Reverse the planned tax relief restriction on ‘individual’ landlords

We operate as sole traders and incur costs in the course of running our business. The planned restriction will unfairly target us by preventing us from offsetting costs in the same manner as other sole traders.

RW board

We ask that the planned restriction be reconsidered as it has unfair implications.

The Institute for Fiscal Studies has stated, in response to the Budget, individual landlords are already taxed more heavily than other homeowners.

The private rented sector is heavily reliant on individual landlords. The planned change is likely to result in higher rents due to landlords looking to offset higher tax liabilities.

In some cases, employed individuals own buy to let properties as investments for retirement. The planned restriction would adversely and unfairly affect them.

CLICK TO JOIN

https://petition.parliament.uk/petitions/104880/signatures/new

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Today I Am Seeking Ground Rents

£200 referral fee on on completion for any introduction Today I Am Seeking Ground Rents I have a buyer    with an urgent requirement for residential ground rents  up to 200 units anywhere in England Ideally we would like the opportunity to manage and insure ​I look forward to hearing from you if you want to sell your property fast  richard.williams@kwuk.com

£200 referral fee on on completion for any introduction Today I Am Seeking Ground Rents
I have a buyer
with an urgent requirement for residential ground rents
up to 200 units anywhere in England
Ideally we would like the opportunity to manage and insure
​I look forward to hearing from you if you want to sell your property fast
richard.williams@kwuk.com

Rents Set To Soar (Landlords Set For Market Domination)

A strange situation exists between home owners and business owners in the property rental market.

Photo Wiki Commons

In the last budget George Osborne’s belief that rental property is taxed more favourably than home owners is simply incorrect,

My expectations are that long term investors will create limited companies and then the limited company will buy/own/manage and rent out properties.

Richard Williams

The tax rate will be 19% and soon 18%. My expectations are that the issue the occupier at NUMBER 11 has will in fact get worse.

Commercial mortgages are allowable, they do have a higher interest rate and can be charges allowed against tax.

The attitude of lenders will perhaps improve and we might see a new trend ine lending to limited Companies for BTL investments at higher rates for the commercial debt. This being chargeable might see investors then taking no real salary and drawing out dividends.

The next scheme for investors is to buy themselves a bigger home than they need as the “Rent a Room” tax relief is going to be put up to a new level £7,500 from next year.

Today our workforce need affordable homes but following the last budget the British landlord lost tax benefits that will drive up rents.

The belief that landlords are like single dwelling occupiers is not factually right and instead they could be compared to car hire companies.

Values of homes do go down as well as up, money is a cost for funding and so are ongoing maintenance costs.

Number 11 Downing Street should identify with the service landlords provide and see this for the business it actually is.

Private landlords who rent our dwellings are crucial to meeting Britain’s housing supply

The price of rents has ton go upward in order to not only give the investor a margin as compared to that of any other business but also to follow projections on UK average house prices increasing by around 5% this year.

Whilst UK government is trying to drive housing development, the planning officers are still gripping the throat of the sector, with that in mind I assume the supply of new UK homes will be low and demand will be high.

If you have low supply coupled with a high demand on any product the result in prices will be the same.

Therefore house prices I expect will continue growing at around 5% rate for the rest of this decade.

Landlords will have to pay £360,000 for an average UK house over the next 5 or 6 years.

House price increases in 2013/2014 was naturally followed mortgage lending peaking at £19 billion for the month in July 2014,

PWC in a recent report say gross mortgage lending peaked at £19 billion in July 2014, but has now stabilised at around £16 billion a month. This is likely to be restricting demand, contributing to the slowdown in house price growth.

Click image for PwC housing report Click image for PwC housing report

PWC went onto say that as house prices have risen and social housing supply remains constrained, the number of households in the private rented sector has more than doubled since 2001, rising from 2.3 million to 5.4 million by 2014, around 20% of the total. We project that this trend will continue with an additional 1.8 million households becoming private renters by 2025. This would take the total to 7.2 million households – almost one in four of the UK total. The trend is particularly strong in the 20-39 age group where more than half will be renting privately by 2025. The rise of ‘Generation Rent’ will continue

Low interest rates will be a thing of the past, landlords will be squeezed and house prices will go up.

