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 firstname.lastname@example.org or call Jane on 07801 287 213
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!
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 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.
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