YOU CAN’T HIDE FROM HMRC BIG BROTHER!

I have often stated in previous blogs and at various speaking events, that it would only be a matter of time before the government would dot the dots!

It was recently reported in the Daily Mail, of a landlord who had received a letter from HMRC stating the following.

‘Our information shows that you have put a deposit in a ‘Tenancy Deposit Scheme’. We have compared this information with what you have told us on your Self-Assessment (SA) tax return for the year ending 5 April 2021… and suggests you may not have told us about all of your rental income.’

It really was only a matter of time, since they introduced the law in 2007 that all deposits must be protected or be fined 3 times the deposit given.

Interestingly enough, I was speaking to another landlord just before Christmas who genuinely thought she only had declare the rental income if she earned more than her annual tax free income!

Don’t get frazzled by all the red tape!

Ring me or email me sharon@moveon.biz with your phone number.

Let’s make 2023 a better year together.

Sharon

CAPITAL GAIN THRESHOLD!

In the recent budget, it was announced the government are reducing the threshold for Capital gains.

Landlords will be hit by this, if you are thinking of selling a property, but let’s see what it means.

Person leaning over desk with calculator and folded-over notebook. Typing into calculator.

Presently everyone who sells a capital asset has the first £12,300 exempt from paying anything. This is being reduced to £6,000 in 2023 and £3,000 from 2024.

Depending on which tax bracket you fall in to, the additional profit made will be taxed. If you are a 20% taxpayer, you will pay 18% on the profit. If you are a higher rate payer, 40% and above, you pay 28%.

EXAMPLE

If you purchased a property for £200,000 and sold it for £300,000. For simple terms, you have made £100,000 (there are other costs you can deduct).

Tax year2022/ 2023 – In the present tax year you would deduct the first £12,300 pay tax on the remaining £87,700.00. At 18% this would be £15,786.00 and at 28% this would be £24,556.

Tax Year 2023/2024 The additional amount to pay in 2023 due to threshold being lowered to £6,000 would be £1,134 at 18% and £1764 at 28%.

Tax year 2024/2025 Then an additional amount in 2024 due to the threshold being lowered to £3,000 would be £540 at 18% and £840 at 28%.

If we tried to look at the glass half full aspect, they did not match the tax to pay to your earnings tax!

Don’t get frazzled by all the red tape, let Move On take the stress away from you!

Fancy an informal chat any time, then email me sharon@moveon.biz with your phone number.

Sharon

PROPERTY HEALTH CHECK LANDLORDS – MY GIFT TO YOU

Great news for local Landlords

Until the end of February, Sharon is offering a FREE 45 minute consultation with you.

Your meeting will be with Sharon personally and within the meeting she will check the following:

Check your rental property is up to date with paperwork legislation and if not what you need to do.

A desk top of the current valuation of your property.

Show you how you can increase your income.

Do you have a problematic tenant?

Let’s see if we can help you.

Don’t get frazzled by all the red tape!

Grab yourself a free consultation today by ringing the office or emailing Sharon directly sharon@moveon.biz with your phone number.

Let’s make 2023 a better year together.

Ring me or email sharon@moveon.biz with your phone number to get booked in!

Information for Landlords

As a landlord, you need to know that your rental property is being looked after, not just by your tenants, but by your agents as well.

With over 15 years of experience in letting and managing rental properties across Poole, Bournemouth and beyond, you can be assured Move On bring the expertise and knowledge to ensure not only your property is looked after, but you are too.

At Move On, we offer a range of different services for rental properties depending on your needs:

Portfolio Management

Have all your investments in one place and in good hands by leaving management of your properties to us. You'll be assigned a designated portfolio manager from our team and full management 24/7. We'll take care of everything from sourcing new tenants to mid-term inspections, compliance management and check outs, so you'll truly be able to relax knowing your portfolio is in good hands.

Fully Managed Service

Our fully managed service allows you to really put your feet up and let us take the stress of finding tenants and managing your rental property from your shoulders. This includes collecting your rent, dealing with maintenance issues, making sure your property is compliant with all the latest legislations, and conducting property visits.

Let Only and Rent Collection Service

With our Let Only and Rent Collection Service, you still retain control over the maintenance of your property, but you don’t have to worry about collecting and managing rent, property visits, finding new tenants, and making sure you are covered with the latest legislations – you can leave that up to us!

Let Only Service

With Let Only, we’ll value and advertise your rental property on our website, social media and popular property portals like Rightmove and find your next tenant. We’ll take the stress out of the compliance side of finding and referencing new tenants too.

What's Included?

Full rental valuation

Advertising of property

Tenant identity verification and Right to Rent Checks

Full tenant referencing

Preparation and distribution of tenancy documents

Arrangement of compliance checks (Gas Safety, Electrical Certificates, etc.) (charges apply)

Compliance advice

Protection of deposit

Collection of rent

Arrangement of quotes, repairs, and maintenance

Regular property checks

Tenancy renewals

Management of check outs and end-of-tenancy

Full list of landlord fees:

