Landlord's Services

We are always striving to make life easier for our managed landlords

Portfolio Reviews

How well is your property portfolio performing? Would you like to chat through your plans for 2019 and beyond?

We can offer you a portfolio review meeting.  Working in conjunction with a financial advisor and wealth management expert, the review will allow you explore how to get the best out of your property investment and maximise returns.

Whether you have one, two or more properties, if you would like the opportunity to chat through your investment with local experts, do get in touch. Email info@belvoirandover.com or call us on 01264 366611

Virtual Viewing Service

We are thrilled to announce our Virtual Viewing Service - perfect for busy people or those living outside the area.

As long as you have some form of video calling facility (WhatsApp, FaceTime, Messenger video calling etc), the Belvoir team can show prospective buyers or tenants around properties  by using our Ipad to conduct a virtual tour.

As soon as a suitable new property comes on the market, we can arrange a virtual viewing and this will then help people decide whether it is worth booking a ‘real’ viewing. The virtual viewing can be totally interactive and we can answer questions and show any particular features in more detail.

Just give us a call on 01264 366611 to book. We look forward to showing you around!

Annual Tax Return

Also, did you know we can provide a tax return that can be emailed directly to your Accountant? There’s no charge for this email service, simply drop us an email and we can organise that for you.

If we don’t currently manage your property, come and talk to us to find out more. It might not be as expensive as you think!

Belvoir Property Clinic - New Buy-to-Let Tax Rules

Greg Greatbatch, Director at Belvoir Andover and Professional Landlord answers today’s property question

If you have a question for our monthly Belvoir Property Clinic, please send to info@belvoirandover.com

Q Can you explain the tax changes that have been introduced for buy-to-let landlords as I am about to file my tax return

A This is a question we have been asked a lot at Belvoir, and it’s not an altogether simple one to answer.

The tax changes only apply to individual landlords who let property in the UK, those who let in a partnership or Trustees of a trust directly holding UK residential property. The new tax rules won’t apply to companies or landlords of furnished holiday lets.

In short, the main change being made under the new tax rules, is that landlords will no longer be able to fully claim tax relief on their mortgage interest payments and related finance costs.

Previously, landlords have been able to deduct a number of allowable expenses along with mortgage and other finance expenses from their rental income and just pay tax on the difference. Now however, tax relief on finance costs will be restricted to the basic rate of Income Tax with the restrictions being phased in gradually from 6 April 2017 until fully in place from 6 April 2020.

You’ll still be able to deduct some of your finance costs when you work out your taxable property profits during the transitional period. These deductions will be gradually withdrawn and replaced with a basic rate relief tax reduction.

Tax year	Percentage of finance costs deductible from rental income	Percentage of basic rate tax reduction
2017/18	75%	25%
2018/19	50%	50%
2019/20	25%	75%
2020/21	0%	100%

I would advise you to take some professional advice regarding how this will affect you based on your particular personal circumstances. There is also more information on the full impact of the changes and case studies published by HMRC which can be accessed on www.gov.uk

New Property Tax Law That Affects Non UK Residents

If you buy UK residential property but are a tax-resident outside of the UK, you need to be aware of a new tax that came into effect on 6 April 2015: non-resident CGT (NRCGT).

The NRCGT charge is applied at different rates according to whether the seller is a non-resident closely-held company, fund, individual, personal representative or trustee. It applies to gains made in the period from 6 April 2015 to the disposal date of the property, so a small amount of tax is likely to be payable on property sales made in 2015/16.

However, when such a sale is made a NRCGT return must be submitted to HMRC within 30 days of the conveyance of the property, and this must be done online. The return must be made whether there is any NRCGT to pay or not, where there is a loss on the disposal, and even where the taxpayer is due to report the disposal on their own personal or corporate self-assessment tax return.

Where the vendor is not registered for UK income tax, corporation tax or the annual tax on enveloped dwellings (ATED), the NRCGT charge must be paid within 30 days of the conveyance date. This payment can only be made once the NRCGT return has been submitted and HMRC have replied with a reference number to use when making the payment. There are penalties for failing to file the NRCGT return on time, and failing to pay the tax on time.

If the taxpayer is registered for UK Self-Assessment they can opt to pay the NRCGT due at the same time as the tax due for their normal personal or corporate tax.

Conveyancing solicitors need to be aware of the very tight tax reporting and payment deadlines. Property developers need to warn non-resident customers that they will be liable to tax on any gain made when they sell the residential property and that gain includes any discount in the price achieved by buying "off-plan".