Tax (again). Will it affect availability of housing for private tenants?

Tax

Sorry to be repetitive, but myself and Liz (your other blog editor) are still finding landlords who have no idea of how recent tax changes might affect them. Particularly the changes on how tax relief on mortgage interest is gradually being removed. We have been raising the issue, both on the blog and at landlord forums since it was first announced but even some of the landlords we are in regular contact with seem to have let this pass them by.

 
The impact of the changes is potentially massive. Some landlords could have all their profit wiped out on buy-to-let properties. Meaning they decide to sell up and quit the market so that less rental accommodation is available for those who need it. Something that advice workers and social housing providers might need to be aware of as there could be a knock-on demand for their services.

 
If you are not already familiar with how you could be affected – please make it your priority to find out now. Firstly – for some of the basics about landlords and tax – if you are new to the whole subject are here gov.uk / landlords and tax. Then this page has some more detailed information about how the changes will actually work and how landlords will gradually start to lose tax relief on mortgage interest in a phased change over four years.

 

Stats Table

Most of the landlord advice websites cover this subject and if you google, you can also find some useful online calculators. It’s a complex subject so please get yourself informed before you get too nasty a surprise from the taxman.

 
Oliver

Advertisements

Do you have an empty house in either Wednesbury or West Bromwich that you need a tenant for?

Empty House

Mandy Amos from our Housing Options team is urgently looking for a
• A three or four bedroom family house in Wednesbury
And
• A three or four bedroom house in or near West Bromwich, with a downstairs bathroom for a family with a disabled member.

 
If you think you can help please contact Mandy on mandy_amos@sandwell.gov.uk

 
Thanks very much

 
Oliver

Updated guidance on Universal Credit for landlords.

UC and rented housing

The DWP have just updated their guidance for landlords (both private and social) on Universal Credit – including the key issues of getting rent payments direct and the recovery of arrears.

 
It’s probably not realistic to try and do a snappy summary for you – but if you do have, or are likely to have tenants who claim UC, please have a look.

 
You can find the guidance here.

 
Oliver

 

Business rates consultation.

 

business graphic 44

If you own or manage a business premises in Sandwell – this could affect you.
Sandwell Council is proposing amendments to its National Non Domestic Rates Discretionary Rate Relief Policy.
Please see
http://www.sandwell.gov.uk/info/200308/business_rates/4057/discretionary_rate_relief_consultation
If you would like to comment or give feedback on the proposed changes to the policy please email: revenues_postroom@sandwell.gov.uk
Thanks
Oliver