Signup to the SWLA
**PLEASE NOTE – THIS IS NOT AN SWLA WEBINAR – PLEASE SIGN UP BY CLICKING THE LINK BELOW IF YOU WISH TO ATTEND**
Martyn Taylor of Ashley Taylors Legal invites all SWLA members to the following free landlord webinar;
When – 11am Wednesday 2nd February 2022
Subject– ‘Notices Seeking Possession; Section 8 & Section 21 – getting notices correct, common problems in court & how to avoid them’
Where– Zoom
If you would like to sign up, please click the following registration link to register in advance;
https://us02web.zoom.us/webinar/register/WN_LfWhNy43S-SZEM5oCEH11g
After registering, you will receive a confirmation email containing information about joining the webinar.
Any questions in advance please email to events@ashleytaylors.co.uk
The webinar is limited to 1000 attendees on a first come, first served basis.
Don’t miss the Self Assessment filing deadline – and five other last-minute tips for landlords
Article by GoSimpleTax
Time is running out for landlords and other Income Tax payers, with the Self Assessment online filing deadline of midnight on the 31 January fast approaching. Miss it and straight away you’ll have to pay a Self Assessment late-filing penalty of £100.
The message for landlords is clear: it’s far better and cheaper to make sure you don’t miss the 31 January Self Assessment online filing deadline. If you haven’t yet started to complete your Self Assessment tax return, you really need to get a wiggle on. To help you, here are five last-minute tips for landlords who need to complete a Self Assessment tax return.
1 Register now if necessary
If the 2020/21tax year was the first year you’ve received taxable income from renting out property, you must register for Self-Assessment online and file an SA100 tax return.
In the supplementary SA105 form, which you submit with the SA100, you detail your rental income and allowable costs/expenses (see below) for that tax year, so that HMRC can calculate your Income Tax and National Insurance liability, which is based on your net profit (ie rental income minus allowable costs), accounting for any income from other sources. HMRC will then send you a bill, which you pay directly. If you need to register, get it done ASAP, so you can get on with completing and filing your Self Assessment tax return.
Need to know!
2 Claim all of your allowable expenses
Many costs can be deducted from your rental income to help minimise your tax bill. These are called “allowable expenses” and can include:
Replacing baths, washbasins and toilets is allowable as building repairs, but only if the quality is comparable – it can’t be better. If your rental property is furnished or part-furnished, you may be able to claim a tax relief for replacing worn, damaged or faulty domestic items such as sofas, beds, carpets, curtains, fridges, washing machines, sofas, crockery, cutlery, etc, again, again, as long as the quality isn’t higher.
Need to know!
3 Don’t claim for “disallowable expenses”
You can’t claim for property improvements, such as converting a loft or building an extension, but keep a record of all associated costs, as you may be able to take them away from the sale price to reduce any capital gains tax liability if you decide to sell the property.
As a general rule, costs must be created “wholly and exclusively” generated by renting out your property, if HMRC is to allow them. So, you cannot claim for personal mobile phone bills or vehicle use, as examples.
Need to know!
4 Include all rent-related income
As well as rent, some landlords charge tenants for additional services, which can include renting furniture, cleaning communal areas, gardening services, in some cases, heating, hot water, etc. This income must also be included within your Self Assessment tax return, as does any money you keep from a tenant’s deposit.
5 Manage your losses
If you already need to file a Self Assessment tax return, for example, because you’re a sole trader (ie self-employed) or you earn taxable income from other sources, you must detail all taxable income and any losses made when renting property, even if you make a loss.
A loss happens when your allowable expenses are higher than your rental income, so that you make no rental profit during the tax year. If this happens and you don’t otherwise need to report any taxable income, you don’t need to complete a Self Assessment tax return, if you only rent out one property.
If you rent out more than one property, the income and expenses of them all will be added together to provide an overall profit or loss for the tax year and you’ll be taxed accordingly.
Need to know!
If you’re really pushed for time or simply don’t relish having to complete your Self Assessment tax return, services providers can do it for you or give you additional peace of mind by checking a tax return you’ve completed. Moreover, there are apps that can also take the pain out of filling out Self Assessment tax returns.
More information
Income, Expenses and tax submission all in one. GoSimpleTax will provide you with tips that could save you money on allowances and expenses you might have missed.
Our software submits directly to HMRC and is the digital solution for Landlords to record income, expenses and file their self-assessment giving hints on savings along the way. Covering all self-assessment pages, not just property, GoSimpleTax does all the calculations for you saving you ££’s on accountancy fees.
Available on desktop or mobile application.
Sharing on behalf of Plymouth City Council https://www.skillslaunchpadplym.co.uk/
Maybe your tenants are asking you for advice, or struggling to make ends meet, if so – you could share this with your tenants – an excellent opportunity for them to access free help and advice if they would like it.
**PLEASE NOTE – THIS IS NOT AN SWLA WEBINAR – PLEASE SIGN UP BY CLICKING THE LINK BELOW IF YOU WISH TO ATTEND**
Martyn Taylor of Ashley Taylors Legal invites all SWLA members to the following free landlord webinar;
When – 11am Wednesday 19th January 2022
Subject- ‘It’s 2022 – Let’s be aware of the changes coming.’
Where- Zoom
Martyn will be updating attendees on making sure Section 8 notices are correct and ensuring landlords do not double up accidently on notices which might already be served and still valid. Also a general look into common possession pitfalls.
In addition there will be a “standard update” on any recent developments in practice affecting the procedures that need to be carried out by landlords – and any cases that merit attention and reaction! i.e. the little things that we need to be aware of and take note in our actions to get things right.
If you would like to sign up, please click the following registration link to register in advance; https://us02web.zoom.us/webinar/register/WN_4JetXiXISN2fmbV64UeKVg
After registering, you will receive a confirmation email containing information about joining the webinar.
Any questions in advance please email to events@ashleytaylors.co.uk.
The webinar is limited to 500 attendees on a first come, first served basis.
The proposals for Additional Licensing of Private Rented Houses in Multiple Occupation (HMOs) in Bedminster, Brislington West and Horfield wards and Selective licensing scheme of all other privately rented properties in Bedminster and Brislington West wards were approved by the Cabinet and the scheme will come into force on 6 April 2022. The scheme will be in operation for five years.
Most privately rented properties (including HMOs) in Bedminster and Brislington West wards, and HMOs only in Horfield ward, will require a licence from 6 April 2022 and each property will be inspected at least once during the lifetime of the scheme to ensure that they meet licensing standards.
An HMO is a property where three or more persons who are not related, occupy the accommodation and share some facilities such as bathroom and/or kitchen.
It is a legal requirement for landlords to make a licence application for each property that they let in the area that needs a licence. Failure to do so could result in enforcement action and prosecution. A fee is charged for each licence, payable in two stages, the first on application, the second part before the licence is issued.
Landlords with properties with Mandatory Licences do not need to make a further application under this scheme.
Further details on how to make a licence application will be sent in due course and will be included on our website https://www.bristol.gov.uk/licences-permits/property-licences where you can also find out more information about property licensing.
The Property Licensing scheme was approved by the Mayor at the council’s Cabinet meeting. All comments, observations or queries concerning this decision should be directed to your elected representative (ward councillor) and not through the council’s complaint procedure.
Information from Bristol City Council
Meeting; AGM –
Date; Wednesday 19th January 19:30 –
Venue; Future Inn Plymouth –
SWLA Members Only