A reference is one of the best ways to help assess the potential risk when vetting new tenants for your property. Here are 5 tips for writing a tenant reference or click here for a template letter. Keep the letter formal Introduction e.g. Dear / To whom it may concern Clearly show what the letter
Will I have to pay tax? It is very likely that you will have to pay tax even with a small property portfolio. If you are a full-time landlord HMRC will treat this as a business and tax accordingly. If you work and let out a few properties it is more likely that you will
There are 5.5 million businesses registered in the UK and over 99% are classified as a small business or medium sized enterprises. These small or start up businesses operate across the whole spectrum of industries and services but when does a small business reach the next tier? What is an SME? There is no single
When you are calculating the net rental profit for your property lettings portfolio, allowable expenses should be deducted from the income to determine the net profit. Rental income on foreign property needs to be declared separately as foreign income. You should also know: You’re allowed to deduct expenses on one property against the receipts on
We live in an uncertain, everchanging world and whatever the size of your company, business continuity planning for the unexpected is important. Disruption to your business can be triggered by many causes from extreme weather to a terrorist attack but having a plan in place should help recovery time. Analysing business risks Questions worth asking:
If your house has been unoccupied for a while it may begin to smell stale. All buildings smell even if there is nothing wrong with them. The trick is to identify which smalls are natural and which may point towards underlying problems. The house smells stale A stale smell is probably due to lack of
Key risks covered by business insurance policies Business insurance is there to help give you peace of mind and protect you from losses which may arise during normal business proceedings. There are a variety of different risks that can be covered and Lockyers will work with you to identify which cover you need (and just
Do you need to pay inheritance tax on property When someone passes away tax is charged on their estate which includes money, possessions and property. In most cases the deceased’s estate will cover the tax liability, you may be required to pay if the estate will not or cannot cover the charges. You will need
Cyber security for businesses has become increasingly critical as hackers become more and more sophisticated. It doesn’t matter how small your business is you could still be at risk from cyber crime. Cyber-crime defined Cyber crime is criminal activity carried out via computers or the internet. Individuals or criminal groups target networks to steal personal
If your tenant has stopped paying their rent it doesn’t have to turn into a nightmare. The first thing to remember is the difference between a tenant who can’t pay their rent as opposed to a tenant who won’t pay their rent. Here are some suggestions about how to resolve the situation. It’s good to
