Sunday, 11 July 2010
Tuesday, 6 July 2010
New Warning That Tax Man Intends to Target Landlords
New warnings have been issued by major accountants UHY Hacker Young that Landlords are likely to be targeted by HMRC (The Tax Man).
The Government has set HMRC a target of raising £16.1 Billion from Tax Investigations, an increase of £4.6 Billion on the last tax year. Since early 2008 we have been warning Landlords that HMRC is targeting you in an effort to raise more Tax. This warning has been echoed by the media and Landlord Organisations.
Whilst it is quite right that HMRC should collect all the Tax due and indeed vigorously pursue Landlords who fail to make correct Tax Returns, Landlords all over the country have told us that they feel victimised. Many have told us that is was cheaper to pay the amount HMRC have demanded than to fight the claim.
HMRC have said that they have no agenda to specifically target Landlords and yet accountants and the media believe that HMRC are targeting Landlords. They point to evidence that HMRC are trawling through the Land Registry to gather information. There have been stories of HMRC officials going as far as checking small ads in shop windows for rented property in order to contact Landlords who might be avoiding Tax.
The advice from accountants we have spoken to is simple - ensure that you keep all records and documents relating to your property and ensure that you submit Tax Returns accurately and on time. Accountants say that far too many Landlords do not keep accurate records and that when the Tax Man comes knocking Landlords do not have the evidence to defend themselves.
Monday, 5 July 2010
Sunday, 27 June 2010
Tuesday, 22 June 2010
What the Budget means for Landlords
The new Coalition Chancellor George Osborne delivered his Emergency Budget today. It was preceded by huge concern about likely changes to Capital Gains Tax which was of obvious concern to Landlords.
To read what the Emergency Budget means for Landlords and Property Owners we are pleased to link to Accountants Kingston Smith's Property Update published today.
This summary is specific to property and provides an excellent first look at the Budget proposals.
Sunday, 20 June 2010
Friday, 18 June 2010
NetRent.co.uk on the road - come and say hello
We're going to be at a number of Landlord Fairs and Expos over the coming months so if you would like to know more about NetRent.co.uk or just like to meet the team book your place now.
Calderdale Council Landlord Fair in Halifax at the Northbridge Leisure Centre on Wednesday 23rd June. Click here for more information.
Bradford Metropolitan District Council Landlord Fair Thursday 24th June at the Great Victoria Hotel. Click here for more information.
Somerset Landlord Expo at the Auction Centre, North Petherton, Somerset on Wednesday 14th July.
Click here for more information.
Ryedale Landlord Fair at the Malton Rugby Club on Wednesday 21 July. Click here for more information.
Bournemouth Landlord Conference on Friday 8th October at AFC Bournemouth. Click here for more information.
Tuesday, 15 June 2010
Friday, 11 June 2010
'No more red tape' for private landlords
Housing Minister Grant Shapps has today (10th June 2010) promised England's one million landlords that the Government has no plans to introduce new regulations on the private rented sector.Speaking at the first Communities and Local Government questions since the formation of the Coalition Government, the Minister confirmed that the legal framework already in place strikes the right balance between the rights and responsibilities between landlords and tenants.
Read the full story here:
Monday, 7 June 2010
Housing Minister Dodges Capital Gains Tax Question
On 26th May we sent an email to Housing Minister Grant Shapps (pictured) about media speculation surrounding the forthcoming emergency budget (see the article below dated 26 May).
Today we received a reply, not from Mr Shapps, but from his office. This is the reply we received, in full:
Dear Mr Kearns,
Thank you for your email of 26 May addressed to the Rt Hon Grant Shapps MP.
As your ermail is about taxation, which is the policy remit of the Treasury, it has been passed to them to reply.
Yours sincerely
John Powell
Apart from the spelling mistakes the Minister and his office miss the point. We replied as follows:
John,
Thank you for your email. The reason for sending the email to Mr Shapps is that as Housing Minister I believe he needs to know how landlords are feeling about the media stories surrounding CGT. As I made clear in my email to Mr Shapps we work with a large number of landlords and agents throughout the UK and they are very concerned about what the media have said.
The NLA and RLA have made their members aware of the story but combined they only represent a relatively small percentage of the total landlord population. We do not believe that as an industry we have sufficient time to mount a considered and concerted reaction to present to the Treasury. We feel we need to ask Mr Shapps to make the point to the Treasury on behalf on over 1 million landlords who would be seriously penalised if the media stories are correct.
The previous Government mounted what was in effect a continuous attack on the private rented sector, it is vital that this new Government does not continue that attack and instead resolves to work with rather than against landlords. In addition to passing my email onto the Treasury can you please assure the landlords we work with that Mr Shapps will actively present their legitimate concerns to his colleagues who are preparing the emergency Budget?
I look forward to your response.
Kind regards,
Sean Kearns
Thank you for your email. The reason for sending the email to Mr Shapps is that as Housing Minister I believe he needs to know how landlords are feeling about the media stories surrounding CGT. As I made clear in my email to Mr Shapps we work with a large number of landlords and agents throughout the UK and they are very concerned about what the media have said.
The NLA and RLA have made their members aware of the story but combined they only represent a relatively small percentage of the total landlord population. We do not believe that as an industry we have sufficient time to mount a considered and concerted reaction to present to the Treasury. We feel we need to ask Mr Shapps to make the point to the Treasury on behalf on over 1 million landlords who would be seriously penalised if the media stories are correct.
The previous Government mounted what was in effect a continuous attack on the private rented sector, it is vital that this new Government does not continue that attack and instead resolves to work with rather than against landlords. In addition to passing my email onto the Treasury can you please assure the landlords we work with that Mr Shapps will actively present their legitimate concerns to his colleagues who are preparing the emergency Budget?
I look forward to your response.
Kind regards,
Sean Kearns
Time is running out before the emergency Budget, we will continue to pressure Mr Shapps into action. Any further correspondence will be posted on this News Blog.
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