Buy To Let Areas
Some landlords pay the utility companies directly and send the bill to the tenant. In HMOs (Houses of Multiple Occupancy) also known as a house share, this is likely to be the case. In most private accommodation however, the tenants pay the bills themselves. In the case of the former, landlords will be experiencing a rise in bill payments, albeit protected by the price cap that protects bill payers from sudden market supply fluctuations. Despite pressure from energy companies, the government has so far pledged to keep these caps in place until April. We wrote about these cap limits earlier.
Tax on Rented Out Properties
There have been stories recently of landlords being chased by HMRC for tax they may not owe. While part of it is a stealth raid – more on that later – some of it was unwarranted, so we explain how to cancel the taxman’s sometimes invalid claims to your yields.
HMO Rental properties have been reclassified as multiple dwellings rather than one as a stealth tax raid although this only applies to HMOs (houses of multiple occupancy). If you do not own an HMO, there is no cause for concern.
Buyers who transfer stamp duty payments to a conveyancer like Simplify Group do not have to deal with HMRC, until recently Simplify missed some payment deadlines to HMRC leading property buyers to be hit with some stamp duty payments. The issue has been resolved but a cyber attack added to the firms issues in paying stamp duties on time leading customers to spend months seeking out legal advice and delays to the repayment deadlines for HMRC. So be sure, if buying a property, ensure the stamp duty has been paid on time.
There are still a pool of, albeit decreasing, energy providers that are offering rates slightly below the price cap. We have partnered with Switchd to provide you with a service that connects you to the best energy deals available nationwide. You can get a quote here.
Reddbox also has new insurance plans in the pipeline. Stick with us and soon you will be able to take out insurance, hire tradesmen and store documents all in the app, and let Reddbox calculate the figures for you, in time for the Making Tax Digital mandate.
Download the app and follow few screens to provide your details, and that’s it. Some of the key features why you should consider Reddbox are –
- A completely app-based, super simple booking process
- Option to pay for the service over few months without any additional interest or fee.
- You can book the service seven days a week, which means no need to disrupt your busy day
- A very transparent cancellation and refund policy.
- And the best one – Reddbox will automatically organise all the relevant documents such as the invoice and the certificate.