Gwent Landlord Forum – 28 November 2017

Gwent Landlord Forum

We would like to invite you to join us at our second Landlord Forum of the 2017/18 season taking place on Tuesday 28 November between 6pm and 8pm at the Parkway Hotel in Cwmbran.

As always, our invitation goes out to all who may be interested in attending this FREE event. So if you know someone who is a landlord or thinking about becoming a landlord, please do pass this invitation on to them – we are always happy to welcome new guests.

Speakers

Douglas Haig, Vice Chair of the Residential Landlords Association will be covering:
  • Important changes to watch out for from the latest budget
  • Updates on some big changes in Wales
  • Previewing the RLA Future Renting Conference taking place on 30th November in Cardiff
Leanne Flanagan, Tax Senior at Green & Co Accountants and Tax Advisors will be covering:
  • Relevant financial aspects of the latest Chancellors Budget and its implications for our landlords

Eventbrite - Gwent Landlord Forum

For any enquiries about this event, please contact Katie Williams at Green & Co on 01633 871122, Email: katie@greenandco.com.

Would HMRC Consider You a Landlord?

Rented Property

HMRC have released new guidance detailing examples of tax errors that landlords make. It focuses on scenarios where people become landlords but, for various reasons, are unaware of their tax obligations.

Ten common reasons for people becoming ‘unintentional’ landlords have been identified, along with real life examples of each. These include: renting out a house when you move in with a partner, renting out an inherited property, buying a property for a family member at university and renting out the marital home after a divorce.

It’s important for people to be aware that they can still be liable to tax even if they are ‘just covering their costs’. For example, only the interest element of mortgage payments are tax deductible, not the capital repayments.

In accordance with this new guidance HMRC have an ongoing Let Property Campaign under which individuals can declare untaxed rental income.

If you wish to consider your position please do not hesitate to contact Green & Co Accountants and Tax Advisors on 01633 871122 and our tax team can assist you.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Landlords Educated on Importance of Fire and Electrical Safety

Gwent Landlord Forum

The South Wales Argus cover the success of the new series of the Gwent Landlord Forum.

The new season of the Gwent Landlord Forum kicked off in style on Tuesday 26th September at the Parkway Hotel in Llantarnam, Cwmbran.

The free event, sponsored by Cwmbran-based Rubin Lewis O’Brien and Green & Co Accountants and Tax Advisors, saw three guest speakers educating local landlords on issues such as fire proofing the home and preventing electrical faults. The forum was aimed at informing landlords in the wake of the tragic events of Grenfell Tower.

The first speaker was Adrian Moyse, Group Manager of Business Fire Safety at South Wales Fire and Rescue Service. Mr Moyse spoke about the legislation behind fire safety including HMO’s, the importance of risk assessments and the likely impact Grenfell Tower will have on shaping rules and regulations across the next five years.

The second talk was also delivered by South Wales Fire and Rescue, this time by Tony Redman. Mr Redman discussed the statistics behind fires in the home, with 2027 ADF’s (Accidental Dwelling Fires) occurring in Wales between 2014-2017. 63 per cent of these fires started in the kitchen, 51 per cent involved appliances and 37 per cent of cases involved people under the influence of alcohol or drugs.

The evening was wrapped up by Robert Jarvis-Gibbons, Public Affairs Manager at Electrical Safety First; a national charity that lobby the Government on the dangers of house fires and electrical household items.

Mr Jarvis-Gibbons spoke to the attendees regarding the 350,000 serious injuries sustained every year in the UK as a result of fires caused by electrical faults in the home, which result in 52 deaths. Another topic covered was that of the mandatory checks coming into force via the Renting Home Wales Act.

Ed Gooderham, Director of Green & Co Accountants and Tax Advisors said:

“We would like to thank all three speakers for providing an informative insight into a very serious issue. Fire safety is paramount to all homeowners, landlords and tenants alike; I know our attendees got a great deal of value from all three fantastic talks.”

Managing Partner at Rubin Lewis O’Brien, Sam George, said:

“We aim to cover pressing and topical issues for our guests at every event. This was a perfect way to kick off our new season, and we urge all landlords in the area to visit us at our next event in November.”

The next Gwent Landlord Forum will take place at the Parkway Hotel in Cwmbran on Tuesday 28th November from 6-8pm.

For more information, please contact Green & Co Accountants and Tax Advisors. Alternatively, landlords and those with an interest in the buy-to-let market, can follow @GwentLandlord on Twitter.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Landlord Forum to Share Advice on Fire and Electrical Safety in Wake of Grenfell

Gwent landlord forum

The South Wales Argus cover the new series of our Gwent Landlord Forum.

Fire and electrical safety is to be the subject of the first meeting of the new season of the Gwent Landlord Forum later this month.

