Category Archives: Landlords & tenants

Have YOU thought about renting out, your driveway?

Home owners and driveway rentals, Landlords & tenants, Profit and loss accounts, Property Auctions, Self employed, Tax services, ,

If, you have thought about renting out your driveway did you know that the income, you receive from that is taxable income.

That means you need to declare those earnings to HMRC.

You can do this as easy as phoning them, so they can ensure you are in the system which will soon cut over into Making Tax digital and you would fall into one of the first groups to be cut over into the new system.

Before you consider renting out your space think about the following:

Making a written contract ensure it sets out who is responsible for what and when and consider making sure you are not responsible for the vehicle.

Notify the neighbours

Make sure the council are not trying to issue with a planning application fee.

If you are taking on a long term agreement make sure you can provide what they need, a deposit or if you can’t think twice about entering into the arrangement in the first place.

If you wish to discuss anything about this with us we can be reached on our email at info@virtualtaxuk.com or call Jane on 07801 287 213

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

Accountant, Business owners, Entrepreneurs, Income & Investments, Landlords & Rental Income, Landlords & tenants, Professional services, Property Auctions, Property Investment portolios, Property magnets, Property owners, Rental accounts, Tax specialists, , , ,

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.

 

Buying a property at auction?

Business structure, Commercial property, Landlords & tenants, Legal documents, Professional services, Property Auctions, Rental accounts, Self Assessment & Tax Returns, Tax filing dead lines, , , , , , , , ,

 

 

Buying a property at auction can be a great way of bagging a bargain, however, you will need to make sure your funds are ready to hand over should you be lucky enough to find a property you like.

Here are a few things to think about before you proceed:

Make sure your solicitor knows about their subject and is working in your best interest.

Make sure that there is no debt attached to the property as there are tax consequences to you if there is.Property-Auction-

Make sure you do the maths in terms of the work that is required to bring it up to standard actually warrants the investment.

If you need someone on side to make sure the numbers work or ask questions you have may not have thought about which may have a direct impact on your money, contact Jane on 07801 287 213 or book a meeting at a time that’s mutually beneficial.

Contact Number: 07801 287 213

Email: info@virtualtaxuk.com

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!

LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

Care Benefits, Disabled or disability allowances, Landlords & Rental Income, Landlords & tenants, Legal documents, Mental Capacity Act, Paying for Care, Planning for Care, Professional services, Residential & Nursing Care, , , , ,

 

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

Accountant, Landlords & Rental Income, Landlords & tenants, Legal documents, Mental Capacity Act, Rental accounts, , , , , , , ,

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.