Call of the Week – protecting the deposit again at the end of the fixed term

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A landlord phoned our Landlord Advice Team this week with a question about whether he was required to protecting a deposit again, as one of her tenants is approaching the end of the initial fixed term. The landlord explained that the tenant was an excellent tenant and was planning on staying on at the property […]

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Licensing expert to address Future Renting Conference

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London Property Licensing’s Richard Tacagni has been confirmed as the latest speaker at the RLA’s next Future Renting Conference. Richard is the founder and Managing Director of London Property Licensing, an independent housing consultancy providing simple, impartial and expert advice on housing regulation with a particular focus on the London property market. Well- known as one […]

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Universal Credit landlord engagement newsletters

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The Department for Work and Pensions has released its June 2018 Universal Credit newsletter.

These Universal Credit newsletters will be published quarterly and provide information to social and private landlords about Universal Credit.

Click Here to download the full June 2018 edition:

“1.2 Applying for a managed payment to landlord

If you’re a private landlord or a social landlord that doesn’t have a secure email address and you are applying for a Managed Payment to Landlord (MPTL) due to rent arrears you will need to complete the non–secure UC47.

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Forum Spotlight: Gaining access for repairs with busy tenant

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This week’s Forum Spotlight looks at gaining access to carry out repairs in a property. The landlord posted on our Forum to say that the tenant is unavailable to let the agent in to the property, to inspect it and to carry out relevant repairs. The tenant works, and say that he can only be there […]

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Is IPPR’s report “On borrowed time� pure fantasy or a cynical publicity stunt?

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Whatever it was, the call for the Bank of England to freeze house prices for 5 years was lapped up by the Guardian and the Times.  For those like myself who had never heard of the IPPR, it describes itself thus: “IPPR is a registered charity and the UK’s pre-eminent progressive think tank�. 

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Property118 Nominated For Prestigious Award

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WE NEED YOUR HELP TO WIN!

We are delighted to have been nominated for the highly prestigious “Property Investor Webite of the Year” award for 2018.

However, it all comes down to public voting now and we have some tough competition including:-

• NLA
• RLA
• Property Tribes
• The Property Hub
• Property Forum

To win this award would be a sign that you truly value what we do

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Update on Making Tax Digital

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Digital Tax:

Making Tax Digital (MTD) is a key plank in the government’s drive to digitise tax so that eventually individuals and businesses will no longer file an annual tax return. Currently, every individual and business can access to their personalised digital tax account, and HMRC says these are being regularly expanded and improved.

HMRC’s aim is to become one of the most digitally advanced tax administrations in the world, and as a result the government has announced the roll out for Making Tax Digital.

The programme has been delayed to give businesses more time to prepare, and they will not now be mandated to use the Making Tax Digital for Business system until April 2019, and then only to meet their VAT obligations. This will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use the system, although they can choose to do so voluntarily.

HM Revenue and Customs (HMRC) last week published further information on Making Tax Digital (MTD) to support businesses and accountants in the run-up to the start of the mandatory MTD VAT service from April 2019.

This includes:

• New guidance on VAT
• A list of software developers HMRC is currently working with during the MTD VAT pilot that have already demonstrated a prototype of their product ready to start testing with businesses and/or agents.
• A communications pack to provide stakeholders with information to support businesses and agents to prepare for MTD.

As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software. This will start from their first VAT period starting on or after 1 April 2019.

Businesses with a taxable turnover below the VAT threshold will not have to operate MTD, but can still choose to do so voluntarily.

The VAT guidance provides information to customers and adds to amendments to the VAT Regulations made earlier this year. The notice also gives guidance on the digital record keeping and return requirements of MTD for VAT including:

• Who needs to follow the MTD rules and from when.
• What digital records businesses must keep, and a series of HMRC directions that relax these requirements in certain circumstances (such as where a mixed rate supply is made, where a third party agent makes or receives supplies on behalf of a business, and where a business uses a special VAT scheme such as a retail scheme or the Flat Rate Scheme).
• How businesses must use software to keep digital records and file their returns from those digital records, including information on when programs do and do not need to be digitally linked in situations where a combination of software programs is used. Given that VAT registered businesses and their tax agents already use a wide variety of different systems and programs to produce their VAT returns, the notice includes a number of illustrated examples to show customers how to ensure their specific set up will be compliant with the regulations from April 2019.

Businesses above the VAT threshold are not required to use MTD for their VAT returns until April 2019 but HMRC has already started piloting the changes with small numbers of invited businesses and accountants. This will be widened out to allow more to join later this year. In the meantime, businesses can start to prepare now by ensuring they are keeping their records digitally and in accordance with the rules set out in the notice.

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Game changer – what the ’88 Housing Act did for us

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For buy-to-let landlords 1988 was a vintage year, with the introduction of ASTs and Section 21 along with the deregulation of rents. Here we look back 30 years at how the Housing Act 1988 transformed the rental market. The introduction of the Housing Act 1988 is credited with opening up buy-to-let to an army of […]

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BLOG: Five things to consider before raising the rent

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Buy-to-let mortgage interest relief is being phased out, with some landlords anticipating much higher tax bills and lower profits. Many have stated they will be increasing rents to make up the shortfall. Here Upad founder and CEO James Davis asks, is it worth it?  Research across the board suggests many landlords will raise rents to […]

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Blown away with fantastic location of stunning investment properties

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We are delighted to bring Property118 investors this fabulous opportunity to purchase 1 & 2 bed apartments within the Southside development, in the lovely town of Ilkeston, just 10 miles east of Derby and 8 miles west of Nottingham.  This spacious development is conveniently situated in the heart of Ilkeston town centre

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