Posts

Showing posts with the label tax

ALERT - Update Regarding Gas Safety Certificates

Image
    Failure to serve the correct information to your tenants could result in you never being able to serve notice to vacate to your tenants!   A recent court decision has highlighted the need for all letting agents and landlords to serve the correct information to their tenants, BEFORE the start of a tenancy.   Most landlords and agents will be aware that the following documentation must be provided to their tenants before the start of a tenancy:   Deposit Registration and Prescribed Information A copy of the EPC (Energy Performance Certificate) for the property The government's current How to Rent Guide  Any relevant licences required A copy of a current Gas Safety Certificate if the property ...

Tax on buy to let properties

Image
The article below, provided courtesy of London & Country Mortgage Brokers, covers the basics of how the various different forms of tax may affect your rental property. You can download their guide as a free pdf to keep here . Do you pay Stamp Duty tax on a buy to let property? Yes. Stamp duty (or Stamp Duty Land Tax (SDLT) to give it its full name) is payable on a buy to let property. The amount varies depending on the price of the property. The current rates of stamp duty from 1st April 2016 for buy to let properties are; • 3% tax on the first £125,000 • 5% on the portion up to £250,000 • 8% on the portion up to £925,000 • 13% on the portion up to £1.5 million • 15% on everything over that Anyone buying a second property that isn’t their main residence will be charged these new rates. This will include holiday lets and buying a property for children if the parents leave their name on the title deeds. Stamp duty has to be paid within 30 days ...