Recommended Accountants?

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Does Property118 recommend any property specific accountancy firms? If so will these complete my self assessment along with providing me the best tax planning advice?

I am a young landlord at 27 with 4 rental properties and a full time job. I feel a little bogged down in the past 12 months regarding all the recent changes and confused about the best ways to go forward. I would love some personal advice tailored to my specific circumstances.

I really need to appoint an accountant asap who can guide my through my first self assessment and hopefully advise me on what’s the best approach going forward. Is there a one stop shop or will my accountant and tax planner be two separate entities? (This rings alarm bells for bills).

I’ve seen many of the posts the two mark’s post on here regarding incorporation but wonder if it’s relevant to me and my modest portfolio.

Any comments would be greatly appreciated.

Joe

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Send in tax returns even if you don’t make a profit

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Unfortunately, we still speak with amateur landlords who may have owned a rental property for years, often by accident, who have not submitted any tax returns. This is most commonly because they think they don’t need to if they haven’t made a profit.

To be fair to HMRC if no profit hasn’t been made and you own up first they are pretty understanding about it.

However, Newham council are now working with HMRC investigating all landlords that are on their selective licencing list, but not declaring on self assessment tax returns that they own rental property. They think this could involve up to 13,000 landlords, which is about half the total number in the borough.

Sir Robin Wales, Newham Mayor, said: “In addition to uncovering large scale exploitation of vulnerable tenants, our licensing scheme has also unearthed that many unscrupulous landlords may be benefiting from undeclared tax.

“At a time when local authorities are experiencing savage cuts, and Newham alone has had half its grant funding cut, possible tax evasion on this scale takes money from vital public services. This is money out of the pockets of our poorest residents who rely on our services the most.

“While the Chancellor is scrambling around ahead of his Autumn Budget and the Prime Minister is claiming there is ‘no Magic Money Tree’, Newham has the solution in private rented licensing.“

University of London professor, Richard Murphy, claims that tax revenue losses from the PRS could amount to £1 billion per annum.

Murphy’s assessment is based upon the above Newham statistics and he said in his blog, “Their estimate is that maybe £200 million of tax is not being paid in London alone as a result of the failure of landlords to register to declare tax that they owe. This compares with HMRC’s suggestion that they may lose £550 million of tax a year in this way across the country as a whole.”

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HMO COUNCIL TAX being changed on each room!

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Hi all, I have a bed HMO which consists of having all en-suites. I’ve been battling with the local Council reference council tax since obtaining planning permission and once fully finished. As all landlords know council tax is very expensive!!

The council classed the HMO rooms as “self contained”, however after having number of site visits and local planning enforcement on site valuation office classed the property as a HMO. Now Aug 2017 valuation office have wrote letters to all tenants stating they are liable for council tax and have billed me £14,000 due to seeing the plans before in 2014 and now they say there has been have been some ” alterations ” ( en-suite in rooms), which was done when planning was put in 2014.

The valuation office doesn’t know what they are doing after number of calls and messages they still not understand. Has anyone been thought this traumatic time ???

I await messages of how you overcame this situation.

Thanks

Rahul

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Bristol Slum Landlords Exploiting Migrants…

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Rouge Landlords:

Slum landlords who have been exploiting migrants in shocking housing conditions are to be targeted by a new Bristol Council inspection team says the Bristol Post. The scheme to crack down on these landlords is being funded by central government.

The team aims to inspect thousands of privately-rented homes across the Bristol city. This comes after a whole host of “shocking conditions” have been exposed over the past few months by the Bristol Post.

Funding provided by The Home Office will be used by the Council – more than £320,000 – from a ‘Controlling Migration Fund’ to be used solely to tackle the “decrepit state” of many privately-rented homes and rooms in certain parts of the city.

Poor standards housing is a recognised issue across Bristol, but it is thought to be markedly worse in places with concentrated populations of migrants and refugees. Unscrupulous ‘rouge landlords’ are said to rely on the fact people who are relatively new to the country either don’t know they can complain about it, or are afraid to.

The council says that migrants are ‘over-represented in the private rented sector’ in Bristol. This is because they are at the bottom of the queue for council housing, often ending up in properties in poor condition.

Over the past year, the Bristol Post has exposed a housing crisis in the city. It has revealed stories such as that of the Somali woman whose neighbours of 12 years in Easton lined up to prevent a ‘revenge eviction’, instigated by here complaining about damp.

There was another shocking example with the death of Jorge Rias, a Colombian who died in a single room in a House in Multiple Occupancy (HMO) in St Paul’s that was so smelly, his body wasn’t discovered for weeks.

Recently the Post exposed how one landlord told another family from overseas, whose children have been born and grown up in Bristol, that they would be evicted after they complained of water pouring down walls when it rains.

Those kinds of anecdotal evidence are said to be multiplied countless times across the city. A situation that has prompted central government to fund Bristol to the tune of £321,750 for a two-year project to identify and target these rogue landlords, and where necessary to take enforcement action.

Bristol’s housing chief, Cllr Paul Smith has said:

“Across the city people are finding it increasingly difficult to access decent, affordable homes.

“In Bristol we are working hard to tackle criminal landlords and through this extra funding, we expect to see a reduction in the number of these criminal landlords letting out poor quality accommodation and exploiting tenants.

“Making sure that everyone in Bristol has a safe, comfortable place to call home, is one of our key priorities, and we are doing all we can to make this a reality. We intend to use all enforcement powers at our disposal where appropriate,” Cllr Smith added.

Controversy has surrounded the government’s ‘Controlling Migration Fund’ as it often leads to enforcement action being taken against people who are found to be in the country illegally.

The fund is actually split into two parts: one half is to tackle the illegal immigrants, and the second to help authorities assist those people who are here quite legally and this is where the money to target slum landlords is to come from.

The councils says that this money will pay for around 1,200 inspections of properties in Bristol.

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