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
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.
- 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: firstname.lastname@example.org visit our Website: www virtualtaxuk.com
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 many of you who have rented out your own car park space knew the consequences?
Did you know that renting out your own car space and receiving income from that source is deemed as taxable income, even if that means that by doing so you have to rent a space yourself.
Renting out your own car park space on your own driveway means you are responsible for declaring that income on your own personal self assessment tax return when you file it to H M Revenue and Customs. The entries should be made on the Land & Property pages
Remember to consider that should you enter into this type of arrangement make sure you prepare a contract and include a break clause in case the situation changes.
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.
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.
Just to remind you that HM Revenue & Customs are now sending out reminders about, filing your Self Assessment Tax return form for the year ended 05th April 2012.
The dates for filing your tax return are as follows:
Manual filing no later than 31st october 2012.
On line filing by 31st January 2012.
Write a script for your business for your customers write it for you.
For all the clients who have invested in understanding the importance of how and why they are required to be really clear in what they are offering others and what they are not offering others are doing very well in this difficult climate.
The reason, well it’s very simple if you are not clear then the customers will inform you and that is no basis of any successful business.
So, why choose me, Jane Cooper ? That’s simple, because I am an expert in Self assessment and because of my back ground, experience, and knowledge.
Thirty years ago, I worked for H M Revenue & Customs, until the self assessment program was launched in 1995. At that time, I had acquired my training in self assessment just as the program went live to the public. I was head hunted by an accountant for his private practice.
In that, I set up a self assessment program from scratch, with 13years tax returns filed without penalties due to firm, whilst, I developed and maintained strong client relationships. Through out that time, I set up simple systems that worked, met the needs of the owner, HM Revenue & Customs, but more importantly, the needs of the clients.