As I write this journal, I am very much aware the budget is this week and by the time you read this, the budget has happened! So, I thought I would write about some changes that will affect many landlords in their tax return as we also approach the end of our tax year on the 5th April 2015.
A lovely couple came in to see me this week. They had inherited £250,000 and were toying with the idea of becoming first time landlords.
One of the things I love about being a letting agent, (and I know I have said this before) is there are no two days the same. Something is always happening in our industry and fortunately because I train my staff I have to ensure I am always up to date with what is going on as well as knowing what is coming up that could affect my landlords….
Move On are delighted to share the great start to 2015. In the first 3 days of being back to normal working hours we let 5 properties to great quality tenants;
With this high demand we are keen to help as many landlords as possible with finding suitable tenants to gain the best return of their investment.
If you would like advice on any of aspect of renting out your property please contact Gina our in house Lettings Manager gina@moveonrentals.com 01202711165
Please see below, feedback from a Landlord who decided to let his property out, and have a full managed service while he lived in Egypt….
From: Richard Hawker
Sent: 09 January 2015 00:34
To: Admin
Subject: FW: Feedback
Hello Gina,
Glad to report that I know I could not have had better support from the entire Move on Team, over the last 5 years or so, when I took the plunge and had extended holidays in Egypt!
You are more likely to suffer from Identity Fraud if you are a tenant or landlord of a rented accommodation.
Tenants and Landlords are being warned to make sure they forward their mail when moving property.
The UK’s fraud prevention service CIFAS reported an increase of 32 per cent in the number of identity thefts committed during the recession. One of the most common types of fraud is criminals taking over the running of a victim’s bank account.
Some of the girls from Move On dressed up today with festive spirit and visited various businesses with Christmas goodies in their stocking. Did you see them and can you tell us which businesses they visited.
The picture below shows Samantha Milfield and Gina Parry just prior to leaving the Move On Office with their stocking. Samantha Milfield and Gina Parry just prior to leaving the Move On Office with their stocking.
HMRC have launched 12 task forces aimed at targeting landlords with 3 or more properties in 2011/12 and more in 2012/13. The buy-to-let taskforce will specifically target tax evasion among buy-to-let landlords who own or rent out more than three properties.
HMRC taskforces form part of the government’s aim to raise an additional £7bn a year by 2014/15 through tackling tax evasion, avoidance and fraud. Mike Wells director of risk and intelligence at HM Revenue and Customs (HMRC), is quite clear –“ if you deliberately seek to evade tax we can and will track you down and you’ll face not only a heavy fine, but possibly a criminal prosecution as well.”
The Task forces will gain information from Banks Mortgage applications Land registry Electoral rolls Council tax records Letting agents Rumour also has it the Deposit Scheme implemented in April 2006 was part of collecting data on landlords as the start of the big brother affect. It is thought the HMRC have identified 80,000 landlords who may have claimed too much tax relief or who have failed to declare all the rent received. Property investors who sold homes several years ago have also been pinpointed as well as overseas landlords.
Of course, if you keep accurate records and declare everything you have nothing to worry about. If you want to keep up to date with the latest information with the lettings industry then email Sharon@moveonrentals.com”> Sharon@moveonrentals.com to receive our monthly newsletter.
A Dorset landlord is counting the costs of his futility and refusal to play by the rules.
The Landlord had originally protected a deposit given to him by a tenant through MyDeposits; however the Landlord did not renew his membership the following year and despite MyDeposits writing to him and advising of the consequences, the landlord neither renewed nor joined another scheme.
Failure to protect a deposit within 30 days of receiving it will result in a ‘Section 21 Notice to Quit’ not being recognised in a Court of Law and the tenant being entitled to up to three times the original amount paid as a deposit.
When the tenants vacated the property and requested their deposit back, the Landlord refused, leaving the tenant with no option other than to take the Landlord to court. Although the landlord cited dilapidations’ in the property, he was ill equipped with a hand written Inventory and photographs that were undated.
The court sided with the tenant and awarded £350 costs, the original deposit of £700 and three times the deposit of £2100, bringing the total to £3,150. The courts are coming down heavy on Landlords not protecting deposits. The ruling to protect deposits originally came in to force in April 2007, when all deposits had to be protected within 14 days, however since April 2012 an amendment in the Localism Bill changed this to 30 days with no exceptions.
The legislations are changing all the time and it is becoming more vital for a landlord to belong to a Landlord Scheme to keep up to date with news or a good reputable Letting Agent.
Investment PropertiesBuy a rental property from landlords with tenants in situ. If you’re interested, get in touch to find out more.
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