The free event, sponsored by Cwmbran-based Rubin Lewis O’Brien and Green & Co Accountants and Tax Advisors, will be held on Tuesday. September 26 at the Parkway Hotel in Llantarnam, Cwmbran.

It will kick off the third year of forums aimed at educating landlords from across Newport and Gwent.

The format will continue on a guest speaker format, with September’s forum covering the tragic events regarding Grenfell Tower.

The speakers, who will be from South Wales Fire and Rescue as well as Electrical Safety’ First, will discuss how landlords can ensure their properties are compliant and safe, as well as what measures need to be implemented if they currently fall foul of regulation.

Ed Gooderham, director of Green & Co Accountants and Tax Advisors, said:

“In the wake of tragic events in London, it is vital that we educate local landlords on the importance of compliance with safety regulations. Our main aim is to provide local landlords with as much information and support as possible, and from feedback we have received from our attendees we know that they really benefit from the events.”

Managing partner at Rubin Lewis O’Brien Sam George said:

 “This is an opportunity to hear from the experts about potential dangers in your properties and ask the all important questions to put your mind at rest. Our continued partnership with Green & Co gives us a wide range of professional expertise and experience to help you with your Buy to Let property portfolios.”

The event will start at 6pm and is due to finish by 8.30pm.

For more information, please contact Rubin Lewis O’Brien or Green & Co.  Alternatively, landlords and those with an interest in the buy-to-let market can follow @GwentLandlord on Twitter.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Gwent Landlord Forum – 26 September 2017

Gwent Landlord Forum

Tuesday 26 September sees the start of our new season of Landlord Forums and we have a full programme of both interesting and relevant speakers presenting to our guests over the months ahead.

Although the day has changed (from a Wednesday to a Tuesday) and it has returned to just Rubin Lewis O’Brien and Green & Co Accountants as your hosts, it is still a 6pm start and still at The Parkway Hotel in Cwmbran.

As always, our invitation goes out to all who may be interested in attending this FREE event. So if you know someone who is a landlord or thinking about becoming a landlord, please do pass this invitation on to them – we are always happy to welcome new guests.

Speakers

Our confirmed speakers for this event are the South Wales Fire and Rescue (Home) team and Electrical Safety First.

Both presentations are extremely relevant in light of the tragic events not so long ago in London.

This is an opportunity to hear from the experts about potential dangers in your properties and ask the all important questions to put your mind at rest.

South Wales Fire and Rescue (Home) team
  • Covering home safety and how to reduce fire related injuries and deaths
  • Demonstration of risk reduction products
  • Fire Safety Legislation in all buildings other than single domestic premises
Electrical Safety First
  • Safety in the home
  • Fires caused by electricity in Wales
  • Horizon scanning (Renting Homes Act and electrical safety)
  • Misuse of electricity by tenants

Eventbrite - Gwent Landlord Forum

For any enquiries about this event, please contact Katie Williams at Green & Co on 01633 871122, Email: katie@greenandco.com.

Landlords Kept in the Know as Renting Homes Act Moves Forward

Neil Soundy and Daniel Bellis

The South Wales Argus highlight another successful Gwent Landlord Forum.

Landlords from across south east Wales have again received expert advice, support and insight into the ever-changing rental landscape as part of the bi-monthly Gwent Landlord Forum.

The event, held by Cwmbran-based Rubin Lewis O’Brien, Green & Co Accountants and Tax Advisors and Lettings agency SerenLiving, took place at the Parkway Hotel.

Two guest speakers gave informative presentations to a packed room, where landlords were informed of the ins-and-outs of operating as a limited company, AIRBNB and the Renting Homes Wales Act.

Opening the evening was mortgage advisor Neil Soundy, who spoke about the benefits of buying property as a limited or trading company, the basic taxation on limited companies and buy to lets, lower rental coverage requirements and AIRBNB for landlords.

The second speaker was Daniel Bellis, a policy officer for the Residential Landlords Association. Daniel discussed the growing concerns of landlords as the Renting Homes Wales Act has come into effect, including the creation of standardised contracts across the rental sector, fit for human habitation regulations, changes in abandonment procedure and changes to joint contracts.

Ed Gooderham, director of Green & Co Accountants, said: “It’s great to see the forum grow with more and more people attending every session. Both speakers were of great quality, providing our landlords with an informative insight into complex topics. Our continued aim is to provide local landlords with as much information and support as possible, and attendees regularly feedback to us how much they enjoy these events.”

The next Gwent Landlord Forum will take place at the Parkway Hotel in Cwmbran on Wednesday July 12. For more information, please contact Rubin Lewis O’Brien, Green & Co or SerenLiving.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Commercial Tenancy Forum Launches

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Last weeks edition of the South Wales Argus features an article on our new Commercial Tenancy Forum.

Organisers of the Gwent Landlord Forum have launched a sister-event aimed at the commercial market.