Do take advice and for an informal chat click the KW logo Click KW for more help

Realtor

Looking For Leaders (Are You Looking For An Opportunity To Make A 7 Figure Income)

Success Leaves Clues!


 Success; Being at the Forefront of the Property Company of the 21st Century.
Do YOU want to be part of it?
Dear Reader

  • What would you say if someone told you that you could work from home – part
    time – and have money coming into your bank account almost every day?
  • What if they told you that you could be your own boss and work when only YOU wanted to?
  • Can you imagine it?
  • What if you could live anywhere you wanted, take a step back and watch your income grow year after year?
  • How would that feel?

So then, what would you say to having a guide – a teacher – who has accomplished
all these things and who is willing to show you the same every step of the way?
Incredible? Yes! Achievable? Most definitely!

I found someone who had succeeded in generating an
amazing income and they were teaching other people how to do the same. Working
alongside him, many accomplished what he has achieved and now we can show you what it is that is making people 6 and 7 figure incomes.

.
If you are willing to learn, we are willing to teach.
Would you agree that everything we have or do in life is down to choice and that many of our choices are down to the decisions we make?

For example, you could quite easily decide to ignore this blog, hit the back button, close the browser and get on with something else. Or, you could decide to take time out, read this posting and find out exactly how it’s possible to earn an extra £3,000- £15,000 per month part-time working from home.


So, WATCH OUT and prepare for YOUR success!
Why am I so confident in your ability? Simple answer. I know that, doing what I do
now can earn me well over £200,000, working from home on a part time basis. I also
know that, if I wasn’t doing what I do now, I’d be back in my original job – on my chicken farm sorting eggs.

You don’t have to be Einstein to do what I do. If I can do it, So Can You!
Yes, it’s a bold statement. But I know of hundreds of people who are earning hundreds of thousands of pounds each and every year in this way. They come from all walks of life.

Think about all those people who are not highly skilled or talented or indeed worldly
wise? They have achieved incredible success in what they do…

Almost anyone can do it – so why not you?

One way to lead a stress-free, high quality lifestyle is to follow someone else’s successful example. Many of us just wander aimlessly through life. We might know what we want out of life, but we make little or no effort to see how we can get it. We’re conditioned to think that successful people wouldn’t have the time or inclination to help us and the only other option would be to learn from unsuccessful people. Fortunately, most of us are too smart to go down that route.

RICHARD WILLIAMS        “One way to lead a stress-free, high quality lifestyle is to follow someone else’s”
successful example. Many of us just wander aimlessly through life. We might know
what we want out of life, but we make little or no effort to see how we can get it. We’re
conditioned to think that successful people wouldn’t have the time or inclination to help
us and the only other option would be to learn from unsuccessful people. Fortunately,
most of us are too smart to go down that route.

Richard Williams
Fact: Trends are Changing – and Fast

A property company launched in the USA making millionaires, multi millions or just a good six figures for committed individuals.

You pick how much you want to earn and you can work from home and make a passive income

A new survey for a Franchise Programme has found that nearly 25 per cent of UK employees think about packing it all in and going it alone in one way of
another. Not only that, but they find themselves thinking about this at least once a week and money is not their driving force.
60 per cent of employees asked have said that they would like to work their
own hours, while more than 50 per cent would like to be their own boss.

Makes you think… is there another way?
What’s the Secret of Success?
One way to lead a stress-free, high quality lifestyle is to follow someone else’s
successful example. Many of us just wander aimlessly through life. We might know
what we want out of life, but we make little or no effort to see how we can get it. We’re
conditioned to think that successful people wouldn’t have the time or inclination to help us and the only other option would be to learn from unsuccessful people. Fortunately,most of us are too smart to go down that route.

