Tag Archives: land lords

Starting a business- speak to Virtual Tax

Starting a business can be very exciting and thrilling. Investing in the right advice from the beginning can save you a lot of heart ache down the line.But it’s important to speak to the right people when t come’s to structuring a new venture. The local man in the pub will not do.

When people start a business they can be very consumed at how wonderful their idea is and abdicate in finding out whether ot not there is a market for what they are offering.

If there is a market for what is on offer then the likely hood of it becoming a success is a fine one. Many people today start businesses without understanding the value in taking the right advise from day one. There is value in paying your tax adviser or person who does the number crunching who is experienced in their field to ask those ever important questions that have not yet even crossed your mind.

So here are a few tips to consider

Did you know that advertising your business venture on face book without first registering with HM Revenue & Customs can lead to a lot of problems.

Renting a room from someone on the high street already under a lease with their land lord requires them to check and prove that they have the provision of sub letting built into their contract/ lease.

What research have you undertaken to prove your venture is a viable one and has potential?

Here we have your best interest at heart will ask those uncomfortable questions, why. because we want to make sure you have done your homework and wish to see you be a success at what you love to do…..

If, this makes sense to you and you can see the benefit in acquiring the right information feel free to call us on Mb: 07801 287 213 to see how we can help you best!

Renting a Property

When you decide to rent out a property you have a responsibility to yourself and the tenant to have in place a tenancy agreement which sets out you the “land lord” and the tennant, stating the terms of the agreement.

When you declare your rental income on your personal self assessment tax return you are required by the rules of H M Revenue & Customs to declare the rent received as per the agreement and not just the rent received in the tax year. For further insight and information on this you are welcome to contact me.