Protecting Your Investment
Rental Protection and Legal Expenses Insurance
Peace of mind and regular income all for a small monthly premium...
We take every precaution to ensure that your interests are fully protected. Unfortunately, however thorough we are in vetting prospective tenants even the most exemplary individual may be unable to pay the rent, perhaps due to redundancy or illness.
Examples of cover:-
Rental indemnity until legal vacant possession
Legal expenses protection
Alternative accommodation at £75 per day for 30 days
Cover up to £25,000
The household insurance policy is specifically designed for the residential lettings marketplace. Cover is available for either buildings or contents, or both sections of cover can be included in one policy document. The policy is acceptable to all leading building societies and banks.
Examples of cover:- Buildings
The risks of loss or damage by fire, explosion, lightning, earthquake, riot, malicious damage, storm, flood, burst pipes, theft, collision and subsidence.
Damage by falling radio, TV or satellite aerials or masts
Accidental breakage of fixed glass or sanitary fixtures
Property owners liability - limit of indemnity 2,000,000 for any one event
Accidental damage to underground services
Replacement of locks
Loss of rent or alternative accommodation should a property become uninhabitable
Examples of cover:- Contents
The risks of loss or damage by fire, explosion, lightning, earthquake, riot, malicious damage, storm, flood, burst pipes, theft, collision and subsidence
Theft and malicious damage by tenants - an addition to a standard contents policy
Full cover whilst the property is unoccupied provided the property is visited regularly
Accidental damage to TV, radio and audio equipment
Full details are available upon request
Income Tax - UK Resident & Non-Resident Landlords
Income tax is payable on rental income irrespective of where you live in the UK. Landlords must declare this income on a Self-Assessment Tax Return and if one is not issued automatically he or she has a legal responsibility to notify the Inland Revenue of any liability. As the Inland Revenue assesses your income individually, properties that are jointly owned require returns to be completed by each legal owner. There is a requirement under Self-Assessment to keep adequate records to ensure that the calculations included in the return are accurate.
Through careful planning you may be able to reduce your liability. Examples of deductible expenses that could be used to reduce profit derived from property income include the following: -
insurance, ground rent, repairs & maintenance
Letting agents fees
wear & tear' allowance for furnished properties
Loan interest (MIRAS was abolished on 6 April 2000
legal and accountancy charges
Unused 'personal allowances' (applied by IR)
Non-Resident Landlords (Landlords whose usual place of abode is outside the UK)
The legislation regulating Non-Resident Landlords and their agents differ significantly from Landlords residing in the UK.
To take advantage of this our Tax Department will provide an application form, which upon approval from the Revenue will authorise us to pay the rent without deducting tax at source.
Provision of the necessary information and application forms regarding the Non-Resident landlord scheme.
For overseas landlords that have not applied /received "approval" The Property Shop must account to the Inland Revenue on a quarterly basis.
A certificate will be issued to you by the 5th July as evidence if any tax has been paid to the Inland Revenue on your behalf.
The Property Shop is obliged to provide an annual return of information to the Inland Revenue for all non-resident landlords.
Annual Tax Report - a summary of income and expenditure transactions accounted for by The Property Shop can bea provided.
Comprehensive Tax Computation - an individual detailed summary can be produced in the same format as the Land and Property section of the Tax Return incorporating items accounted for by The Property Shop and additional information supplied by you.
For a free valuation and independent advice|enquiries@Fastmovepropties.co.uk