise you of a tax refund owing. Someone's made a small effort to be convincing with the branding: it comes with the logos of not only Revenue & Customs, but also Business Link, the Ministry of Justice, and DirectGov: you've got to give them points for trying to look official. The email comes... Read more
And in other Budget news…
Leaving aside the dog's breakfast that's just been made of the Housing Benefit system, landlords seem to have heaved a sigh of relief after yesterday's Budget, largely because expected hikes in capital gains tax were not as huge as expected. Higher rate tax payers will see CGT increased to 28%; for lower rate taxpayers, it remains at 18%. Victoria Whitlock, the Evening Standard's "accidental... Read more
Landlords call on government to reduce red tape
Private landlords have called on the government to abandon plans to increase Capital Gains Tax (CGT), and instead to work to reduce red tape around the lettings industry. That's the finding from Upad's latest Landlord Confidence Survey, which asked 257 UK private landlords "do you feel more or less confident in the market than you did last month". 54% of landlords said that they did feel more... Read more
David Cameron becomes capital’s newest accidental landlord
The Daily Mail reveals this morning that the Prime Minister is to become a private landlord, letting out his Notting Hill house as he and SamCam move into Number 10. Many people find themselves in the same position, having to let out an old house when they move to a new job. Here are our top tips for accidental landlords, for Mr Cameron and anyone else who finds themselves owning a house... Read more
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Recent Comments
- Sophie Trucker: Excellent idea but lets hope that this does in fact happen. So often the Government promises to...
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- andrew: excellent idea.
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