Friend & Grant Chartered Accountants have been helping small and medium sized businesses in the Medway towns and North Kent for over 20 years
21st March 2022
Get your oar out! A key business lesson to help grow your business
Having run an accountancy practice for almost 30 years I have had the good fortune to meet literally thousands of business owners. Many have created great companies but many others have unfortunately failed. Reasons given for failure are numerous. Many are genuine such as Covid or an unforeseen bad debt resulting in severe cashflow problems. Most however are due to a basic misunderstanding of what is required to create a successful business.
Becoming a landlord, particularly if you are planning to manage the letting yourself, can be daunting. The legalities are complex, finding the right tenants is not easy, things do go wrong and it is easy to underestimate how much time you’ll need to spend on one property let alone a portfolio!
Owning your own property is part of the culture in the UK with over 65.1% of houses owned by the households in 2019. Surprisingly, whilst we are ahead of countries like Germany and France, most European countries have extremely high levels of ownership (Italy 72.3%, Greece 75.4%, Poland 84.2%). So why the disparity? In simple terms the reason is the property rental market. In 2020 the share of households occupied by private renters hit 18.7%, so around 4.44 million households were privately rented in England in 2020.
Urgent! Landlords make sure you don't fall foul of new electrical safety standards
As of the 1 July 2020 landlords of private rented accommodation are now required to have their electrics and wiring inspected and tested every 5 years by a qualified, competent professional. This is called an Electrical Installation Condition Report.
Warning! Doing works on a property? You might need to operate a Construction Industry (CIS) scheme.
The construction industry scheme is designed to stop tax on invoices raised by the self employed or limited companies (called subcontractors) who provide labour within the construction industry to businesses which are also within the construction industry (called contractors).
Are you using the best software for your property rental business?
Working in the property industry can be a minefield with all the various accounting regulations that need to be followed. This can be made easier with a good record keeping system that works for your business and keeps you compliant!
How can I reduce the rent on my commercial premises?
Recent events are putting considerable strain on businesses which rent leasehold premises so what options do you have? We believe that it is in the tenant and the landlord’s interest to work together to come up with a solution which in the long run will benefit both parties.
Should I Put My Buy To Let into a Limited Company?
We're often asked whether to purchase a buy to let property personally or via a limited company. Read our detailed advice to help you understand the up-and down-sides of each option. Everyone’s circumstances are different; the pros and cons must be weighed up on a case by case basis.
The Let Property Campaign & Undeclared Rental Profits
We have recently taken on a number of new clients who have undeclared rental income. Often these individuals have received prompted letters from HM Revenue & Customs’ Let Property Campaign department. HMRC have access to all land registry documents and a sophisticated computer system that can identify taxpayers who own multiple properties.
Residence Nil Rate Band - Don't Waste This Valuable Tax Relief
From April 2017 HMRC began phasing in the ‘residence nil rate band’ which could mean large savings on inheritance tax bills for future generations. From 6 April 2020 it’s worth £70,000 per estate – so a whopping £140,000 of tax ready to be saved per couple. However, there are potential stumbling blocks as with most...
Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings. In particular, the restriction on deductibility of finance costs that started to apply from 2016/17 does not apply to furnished holiday lettings. It may be worth considering investing in...
Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.
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