income-tax 1

 

There were a number of measures annouced in the Summer Budget that will impact the taxation of property income and which landlords should be aware of.

These will include:
1. The abolition of the 10% wear and tear allowance (see details below)
2. The restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This will be phased in over four years from April 2017; and the current £4,250 rent-a-room allowance is to be increased to £7,500 from April 2016.

The abolition of the wear and tear relief will apply from April 2016. It will be replaced by a new replacement furniture relief. The new relief will be available to landlords of unfurnished, part furnished and furnished properties. The relief will not apply to ‘furnished holiday letting’ (FHL) businesses and letting of commercial properties, because these businesses receive relief through the Capital Allowances regime. The new replacement furniture relief will only apply to the replacement of furnishings. The initial cost of furnishing a property would not be included.

Under the new replacement furniture relief landlords of all non-FHL residential dwelling houses will be able to claim a deduction for the capital cost of replacing furniture, furnishings, appliances and kitchenware provided for the tenant’s use in the dwelling house, such as:

  • movable furniture or furnishings, such as beds or suites,
  • televisions,
  • fridges and freezers,
  • carpets and floor-coverings,
  • curtains,
  • linen,
  • crockery or cutlery,
  • beds and other furniture

Landlords of furnished residential let property considering the replacement of these qualifying items in the current tax year, 2015-16, may be advised to defer expenditure until after 5 April 2016. In this way they will still maximise their claim to the present wear and tear allowance of 10% of rents for 2015-16, and be able to claim the new replacement furniture relief from 6 April 2016.

canon-digital-video-camera-photograph-10

 

We might not be winning any Oscars just yet, but the introduction of video inspections and video inventories earlier this year continues to offer greater insights to our clients on how their properties are being maintained. Diane Bown, Office Manager at Granger & Oaks, commented, ‘the use of video is providing a clearer picture to clients of how their investment properties are being maintained. It’s also having the added benefit of removing the subjectivity of written inventroies when video is used in tenancy deposit disputes, which are proving to be far more objective'. Feedback from clients and tenants alike has been very positive. We hope our clients will continue to enjoy the benefits of this exciting advancement to the service provided at Granger & Oaks.

wanted

 

A Part-time Video Inventory and Inspection Clerk is required to join our highly regarded and expanding lettings and estate agency. The role will involve visiting properties around the greater Nottingham area and using the latest video technology to create and upload video property inventories and inspection reports.

Though experience in lettings or in video capture is desirable, it is by no means essential as we hire for attitude over qualifications and full training will be given. You must, however, be able to demonstrate you can fulfil for the requirements of role.

Key Requirements:

Well presented

Clear and concise verbal communication (for video)

Attention to detail

Computer literate

Takes pride in their work

Full driving licence and own transport (mileage paid at 30p a mile)

Benefits:

Salary: £7.00 per hour

On the job training

Hours:

Three half days a week, (Tuesday, Thursday and Friday 9.30am to 1.30pm, but can be flexible), plus overtime. If you are interested in this exciting role, please e-mail a short cover letter in video format introudcing yourself and stating why you think you would be a good candidate for the role together with a copy of your CV to Andrew Sainsbury (This email address is being protected from spambots. You need JavaScript enabled to view it.). 

KD - STAR PERFORMER

 

 

Every month we like to highlight all the great work done by all the wonderful property professionals at Granger & Oaks during the previous month. ‘Treating it like our own’ has always been our guiding principle, so each month we like to put the spot-light on the individual that has done the most to go the extra mile for clients and really ‘treated it like their own’.

This month’s winner has had to deal with several delicate situations over the last few weeks, but despite the difficulties, has shown persistence and maintained empathy with all parties in order to get the best possible outcome for both landlord and tenant. Going beyond the call of duty, they even arranged evening meetings in their own time in order to resolve matters for her clients.

Yes, this month’s winner is none other than, Property Manager extraordinaire, Kayleigh Drohan. Well done Kayleigh, your commitment to great customer service and willingness to go the extra mile for clients is highly commendable - you’re an example to us all.

 

IMG 20150708 121314

 

Every month we like to highlight all the great work done by all the wonderful property professionals at Granger & Oaks during the previous month. ‘Treating it like our own’ has always been our guiding principle, so each month we like to put the spot-light on the individual that has done the most to go the extra mile for clients and really ‘treated it like their own’.

This month’s winner is overdue Star Performer recognition. It is well known that this person always strives to do their very best for landlords and treats every property as if it were their own, but as someone who prefers to recognise the achievements of others over themselves, the praise of others often comes first.

Leading from the front, everyone is encouraged to follow her example of providing the same industry-leading customer service to clients that she does. One recent example of this person’s dedication to great service, was going out of their way to make a home visit to a recent widow of one of our clients. Having never had to deal with the properties before, they were confused and worried about the process, but this month’s winner took the time to sit down and go through the contract with them so they were assured about what was involved and knew they would be taken care of with great personal service.

The winner of this month’s Star Performer award, as voted by her colleagues is none other than Office Manager extraordinaire, Diane Bown.

Great work Di, you deserve it. Your commitment to great service and high standards is relentless and highly commendable - you’re an example to us all.

A special mention also goes to our Sales Manager, Phil Wardle, for continually going above and beyond the call of duty for vendors. By going the extra mile to get viewings and securing offers, his tenacious ability to secure a sale for house sellers cannot be matched. Great work Phil.