This is your real chance to learn and take action. Allow me to introduce myself and tell you how I got started. Then, if you’re ready to learn, I can show you how you can get started.
My name is Richard Williams and, funny as it may sound, I was really lucky because my life was miserable. Let me explain. I used to work on the family chicken farm, facing all the relevant smells from the droppings of 50,000 birds on a daily basis.

DSC01846

My car was a Morris Minor and I drove it to the benefits office and signed as due to a change in UK agriculture, the chickens only made £6,150 a year and I was faced with no other option but to look for more income. I could not face being a Benefits Britain kind of chap even if that meant sitting in the daily traffic jam, snarling at other drivers and cooking in the summer heat while I went to work for a small publisher in Gloucester. What else was there? The joys of no commuting, no office politics, working at your own speed and in your own time seemed truly idyllic.

But, as with so much in life, I thought: “no real chance for me.” I was disappointed in myself for staying in that job, but the chicken farm wouldn’t support the whole family and I needed the security of a monthly salary. I did try many various ideas and frankly many of these cost me money I could not afford to spend.

Back then, I knew of nothing that would allow me the freedom and income I desired
until I discovered that it’s not what you know, but WHO you know. As I say, I was
fortunate that, back then, my life was miserable. Had things been brilliant, I probably
would have not read a blog post like this and gone on with humdrum.

Dream Your Wildest Dreams and then Achieve Them
As I say, it’s not what you know, but WHO you know that matters. I had a chance meeting with someone I worked with years ago, we both had similar backgrounds, worked in similar ways but now James was a multi millionaire, at that time he had just gone from being like the rest of us (a bit strapped for cash) to being on the TIMES RICH LIST

Nothing official – just the two of us. His name was James, he told me he was neither broke nor rich when he attended a property seminar, frankly he liked property, he had made some money in property but decided to take a close look and go to a seminar in the USA.

The coincidence was amazing I had made several trips to the U.S. and noticed these seminars. In fact I recognised one of the names and attended the very same seminar in the UK.

ONE BIG DIFFERENCE

After the seminar James used the information to his had advantage, he cycled around at 5am looking for opportunities and slowly made a portfolio and he also found others that wanted to invest in property that he could wholesale property to.

In other words James sourced bargains in the way he was taught and he sourced buyers through the way he was taught.

This created more and more and more customers. In one month he sourced and sold 400 properties. By this stage he did have a back up team in an office as he had outgrown his office at home.

WHAT HAD I DONE 

Would you agree that everything we have or do in life is down to choice and that many of our choices are down to the decisions we make?

I attended the same seminar as the person and I had all the same knowledge as James.

Whilst James had chosen to implement the entire system I instead went on doing what I had always done and got what I always got.

Fantastic to have seen James after all these years and we  promised to keep in touch and we are in touch. It got me thinking… In the past I learned that if you model people you will be sure to get the same result. My pal had got himself on the RICH LIST by modelling someone else, I’d seen the same model at or about the same time as James but did not follow through and frankly I should have known better.

Hindsight is an incredible thing if you recognise it and do something about it.

I already had worked out that modelling had worked! What I did not do was model a plan that created such huge incomes as James.

photo (41)

From left to right– The late great Dusty Greene, me Richard Williams and Rex G. Maughan the founder, president, and CEO of Forever Living Products of Arizona. My heartfelt gratitude goes to these two fine fellows as without being able to model such outstanding leaders I would not have the residual income that today allows me to swap work life for life work. If you are a FOREVER BUSINESS OWNER do not contact me about the Keller Williams business opportunity as you have a fine business plan already and the most I will do is help you buy or sell a property as you venture up the FBO ladder

Having escaped from the chicken farm, I did meet Dustin in Selly Oak in Birmingham, who had been sent to the UK from Arizona by a man called Rex one of America’s wealthiest people. Dusty had come with an idea. He said that his company was making millions and what was even more amazing was that, if anyone in the company stopped working, they’d still get paid. I thought: “Wow! If I could do what they do, I could make a fortune!”
I remember thinking: “Just imagine, if Dusty would be willing to teach me what he’s
doing, then I could copy it.” He had been doing it for a few years in the States and,
at that time, he was earning £six figures a year. That’s right –  a proven way to a six figure income.

