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
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
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
Risk assessments are important as they can help to avoid accidents and reduce the chance of a liability insurance claim. Accidents can cost businesses a significant amount of money through damages claimed and it’s not all about costs. People are at stake when it comes to health and safety and businesses have a duty of
Rental property can provide a good income but there are costs involved as well. Letting agents The basic service offered is to find you a tenant, including advertising, interviews and credit checks. Agents will also offer a full management service which includes finding a tenant plus managing the property and tenants for you, collecting rent
Liability insurance is easy to buy but you need to make sure that the cover is appropriate for the legal and moral risks faced by your business. In the simplest sense it refers to something that causes a problem or hindrance. An example is, if your health and safety standards slip this could result in
