Category Archives: Landlords & Rental Income

RENTAL ACCOUNTS SERVICE –Don’t be a prize plum!

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Don’t be a prize plum

Most people would agree that the idea of becoming a property magnet can be an exciting time. Never has the rental market been so vibrant and lucrative. However, when you decide to rent your home, by your own standards even though you may have undertaken all the relevant checks, when you hand over the keys to your tenant you hope that they will look after your property just the way you have- and to be fair some tenants do.

But what happens when things go wrong, the rents stops being paid and there are untold damages to your property?

As a business the cost of an eviction for unpaid rent arrears can have catastrophic consequences on your personal finances and can lead to financial ruin if you are unable to ride it out, let alone mention the untold amounts of emotional stress it takes on your family, personal health and time it takes to repair the damage-

Let’s face it’s every Landlords worse nightmare but if it has gone wrong you don’t have to let it define you!

Calling all property magnets

Don’t be a prize plum!

So when you decide to step into the rental arena make sure you obtain the right advice from the outset and understand the responsibilities on both sides- don’t make the rules up as you go along because this can affect YOUR TAX!

There are specific rules for rental ins and outs and how to recover the unpaid rents when it comes to filing your personal self-assessment tax return to H M Revenue & Customs.

So, if you need some help with your rental portfolio and reclaiming and expenses give me a call to see if I can HELP and assist you getting YOUR LIFE back on track.

 

Run your business & focus on growth!!!

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Getting your tax sorted so that you can run your business and focus on growth is what Virtual Tax UK specialise in.

If you’d rather do anything than plod through your self-assessment forms or want to make sure your business tax demands don’t leave you open to penalties, you’re in exactly the right place.

What you get when you come to Virtual Tax UK is:  

  • A thorough understanding of what is required so you don’t get fined.
  • A very personal service based on what you need, no matter how much or little support you need in getting your tax sorted out.
  • Hands on guidance to get you organized and make your accounts simpler to manage in future.
  • Claim what you are entitled to.

Whether you want some help with the basics of Self-Assessment or you have a business that needs to comply with the current legislation you’ll get just what you need. This leaves you free to get on with what you do best – running your business and focusing on growth.

You can be sure that you’ll get a bespoke service that will ensure your financial affairs are in order so that you sleep easy at night. You can find out more about how we can be of assistance by contacting us

Mb: 07801 287 213 or Email: info@virtualtaxuk.com or visit our Website: www virtualtaxuk.com

 

Happy New year from your flexible tax expert!

TAX – Make sure you only pay what you HAVE to!!!

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Make sure you only pay what you HAVE to

Even though the Self-Assessment form is supposed to make it easy for you to complete your personal return yourself all those boxes can be daunting. When it comes to business tax returns, whether that’s corporation tax, VAT or the ins and outs of the Construction Industry Scheme (CIS) all this paperwork can be a major headache and take over your life.

Tax services                                                         Tax photo Jan 2012

  • Prepare income and expenses for sole traders, partnerships in order to complete your personal self assessment tax return and file on line.
  • Landlords – Property income and expenses.
  • Prepare and file your VAT returns and advise on the best VAT scheme for your business.
  • Prepare the paperwork for corporation tax, if youre a limited company, and ensure you are getting the best tax option for your situation and file through IXBRL.
  • Company formation.
  • complete your self-assessment forms if youre an investor or city trader and ensure you don’t pay tax on anything you don’t need to – and that you claim all the allowances you should.

Let’s be honest, you’d far rather be doing what you do best, rather than poring over sheets of numbers, let alone working into the wee small hours trying to make sense of it all hoping for the best which can cost you in the long run.

If you need help with your paperwork or have managed to get yourself in a pickle, feel free to contact us on: Mb: 07801 287 213or Email: info@virtualtaxuk.comor visit our Website: www virtualtaxuk.com

 

 

 

LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

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LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

Make sure you know who is living in your property because if you don’t you could be in for a nasty surprise.

If you rent a property to a tenant and find out that they have registered themselves disabled and not told you- what do you do?

Well, what you need to know is when or should a “carer” move in to your property without your consent or knowledge which is quite possible in today’s society, the “Carer” becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.

tenancy_agreement_large- Image

Whilst they may enjoy similar status they have different rights.