At that time I made about £1000 a month! So, if I did the same and only made a few
thousand a month working part-time, it would be a lot more than my full time salary.
I knew that a better way must exist. When I went to a series of events that showed me how to do it, I remember being told: “Dream your wildest dreams and then achieve them.” I’ve never looked back.
See, Do, Teach…
Dusty started to teach me his skills. He taught me exactly what he was taught and I
copied everything he did. In my first month I earned an extra £400 and the excitement
was marvellous. When I started, I’d had a five-year goal of making £5,000 a month
and to think that I shattered that goal in just 12 months was incredibly marvelous!
Not only that, but I achieved that goal at a time when the company had very limited
tools in place to help people along. If I’d started today, I could have achieved my goal
much more quickly. As I started to progress, I soon discovered that other people in the company also wanted to share in their success and teach me their skills as well. The more I learned and copied, the more I achieved.
Believe me; I would love to tell you that my income and success are due to my ability
and skills. But my ability and skills left me nearly broke and my only alternative would
have been to work for hours and hours, with too much month at the end of the
money. Be honest.

We all know there is no shortage of money out there. You see it in people driving around in expensive cars and living in beautiful homes.

Haven’t you ever wondered what they do?

Working all hours available to build someone else’s dream
(not their own) and, with no time in the day to actually enjoy their achievements?
A survey published in August this year said that nearly 25 per cent of UK employees
think about ditching their jobs and starting up their own business at least once a week.


Now, with a successful way of doing it in place and people who are more than willing
to show you how, that’s it’s not such a bad idea…

Job Security – Is There Such a Thing?
All around us, we’re surrounded by facts, figures and statistics. Statistics on working
trends, statistics on pensions and statistics on job security and the statistics on job
security seem to scream one thing – there is no such thing. Indeed, many people ‘in
the know’ have said that we have more chance of winning the lottery than of becoming rich by working for someone else.

Take a look at what J. Paul Getty said:

“You must be in business for yourself as you will never get rich working for somebody else.”
In my job, my employer decided how much I earned, where I worked and therefore
where I lived. My employer dictated what time I worked, when I took holidays and, if
business was flat, even my exact hours… or if I had a job at all. That’s what they call job security – is it?
Can job security really exist? Some people used to think they had a job for life. That
was until thousands of jobs started to go for good as technology infiltrated ways of
manufacturing and companies started to move their workforces out to the east in order to reduce costs. Those jobs are never going to come back and they were never secure in the first place.

By learning to duplicate Rex & Dusty in the days after the chicken farm I found a way to escape the rat race and spend several months in the Indian Ocean every year. With the income rewarded by Dusty & Rex being invested in property it gave even greater income. Now with Gary & James to help I look forward to working with you on your millionaire plan

This ‘plan of action’ by companies now seems to be a trend and it begs
the question – or rather several:
Isn’t it time to take charge of your future and start to plan your life?
If you couldn’t work from today, how long would you last financially?
Did you save any thing last year? £10,000 maybe? OK – £1,000? Alright then, –
£100?
Have you saved any money in the last year or even five years?

Isn’t it time for a change?
Do you want a different result? If so, do you need to do something different?

Making the Right Decision?

Do you feel ready to do something different?

To see the change we want, are you ready to change yourself?

If you said YES, then welcome as James and I are working together.

Even better is that we have enlisted help from Gary Keller’s company and have two ways to make £1m a year. Or any other figure you determine to stop at along the way.

Frankly it was a system just like Gary’s that James and I saw in the first place and Gary has sent a CEO from the USA and we can coach others.

This is the same process James used to make himself a fortune, I tried this process twice, the first time I invested little or no money and made £70,000 and the second £75,000. The third try is underway now and should make more than the previous two times put together.

I did also supply some properties as did James, in a wholesale way, linking developers to investors seeking bargain properties, I made two deals so £8,000 for a months work and can see exactly how James built a team to make his four hundred sales a month… Of course he just escalated the same process!