The first Gwent Commercial Tenancy Forum will be held at the Parkway Hotel, Cwmbran, on Tuesday 20th June from 6.30-8.30pm. The event will inform local business owners who currently rent their commercial premises to keep up-to-date on the latest tenancy legislation.

Cwmbran-based Rubin Lewis O’Brien and Green & Co Accountants and Tax Advisors are behind the successful residential event.

Sam George, Managing Partner at Rubin Lewis O’Brien, said: “We’re really excited to launch the Gwent Commercial Tenancy Forum and we hope that it will continue to build on our already successful residential landlord forum.

“This is set to be a fantastic opportunity for commercial tenants to learn of the support and funding that is available to them. We aim to ensure both tenants and landlords are fully informed on all aspects of commercial lettings.”

The guest speaker will be Andy Harvie, Director of TPG Consulting, a group of Chartered Building Surveyors who offer property professionals expert advice on all building and property related matters. Mr. Harvie’s range of experience has seen him offer solutions to clients with complex requirements, his talk will focus on the the dilapidations of commercial properties.

Mr George continued: “We are keen to continue informing both commercial tenants and residential landlords that there is available support to all parties. Andy is an experienced and knowledgeable professional who will be able to help those in commercial lets understand the continually changing policies and the potential financial implications.”

Please contact the organisers directly for tickets to the free event, or register online:

https://www.eventbrite.co.uk/e/gwent-commercial-tenancy-forum-tickets-34570251553

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

First Welsh Landlord Fined Under Rent Smart

law

A Welsh landlord was the first to be fined last week under the new housing regulations in Wales.

Appearing before magistrates in Newport, charges were brought against him which included failing to register a property of multiple occupancy.  Since November 2016, all landlords must register and declare multiple occupancy properties with Rent Smart Wales, as well as undertaking training to ensure they are aware of their obligations under the legislation covering rental properties.

The property owner in question was fined a total of £4,550 covering numerous offences under the Housing (Wales) Act.  A representative from Rent Smart has called the prosecution a “milestone” and says it sends out a message that non-compliant landlords cannot continue to ignore the regulations without penalty.

Those who haven’t already done so are urged to come forward and register now to avoid falling foul of the law.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Gwent Landlord Forum – 31 May 2017

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2017 is flying by and changes to Landlord regulations seem to be keeping pace. So we would like to invite you to attend the 3rd Gwent Landlord Forum of this year, taking place on Wednesday 31 May between 6pm and 8pm, at The Parkway Hotel and Spa.

As always, our invitation goes out to all who may be interested so if you know someone who is a landlord or thinking about becoming a landlord, please do pass this invitation on to them – we are always happy to welcome new guests.

Speakers

Neil Soundy of Neil Soundy Financial Services Limited will be talking about:

  • Buying via Limited Company/Special Purpose Vehicle (SPV)/Trading Company.
  • Lower rental coverage requirements via Limited Company/SPV.
  • Buying Multi Unit Block or HMO.
  • Basic taxation on Limited Company Buy To Let (BTL)
  • Use of Tenancy in Common on existing personal BTL’s
  • Possibility of transferring existing personal BTL’s to Limited Company.
  • Airbnb for landlords

Daniel Bellis, Policy Officer with the Residential Landlords Association (RLA) will be speaking about:

  • The Renting Homes Act and how they are creating standardised contracts across the rental sector.
  • He will also cover other changes, such as Fit for Human Habitation regulations, changes in abandonment procedure and changes to joint contracts.
  • With over 20 different regulation still to finalise before landlords start using the new system, a lot has already changed since the Act was first passed.

Eventbrite - Gwent Landlord Forum

For any enquiries about this event, please contact Katie Williams at Green & Co on 01633 871122, Email: katie@greenandco.com.

Mates Rates – Letting your property at below Market Value

Letting your property.jpg

When you let a property to a third party for a market rent it should be relatively straightforward to calculate your taxable rental income, or loss if applicable. A market rent is that which a landlord can expect to receive in accordance with rents charged for similar properties in the same area. If your rental income exceeds the allowable expenditure incurred the profit will form part of your income and if the allowable expenditure exceeds the income then, assuming you meet all criteria, you will have a loss which you can carry forward and offset against future rental income.

There are some circumstances where a market rent is not charged. For example, a parent may let a property to their child for a lower amount, as parental duty dictates.  In this instance the expenses incurred, such as mortgage interest, landlord insurance, etc., may be greater than the rent received. If this is the case, then the expenses are not sustained wholly and exclusively for business purposes and in strict terms should not be claimed. However the good people at HMRC do allow expenditure to be claimed up to the value of the rent received, therefore resulting in no profit no loss. As a result, however, any actual ‘loss’ will be lost.

Should you have any Landlord tax queries please contact Green & Co on 01633 871122.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.