Tax calculator and pen

Top Tip: Keep track of your finances

Keeping track of your expenses, income and taxes as a landlord can be exhausting. Here are the main things that will help either you or your accountant to keep everything in order. Keep track of your expenses: Over the course of a tenancy you will need to spend money, at the very least to maintain the property. Many of these expenses are deductable, so keeping track of them is vital to make... Read more

Posted by Simon @ Upad on June 1st, 2012 in Landlord Tax, Property Rental, Tips for New Landlords

Tax calculator and pen

Tax: the basics

As a buy-to-let landlord, it’s likely you’ll want to find ways to slice your tax bill. So how do you go about doing this? With buy-to-let the way to keep your tax bill down is by deducting expenses from your rental income. If you have several UK residential lettings you pool the income and expenses together. (Furnished holiday lettings and overseas lettings profits need to be calculated... Read more

Posted by Simon @ Upad on May 18th, 2012 in Landlord Tax, Property Rental, Tips for New Landlords

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Homeless Man

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

Posted by Dan @ Upad on September 2nd, 2011 in Buy-to-let, Landlord Legislation, Landlord Tax

moira stuart

New HMRC tax guidance on rental income

In 2011 new guidance was made available by Her Majesty's Revenue and Customs (HMRC), related to taxation on income from property. The information is published in the Trusts, Settlements & Estates Manual (TSEM) at TSEM9000 to 9978. The information was new information; never before been available in an HMRC manual and it represented a big change for UK investors and landlords. Topics... Read more

Posted by Dan @ Upad on September 2nd, 2011 in Landlord Tax, Legal, Property Rental

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Building a Home

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

Posted by Dan @ Upad on August 18th, 2011 in Landlord Tax, Property Market, Property Rental, Tips for New Landlords

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Mervyn King

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

Posted by Dan @ Upad on August 12th, 2011 in Finance, Landlord Tax, Property Rental

Checklist

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

Posted by Dan @ Upad on June 30th, 2011 in Ask Upad, Landlord Legislation, Landlord Tax, Tips for New Landlords

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Tax calculator and pen

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

Posted by Dan @ Upad on June 13th, 2011 in Landlord Tax, Legal, Property Rental

man-with-money

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

Posted by James @ Upad on April 13th, 2011 in Landlord Tax

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Tax calculator and pen

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

Posted by Dan @ Upad on February 9th, 2011 in Landlord Tax

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Pound Coins

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

Posted by Dan @ Upad on February 8th, 2011 in Landlord Tax, Property Rental

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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

Posted by Dan @ Upad on January 4th, 2011 in Landlord Tax, Legal, Tips for New Landlords

lagging

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

Posted by Dan @ Upad on September 28th, 2010 in Energy Saving, Landlord Legislation, Landlord Tax

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fakehmrc

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

Posted by James @ Upad on September 20th, 2010 in Landlord Tax

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Treasury team

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

Posted by Sue @ Upad on June 23rd, 2010 in Landlord Tax, Property Rental

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