JOIN OUR TEAM          CALL 0845 055 8203 FOR A CONFIDENTIAL CONVERSATION

gARY USES A process JAMES personally used to quit HIS job many years ago, and that HE went on to teach TO AROUND 20,000 NOVICE PROPERTY investors.

I HAVE ALSO PERSONAL EXPERIENCE OF ADDING £200,000 TO MY OWN INCOME PART TIME, WITH JAMES’S SYSTEM, GARY’S SYSTEM AND A TEAM OF PROPERTY MENTORS TO HOLD YOUR HAND EVERY STEP OF THE WAY IT COULD BE THE VERY SYSTEM YOU HAVE BEEN WAITING FOR.

But first, here’s what the two-part ‘MILLIONAIRE REAL ESTATE INVESTOR COURSE’ can do for you.

The ‘Millionare Real Estate Investor’ Part 1. was created specifically for people like you and me. Presuming that like me you are a budding property investor who is seeking a plan to become financially independent.

It could make you an additional income of £2000 or £3000 or £5000 and if you follow the entire plan it will put you on a plan that makes tens of thousands a month and ultimately in Part 2 on to the MILLION A YEAR INCOME.

By creating an  £3,000-£5,000 per month in property as quickly and easily as possible, it could be the first step that allows you to sack the boss and quit your full-time job!

And, if you don’t have any money or if you have a bad credit score and cannot get a mortgage we do have profit from property strategy which can work for you. But, to be brutally honest, you could achieve financial freedom much much lot faster if you have access to finance and even cash to invest and decent a credit score.

Just about everyone’s goal when they get into property is to build wealth.

 what are the things that nobody’s teaching you…

It is not

Carving houses up into multiple dwellings generates returns 40pc higher than letting them as single properties, new research finds

It is not

How to run adverts for below market value homes

Anyone who seeks financial wealth must first learn the fundamental truths and models that drive it.

In order to build wealth, we will show you how to start by becoming financially independent yourself

Just launching in the UK and looking for business builders

What does financially independent mean?

It means all the basic needs of you and your household are easily covered.

This means no boss dictating when you work, what you do at work and when you get a holiday.

Financially independent means slightly exceeding your salary through property investment

Millionaire real estate investor by gary keller has been used by millions of people

some make a little money every year and others make lots

james has trained many hundreds of people just like you to become financially free by buying and selling property in a very specific way.

between james and gary is an entire process for becoming financially free in property.

 if you’re willing to put in the effort to acquire work with us in property and follow a plan you can expect.

  • The first part of the course are a look at the myths about money and investing that hold people back
  • You’ll discover how to develop the mindset of a millionaire investor
  •  You’ll discover how to develop sound criteria for identifying great properties .
  • You’ll get a road map created by Gary and used by thousands of his students for generating an additional monthly income of £5,000 a month investing in property
  • You’ll know which markets are the best in which to invest
  • You’ll find out how to find the best investment grade properties
  • You’ll find out the easiest ways available to get funding
  • You’ll get a fast track plan on how to invest in property if you have your own money and a great credit score.
  • You’ll also discover how to invest with little or no money down and with bad or no credit.
  • Last but not least you’ll discover how to see our vision for £1m a year in income whether you have any large capital or not

gary and james have not only made millions from property, they have either seen or made huge mistakes themselves and can save you from some of the challenges ahead

this is not just the work of one person but The way that  the wealthiest people on the rich list invest in investment grade property.

It’s all about buying right and looking at the yield to make an income generating machine!

We are ready to show you how to build a portfolio of income generating properties and have the freedom to live life to the full. Are you ready to start?

My true hope for you is that you don’t make the decision i made.

Look and do nothing!

our objective is that you have the  confidence in yourself to go it alone or you will work with one of our keller williams realtor network to work through some of your challenges and help you source bargain buy to let and other money making prospective options and other courses in order to become a millionaire real estate investor.

Or you could do nothing and go back to working as you have and earn what you always got. If this current way of working has given you many of the goals you set for yourself and you are happy then carry on.