SCALE OF CHARGES FOR LANDLORDS 1) Our Let Only Service £550.00 plus VAT (£660.00 inc VAT ) or 5% of the first 12 months rent, whichever is the more. 2) Our Letting and Rent Collection Service 8% plus VAT (9.6% inc VAT) 3) Full Management Service 12% plus VAT (14.4% inc VAT) 4) Premier Fully Inclusive Package 15%+VAT (18% inc VAT) (includes rental warranty) The following fees under the above services are payable when any individual or organisation enters into an agreement to rent the Property as a result of our promotion, introduction, or viewing by the Agent. Additional Charges: Initial Arrangement Fee £440.00 (inclusive of VAT) and includes the following; Tenant referencing £0.00 (inclusive of VAT) Tenancy agreement Fee £0.00 (inclusive of VAT) Check in £0.00 (inclusive of VAT) NB: Please note the above arrangement fee is included in our Let Only service. Inventory service £145.00 (inclusive of VAT) Registration of Deposit £24.00 (inclusive of VAT) Check out £150.00 (inclusive of VAT) Void property inspections £0.00 (inclusive of VAT) Additional inspections £40.00 (inclusive of VAT) first 2 included in management fee per annum Tenancy renewal fee £144.00 (inclusive of VAT) Issuing of notices £120.00 (inclusive of VAT) Annual Statutory Periodic Fee £60.00 (inclusive of VAT) Rent Warranty £432.00 (inclusive of VAT) if required Deposit Disputes £180.00 (inclusive of VAT) If case referred to an adjudicator Professional hourly rate £60.00 (inclusive of VAT) Charged by the Agent when required to carry out any additional services ie Court attendance

Information For Landlords

Landlords

At MOVE ON we pride ourselves in filling your property quickly and efficiently, afterall; an empty property is lost money! With over 16 years experience in the industry your property is in good hands with MOVE ON. This is because we only do local, quality lettings, giving you 100% dedication and access to our market expertise to safely and quickly let your property.

Some benefits of working with MOVE ON RENTALS lettings management:

FREE Consultations
Free valuations
Accompanied Viewings
Fully Vetted tenants
credit check history
Legal Tenancy Agreements
Property and Rental Income Insurances
Check-In and Check-Out services
Inventories
Regular Inspections with written report and photos
Rental Collections
Assistance if filling Eviction Court Forms if required
Assistance with Court Appearances if required
Automated BACS Payment System
Tenant Deposit Scheme covered
Registered for Overseas Landlords

We provide a lettings management service which covers the whole of the Bournemouth and Poole postcode area (BH1, BH2, BH3, BH4, BH5, BH6, BH7, BH8, BH9, BH10, BH11, BH12, BH13, BH14, BH15, BH16, BH17 – BH18), but can help and advise on all of the most popular areas of Dorset!

Move On are pleased to offer a range of services to suit your needs. We appreciate that all our landlords are different from ranging to be partially involved and dealing with any maintenance issues to not wanting to be involved at all. For this reason, we tailor make our services after a full consultation with you. Here is a guide to our fees, including VAT, however, please note these services can be interchangeable and therfore we can be flexible on our fees)

Tenant find: £650.00 (inc VAT)

· Extensive Advertising including Top 2 Portal sites and Radio

·Accompany all viewings
·Provide feedback
·Premier Referencing including credit checks
·Organizing EPC and gas safety certificates
·Producing all legal paperwork
·Ensuring all funds are paid up front
·Set Up standing Order for future rental payments
·Check in fee
·Contact all utility companies
Rent collect – all of the above PLUS: (8.95% including VAT)

·Ensuring rental payments are received each month
Monthly Statements
·Minimum 2 Property visits per annum for same tenant.
·Written report on each Property visit
·Registering Deposit with relevant scheme
·Remind and organize legal Certificates when due

Fully Managed – all of the above PLUS: (13.2% including VAT)

Dealing with any maintenance queries and organizing quotes
Instructing qualified contractors
Minimum Three Inspection per annum (5 weeks, 5^th month and 10^th month
End of year Tax statement
Registered for Over Seas Landlords with Tax Office

Premier Package – all of the above PLUS: (15% including VAT)

Includes All Renewal fees for renewing Tenancy Agreements
Rent Guarantee with NO EXCESS (if the tenant defaults)
Rent paid up until the keys are handed bank in your hand
All Legal costs covered in the event a tenant is to be evicted Including Bailiffs
Legal Expenses to gain possession of the property other than rent default by the tenant (Abbey Legal Protection)
Legal Expenses for Nuisance disputes
Legal Expenses for dilapidation disputes
Legal disputes with contractors over repair and renovation
Professional expenses in the event of Inland Revenue Investigations into the landlord tax affairs
Tracing and debt recovery in the UK and EU
Includes Check out Fees (when tenant vacates)
Rent paid for up to 2 months after tenant vacates if eviction through the courts took place

Other charges that may be applicable:

Additional Charges

Initial arrangement for finding a new tenant Fee £480.00 (inc VAT) (If take one of our managed packages)

Rent Guarantee £240.00 (inc vat) per annum per property (Covers rent from point of tenant moving in until vacant possession)

INVENTORY: Unfurnished Furnished (presently No VAT)

1 and 2 Beds £90 / £105

3 Beds £125/£150

4 Beds £150/ £175

5 Beds £200/ £250

(Please be aware there will be an extra cost for more than 1 reception room, 1 bathroom which will be individually quoted per property)

Renewal of tenancy fee £120 (inc VAT)

Statutory Periodic fee (rollovers) £60 (inc VAT)

Check Out Fee £180 (inc VAT)

Agent attending Tenant eviction in court £60 (incl VAT) per hour.

Insurance Project works 10% (incl VAT) of Project end bill

Please be aware we will also tailor make a package to suit your circumstances and requirements, therefore, do not hesitate to contact one of our lettings professionals today

Telephone: 01202711169

Email: sharon@moveon.biz

Move On is a member of The Property Ombudsman (membership D04763) and Client Money Protect (membership CMP002633).

Header Images

YOU CAN’T HIDE FROM HMRC BIG BROTHER!

CAPITAL GAIN THRESHOLD!

PROPERTY HEALTH CHECK LANDLORDS – MY GIFT TO YOU

Information for Landlords