Tax for Landlords
Today, the 6th April, marks the start of changes to income tax relief for most Landlords of residential property.
Those affected most will be*
- UK resident individual that lets residential properties in the UK or overseas
- non-UK resident individual that lets residential properties in the UK
- individual who let such properties in partnership
- trustee or beneficiary of trusts liable for Income Tax on the property profits
(*sourced from www.gov.uk)
Many in the property industry have speculated that the shortfall in income for Landlords will be passed on to Tenants who will face increased rents and, with a shortage of rental property on the market, this could lead to more tenants losing their homes, rent arrears and homelessness.
Perhaps a consideration for Landlords is to reduce their outgoings by changing managing agents! Many High Street agents are charging between 10 and 15% (plus VAT) on a monthly basis for their services.
With our Tenant Find Only fees from £250 and Full Management from 7% (with no VAT) that is a fair saving already. As an added bonus (at no extra charge!) Landlords and Tenants get a one-to-one service from a local, knowledgeable and regulated online agent.
Landlords, get in touch if you would like an informal, no-obligation chat about cutting your costs and keeping your good tenants happy.
Together we can ‘make a difference’