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Taxpayer Who Can’t Prove Spending Loses ​Appeal

Taxpayer Who Can’t Prove Spending Loses ​Appeal

Failing to keep good financial records could mean losing out on thousands of pounds of business expenses and paying more tax, according to the latest tax tribunal ruling. The First Tier Tribunal heard an appeal by business consultant and quantity surveyor Gerald Bianchi relating to nearly £40,000 of expenses included in the accounts of two ...
Heat Turned On Landlords With Cold Buy To Lets

Heat Turned On Landlords With Cold Buy To Lets

Liverpool council has won another case forcing a landlord to upgrade a buy to let home because the heating is considered too expensive for tenants. This is very similar to one they won in 2012. Liverpool City Council had served a notice on landlord Anwar Hadi Kassim ordering him to improve the heating in a 100-year-old flat in the city’s ...
​How The New Wear And Tear Relief For Landlords Works

​How The New Wear And Tear Relief For Landlords Works

While the scrapping of higher rate finance interest relief has led to a furore among landlords, a major update to claiming wear and tear allowance has slipped by almost unnoticed. A new consultation announced by HM Revenue & Customs (HMRC) proposes to scrap the 10% wear and tear allowance. The replacement will be a claim-as-you-go ...
Tv’s Dragons Point Out The Risks Of Property Crowdfunding

Tv’s Dragons Point Out The Risks Of Property Crowdfunding

The House Crowd property crowdfunding business model got a roasting in BBC TV’s Dragon’s Den. Founder Fraser Fearnhead​ went to the dragons looking for a £1 million investment in return for a 5% share of the business. But the dragons were astonished that a business Fearnhead admitted had never made a profit and turned over £375,000 in sales ...
Council Should Have Explained Court Fees To Tenant

Council Should Have Explained Court Fees To Tenant

A test complaint we’ve wanted to try for quite some time now has been decided (the complaint was not by us nor one of our members). After a landlord has served a 2 months section 21 notice, commonly the tenant will go to the local authority saying they are threatened with homelessness and will seek assistance. The local authority will in ...
Letting Agent Goes Bust Over Massive Amounts Of Missing Money

Letting Agent Goes Bust Over Massive Amounts Of Missing Money

Letting agent goes bust over missing £500,000 The director of a letting agency that went bust owing almost £600,000 in missing tenancy deposits and rents has agreed not to run a business until 2025. Peter Leonard, 58, had been a director of Direct Residential Lettings Limited in Hove, West Sussex, since 2007. An investigation by the ...
No Cgt Losses On Property Deals That Fail To Complete

No Cgt Losses On Property Deals That Fail To Complete

Property investor cannot offset lost deposits and other costs against capital gains tax on purchases that fail to complete, a tax tribunal has ruled. The rule was reinforced in the case of Anthony Hardy v HMRC in a recent case before the First Tier Tax Tribunal. Mr Hardy paid over £128,000 in deposits on two off-plan home purchases, ...
How And When To Use High Court Enforcement

How And When To Use High Court Enforcement

This post has been significantly updated 20 November 2015. Especially since appearing on TV, an increasingly common question from members is about the use of High Court Enforcement Officers (HCEO`s) in relation to obtaining possession of let premises. Fortunately for this article, we have recently had a genuine case so we decided to test ...
Judge Warns Landlords To Beware Of Sub-Letting Scams

Judge Warns Landlords To Beware Of Sub-Letting Scams

A judge has warned sub-letting scams by crooks impersonating their landlords to trick unwary tenants out of deposits and rents are​ on the increase. Jailing Heidi Korn for eight months after she was found guilty of fraud at Inner London Crown Court, Judge William Wood called for new measures - including landlords offering photographic proof ...
Hugely Rising Service Charge Found To Be Lawful

Hugely Rising Service Charge Found To Be Lawful

Signing an agreement for service charges and ground rent that increases by a fixed amount each year was a gamble for tenants of chalets at a holiday park that has left them with huge bills, according to judges at the Supreme Court. Tenants at Oxwich Leisure Park on the picturesque Gower Peninsula in South Wales signed up between 1978 and 1991