If you are behind on some of the things you expected to achieve in life and what to see if a different way exists part time you must get in touch NOW

If you agree that having an extra income of £5,000, £10,000 or even £20,000 or more a month  would add up to a life changing situation for you and your family…then you need to stop what you’re doing right now… call me on 01886 880088

… and get yourself on our webinar

You might like it so much that as our video shows, you earn money not only from your property portfolio but from introducing others to the system

The very first session costs you nothing except a little time

these millionaire property investor webinars launch in august and we expect high demand so get booked on this free training now!

0845 055 8203 or call 01886 880088 my direct line or email richard.williams @ kwuk.com

Kind regards
 
Richard
 

Richard Williams

Associate Director
Realtor-net
Offering Residential & Mercantile Investor’s A Property Edge
Keller Williams, 111 Buckingham Palace Road, London, SW1W 0SR

Tel :+44 (0) 20 7340 6333          Mobile: 07711 882588     Direct dial: 0845 055 8203  
Email :richard.williams@kwuk.com
Website :http://kwuk.com/ 

The World’s Fastest Growing And Most Progressive Estate Agent With 114,000 Agents Providing The Service You Deserve  Around The Globe

What George Osborne Did For The Average Property Investor (And how to maximise on our investment)

July 2015 saw the Government budget presented by George Osborne, the Conservative MP for Tatton and Chancellor of the Exchequer.

https://en.wikipedia.org/wiki/First_Secretary_of_State

George Osborne First Secretary of State (born Gideon Oliver Osborne; 23 May 1971) rattles the property investor cage

Just over one week ago he announced that landlords are going to claim tax relief on their mortgage interest payments at the basic tax rate of 20pc.

The change is that this was a replacement from their marginal rate, and that could be as high as 45pc.

This was a detrimental blow to the well heeled landlords, who will soon see their costs rise as a result.

Britain’s two million buy-to-let landlords might find half of their profits wiped out by the chancellor’s surprise raid on mortgage tax breaks

Guardian Money reported that reputable lenders and mortgage brokers have indicated how a devastating impact from a cut in tax relief from 40% to 20% (phased in from April 2017) will have on returns.

Guardian

An investor with a £150,000 buy-to-let mortgage on a property worth £200,000 is likely to see his or her net annual profit collapse from £2,160 a year to just £960, according to estimates by Nationwide building society.

An investor with a £150,000 buy-to-let mortgage on a property worth £200,000 is likely to see his or her net annual profit collapse from £2,160 a year to just £960, according to estimates by Nationwide building society.

HMRC treat buy to let like a business

HM Revenue & Customs views the letting of property as any other business, this means landlords must pay tax on the profits they make.

You can of course deduct costs or as they are called  “allowable expenses” this term covers a whole host of items.

Many of the capital expenses – in buying and selling a property, such as the purchase price and agent and legal fees – cannot be used to offset your income tax it is not all doom or gloom.

Many other expensed items are allowed to be deducted from the profits.

ACCOUNTANTS

As a business owner you must submit a self-assessment tax return each year, you might be a hands on type of investor whose hobby is renovation work or even an armchair tycoon who equally hates the idea of doing all the paperwork and the great news is that if an accountant prepares this for you the fees are tax deductible.

TRAVEL

The cost of travel to and from your properties is allowed. Do check with your accountant before taking a suite at the nearest 5 star hotel or chartering a helicopter to fly in to meet the tenant.

PHONE

Phones are a direct cost and should be an allowable cost to the business.

PRINTING

Leaflets, business cards, letterheads and other business stationary is chargeable for the purpose of your rental company

LETTING AGENT

If you are an armchair property tycoon or so busy seeking out the next great buy to build your portfolio I would expect you will be a  property investor dislaying shrewdness to employ a letting agent to find a tenant or manage your property, you’ll probably pay between 10pc and 15pc of the monthly rental income in fees. So a rental of £750 per calendar month means you might claim £1,350 a year for letting fees alone. (special offer* mention this blog and pay only 5% in fees for your first year at this link)

ADVERTISING COSTS

The DIY landlord with lots of time to fill and a desire for maximum income might try to secure a new tenant for themselves and as such they will be able to recoup the marketing costs off the gross profit.

