In July we responded to the Government’s U-turn on its plans to digitise tax returns, and also reported that the buy-to-let tax changes could put the retirement plans of many at risk.
Making Tax Digital U-Turn
We are pleased to announce that the Government has listened to our concerns with regard to its tax digitisation plans, and has offered a number of concessions for landlords. In particular, landlords will not be obligated to use the system until April 2019 and then only to meet VAT obligations. More details about the U-turn can be found here, as well as our response which was featured in the Sun.
In less positive news, this month we reported that the retirement plans of many could be at risk due to the buy-to-let tax changes. With so many landlords reliant on their residential property for pension savings, the changing tax regime is likely to reduce the income they receive from these investments. The report can be found here, as featured in the Express.
We supplied research and comment for the Telegraph this month on an increase in the number of retirees in the private rented sector, and why some older people may have chosen to sell their properties and move into rented accommodation. The full article can be found here.
Government to Get Tough on Leasehold Market
The Department of Communities and Local Government (DCLG) announced its proposals to take action against unfair practices in the leasehold market, such as sale of new leasehold houses and exorbitant ground rent. DCLG have launched a consultation which will be open until September this year. More information on the proposals, as well as how to offer your responses, can be found here.
On July’s episode of the Inside Property Podcast, Richard Blanco was joined by property journalist Sarah Davidson of the Mail Online and Chris Norris, Head of Policy at the NLA, for a chat about the fallout from the General Election, the Government’s plans for the private rented sector, and their reactions to the recent life-swap television series, ‘The Week the Landlords Moved In.’ You can listen back here.
How can you recover lost rental income?
We teamed up with Urban, the online estate agent, to provide a series of webinars on a number of issues relating to lettings. For the first of our webinar series, we asked John Coyne from our Advice, to run through the thorny topic of lost rental income, better known as arrears, and how you can avoid such problems. Check out the video on the NLA website.
NLA Inventory Service
We launched a new service this month to help you save money from damages caused by tenants. NLA Inventories provides detailed reports at the start and end of tenancies so that you can safeguard your investments. More information can be found here.