Those who fail to submit a return before the deadline could face an initial fixed penalty of £100.00 as well as further penalties dependant on the length of delay.
If you are unsure about any aspect of your self-assessment tax return, it is important that you seek specialist advice at the earliest opportunity.
For further information ; https://www.gov.uk/self-assessment-tax-returns/deadlines
Five-year safety checks will be mandatory for landlords for all new tenancies from 01 July 2020. This will be rolled out to all existing tenancies from 01 April 2021. The new regulations were tabled by the Government on Monday 13th January 2020, requiring pre-tenancy and five yearly checks of all fixed appliances and wiring.
Landlords failing to comply with the new rules will face fines of up to £30,000.
Once the electrical installation has been tested, the landlord needs to receive a written report from the inspector, with the results and next inspection date. They must then;
– Give a copy of the report to tenants within 28 days
– Give a copy to the local authority, if it asks for one, within seven day
– Keep a copy and give it to the person carrying out the next inspection.
For new tenancies, the landlord must:
– Give the tenant a copy of the most recent report before they move in
– Give a copy of the most recent report to any prospective new tenant who asks for it in writing, within 28 days
For further information http://www.legislation.gov.uk/ukdsi/2020/9780111191934
Article Abridged from RLA
GDPR came into force on 25th May 2018. Most businesses that process personal information (private landlords included) need to register with the Information Commissioners Office and pay the yearly Data Protection Fee. If you haven’t registered – make this a priority! To check if you need to pay visit; ico.org.uk/fee-checker
The ICO have launched a postal campaign to remind all registered companies of their legal obligation. The fee is £40.00 or £60.00 per year for most small companies (dependant on turnover). A Direct Debit can be set up for automatic yearly payments.
There are a range of services and support that the ICO provide to help you comply with the law and give your tenants/clients confidence in the way you process personal information.
For more information see the ICO website;
9th January 2020, Steve Lees (SWLA Chair) and Iain Maitland (SWLA Vice Chair) met with Matt and Councillor Penberthy.
Topics for discussion included the Government’s plans to axe Section 21 and MEES (Minimum Energy Efficiency Standards) in the Private Rented Sector.
SWLA continue to be a voice for landlords and work with local authorities to get the most positive outcomes for tenants and landlords alike.
REMINDER!! If your rented property is covered under the MEES Regulations, your EPC rating needs to be E or above in order for you to let the property (unless you have a valid exemption). For more information and cut off dates; https://www.gov.uk/guidance/domestic-private-rented-property-minimum-energy-efficiency-standard-landlord-guidance#find-out-if-your-property-is-covered-by-the-regulations
From today, 10 January 2020, all letting agents who manage properties which, individually, yield an income of 10,000 Euros per month (or equivalent) or more, must now comply with regulations set out in in the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
All letting agents across the UK will have 12 months to register with HMRC if they meet the requirements. However, HMRC’s online registration system for letting agents won’t be operational until May 2020.
All letting agents in the regulated sector for AML will need to comply with the Regulations, despite not being able to register. Customer due diligence (CDD) checks will need to be carried out on any new tenants and landlords on or from 10 January 2020. Also, if an existing tenancy is renewed after this date, letting agents will need to carry out appropriate checks at that point on both parties.
Estate and letting business
Any letting agent who carries out sales and is already registered with HMRC for AML supervision and fall within the scope of the Regulations, they will need to inform HMRC that they carry out lettings activity. This can be done once the online applications process is up and running.
Customer Due Diligence (CDD)
CDD must be carried out on both the tenant and landlord for any tenancy agreement with a monthly rent of 10,000 Euros (or equivalent amount) or more before establishing a business relationship. This means identifying and verifying the customer, obtaining information on the nature of the business relationship and details of any beneficial owners.
Propertymark believes it is best practice for all letting agents, regardless of whether they fall under the definition of businesses with HMRC for AML supervision to carry out CDD on all their customers. This is because committing an offence under the Proceeds of Crime Act 2002 applies to everyone and criminalise any involvement in the proceeds of any crime if the person knows or suspects that the property is criminal property.
Information from David Cox at ARLA Propertymark