What expenses are landlords able to claim back on? There are two types of expenses for landlords which are: business expenditure and capital expenditure. By the end of this blog you will have a clear understanding of which types of spending fall into which expenditure category and you will also know which can be claimed back on. […]
The Energy Act 2011 placed a duty on the Secretary of State to bring into force regulations to improve the energy efficiency of buildings in the domestic and non-domestic private rented sector in England and Wales.
The Government has announced that from 1 February 2016 all private landlords in England will have to check new tenants have the right to be in the UK before renting out their property. Under the new rules, landlords who fail to check a potential tenant’s ‘Right to Rent’ will face penalties of up to £3,000 […]
It has been reported that approximately 300,000 landlords are facing a fine of around three times the amount of deposit taken for not putting tenant deposits into government backed schemes. Since June 2015 ALL landlords can be fined for failing to protect tenant deposits, even those who took deposits BEFORE the law changed in 2007. This […]
Property Income should be disclosed to HMRC within 6 months of the end of the tax year in which a landlord started letting, therefore by 5 October to avoid penalties. What is Property Income? Property income is any income from land or buildings and includes renting furnished or unfurnished residential or commercial property, holiday lets […]
Property Income tax can be paid in two ways, by paying a bill generated by HMRC following completion of a Self Assessment or payment through a person’s PAYE tax code. By entering the gross rental income and expenses on to their tax return, landlords’ profit or loss is then calculated. If the gross rental income is […]
Capital Gains Tax refers to the gain made after selling, giving or exchanging an asset.
It seems the end of so-called ‘seven day evictions’ is near and gaining possession of your property may be a lengthier process going forward.
Does your rented property have a working smoke alarm? A survey has claimed that more than four in ten tenants in house-shares could be at risk due to not having working smoke alarms. As of 1 October 2015, all landlords were required to install working smoke and carbon monoxide alarms in their properties. But new research […]