Other direct costs of letting the property such as phone calls, stationery and the costs of travelling between different properties for the purposes of the rental business are also claimable expenses.

MORTGAGE BROKER FEES

Once again the armchair tycoon seeks the best funding package via a broker and as such the arrangement fees are tax deductible and can be claimed back in the year you arranged a mortgage.

Be aware this might be restricted to the basic tax rate when the changes to mortgage interest relief are effective.

MORTGAGE CHARGES

A landlord with a loan secured on the property will pay interest on this mortgage and this can be offset annually against your current personal tax rate.

This will change as HMRC will restrict the relief on mortgage interest payments for landlords to the basic rate of income tax (20%).

If you are a position of needing mortgage relief to make a worthwhile return then you can prepare in good time as this restriction will be phased in over four years, starting from April 2017.

If you are a 45% taxpayer, every £100 of mortgage interest you pay costs just £55 after claiming tax relief and this cost will rise to £80 when the changes are fully implemented from April 2020.

INSURANCE

The armchair tycoon or any sane landlord insurance will cover the buildings as your liability as a landlord and also secure cover for loss of rent.

Optionally a landlord could consider cover for home emergency, content cover, legal expenses cover and home emergency.

As insurance is claimable I would compel you to include risk on cover for legal expenses and rent guarantee insurance.

Cover for a typical low-risk buy-to-let property costs around £150 to £250  a year.

RENOVATIONS

No allowance allowed.

WEAR & TEAR

Even though renovations are not allowable, the general maintenance costs are allowed, this might be mending broken windows and doors, repairing broken cookers, white goods, furniture or guttering, painting and decorating and replacing or fixing the roof.

If the property is being rented out to a tenant as fully furnished that you might want to consider an allowance of 10% for wear & tear or see below

A wear and tear allowance is 10pc of the rent annually, minus any costs you pay on behalf of the tenant such as council tax. You do not have to have spent any money replacing or repairing the furniture in a given year to claim this allowance.

Daily Telegraph

FURNITURE

Prepare ahead as HMRC are changing over, if a property is furnished, you can currently choose to claim back either a general “wear and tear” allowance or the exact cost of replacing individual items as required.

Alternatively you can claim the exact cost of replacing furniture in the property. This only applies to existing furniture – you cannot claim back the cost of furnishing it in the first place.

On the assumption you are looking ahead, we have less than a year (April 2016) until  landlords will only be allowed to deduct costs that they actually incur. So if you don’t spend any money correcting wear and tear, you cannot claim.

UTILITY BILLS & COUNCIL TAX

Should you pick up any of the council tax or utility bills on behalf of a tennant, now you can claim the whole cost.

Of course you will also also claim these costs during void periods, when there is no tenant at the address paying you rent.

This might lead to more landlords offering all inclusive deals at higher rents

SERVICE COSTS

The armchair tycoon or busy portfolio builder is not interested in looking after grass or painting and these kind of service costs will be claimable.

Nobody can escape from these costs if owner/leaseholder, as you will usually pay ground rent to the freeholder.

One of the rental eaters can be coping with service charges which can be common in blocks of flats and can costs vary hugely.

You might consider charges to cover cleaning, maintenance, heating and lighting for common areas,

SECURITY

security or concierge staff might be claimable.

ELECTRICAL – PLUMBING- GAS- GARDENING

any on-site services such as plumbing or gardening and electrical costs can be allowable

 Have a FREE chat about how to get the best deal on your property email richard.williams@kwuk.com or call 0845 055 8203

Have a FREE chat about how to get the best deal on your property email richard.williams@kwuk.com or call 0845 055 8203

For further help get in touch.RealtorSource:

Patrick Collinson

http://www.theguardian.com/profile/patrickcollinson

Nicole Blackmore

http://www.telegraph.co.uk/journalists/nicole-blackmore/