You need to consider if your property lends itself to the system in terms of installing care aids as not all properties lend themselves to such.

Whilst initially you may have no objection to a tenant who has engaged the services of a “Carer” in the first instance you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or prior knowledge or alternatively seek legal advice.

While it remains one thing for a genuine tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of “Licensee of Tenancy only” and that they are only there to supply the services of care to your Tenant. You have no interest or intention of granting them a tenancy. Basically in essence this means that should anything happen to your tenant the carer’s will have not  be able to live in your property.

As a landlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the full details of the carer and their qualifications.

Care, at this time is an unregulated industry, however, as legitimate carer would have the following qualifications as listed below:

  1. Person Centred Care.
  2. Has been CRB checked by the Care company
  3. First Aid
  4. Manual Handling (depending on the severity of the needs of tenant)
  5. Effective Administering of Medication.
  6. To be able to read and write to a good standard.
  7. Keep a good record of events.
  8. Finally, make sure that you never take money from the carer.

If you are not sure if you have a potential problem feel free to email us on Email: info@virtualtaxuk.com or Call on 07801 287 213

Landlords: Finding out that your tenants has a carer

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What can you do if you find out that your tenant has registered themselves disabled and not told you as the Landlord and you also find out that they have engaged the services of a carer and she is living in your property?

Well, what you need to know is when or should a carer move in to your property without your consent or knowledge which is quite possible in today’s society she/ he becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.

Whilst they may enjoy similar status in terms of living in your property they have different rights.

Also if may be worth checking that your tenant has aquired and errected any care aids in your property without your consent as not all properties lend themselves to such.

Whilst initially you may have no objection to a tenant who has engaged the services of a carer you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or knowledge.

While it remains one thing for a tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of Liscency of tenancy only and that they are only there to supply the services of care  to your tennant . You have no interest or intention of granting them a tenancy.

Basically in essence this means that should anything happen to your tenant the carer’s will have not  be able to live in your property.

As a lanlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the  full details of the carer and their qualifications .

Care covers a multitude of plateforms and if the carer is a legitament carer they would have the following qualifications.

Person centered care, first aid, manual handling ( depending on the severity of the needs of tenant) qualified in administering medication, be able to read and write to a good standard.

Also make sure that you never take money from the carer.

How care aware are you?

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CARE AWARE

In todays society amd from personal experience, I know how difficult it can be to decide what to do when a loved one is taken ill or diagnosed with chronic disease and the impact it can have on day to day running of your business.

The benefit of my experience is that I know what questions need to be asked to ensure YOU make the best decisions and what to consider, plan and structure for in the changing times ahead in regards to those old age problems and rising Care Costs. 

THIS NEW service “CARE AWARE” covers various topics such as:

  • Considerations of what you may have to prepare for when older family members need help and how it may affect you and or your business.
  • Health- Social Care – It’s impact.
    know the difference.
  • Lasting Power of Attorney Finance & Health & Wealth fare
  • The importance of making a will.
  • Considering A Care Home, Ask the right questions.
  • How to manage and cope and structure for changing times ahead when dealing with loved ones who are losing or have lost Mental Capacity.

Capital Allowances on Commercial property

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A new directive soon to be released in the next few years on Capital Allowances on Commercial properties.

Training for my business commences with Simeon Parker on the 22nd November to help us stay ahead of the curve. If you want further information on this contact us through our website http//www.virtualtaxuk.com

Are you caliming the correct allowances?

 

Renting a Property

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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.

Jane Cooper

Accountant, Book kepping, H M Revenue & Customs, Landlords & Rental Income, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Tax filing dead lines, Taxation & Self Employment, Who needs to file a Self Assessment Tax Return?, , , , ,

Hello I am Jane Cooper, the owner and professional expert on Self assessment. My role is to educate and provide you with a service and solutions to filing your tax return to H M Revenue and Customs on line and on time. Pay the correct amount of tax and not a penny more, calculate what tax is due, how to pay and when to pay it.
Unless you understand the Self assessment system, put the right details on your tax return, and file on time, you leave yourself open to a huge amount of unnecessary problems and penalties that have the potential to cost you where it hurts – in you pocket.
I provide solutions so that it does not happen to you!