You will be surprised at how many landlords accept losing inventory items and see it as a part of the cost of running a business.
Sorry! I don’t agree and I find that most landlords who take this kind of attitude are the ones who hit cash flow issues quickly.
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If you have incurred a revenue expense for the purpose of your property, then you can offset it against the rental income.This means that you can continue to lower your tax bill – legitimately!
Yes, that’s right! On Thursday 4th September we will be exhibiting at the ‘London Landlords’ Day’ event at the Olympia, London.
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Every landlord knows that organising a large number of properties can be difficult. Keeping track of the status, occupants and finances is a difficult and time consuming task. Currently, much of the book keeping that landlords perform is paper-based or in rudimentary spreadsheet applications. These methods are primitive, unable to execute most calculations required for property-related taxes and accounting.
This is where specially designed property software comes in…
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There are several reasons why a landlord should use Property Management software (PM).
One of the biggest and most significant reasons is money. Not only will this software save landlords money, but it can also increase cash flow as well.
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Moving Properties into Joint Ownership to Avoid Income Tax
Because you can save tax by holding your property in a partnership, you may well be thinking about how to transfer to joint ownership.
It is actually very easy to do and you will incur no capital gains tax liability if you are transferring part ownership to your spouse, i.e., your husband or wife.
PLEASE NOTE: if part ownership of the property is to be transferred to anyone other than your spouse, there may be a capital gains tax liability triggered.
Three Simple Steps to Follow
The following three steps will show you how you can transfer the property into joint ownership.
A huge issue for professional landlords as they grow their portfolio is staying organised. I believe that an essential step for serious landlords is to invest in property management software.
The problem is that many landlords fail to ask the right questions before purchasing their software.
Becoming a serious investor brings new problems you won’t have experienced before. The answers are provided by clever software. The next challenge is to pick the right solution. Property Portfolio Software‘s products are specifically designed to handle the major challenges faced by landlords.
Landlords should ask the following 7 questions:
An increasingly popular way to boost property cash flow with the current financial market turmoil is to venture in to Houses in Multiple Occupation (HMOs) or general multi-lets. In fact, I wouldn’t be too far wrong if I was to say that unless you had properties with a low debt to equity ratio, then this is probably the only way you are going to generate any decent cash flow.
What is going to generate you the greater cash flow? A three bedroom house let out at £595 per month, or the same house split in to four rooms, with each one being let out for £260 per month, thus generating monthly income of over £1,000!
However, as an increasing number of investors start to plunge into this market, you would be wise to take note and not to put all your eggs in to this one basket!
Will we see another apartment style plunge in coming years?
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We sometimes (very rarely now) get asked the question ‘why don’t you have a trial download of your property management software solutions available?‘
A very good question.
The fact of the matter is that for almost a whole year we allowed our Property Portfolio Software website visitors to download a fully functional 30 day trial version of both our property management software solutions.
Although we were getting a healthy number of download requests, we found that almost 90% of those that requested a download never actually bothered to trial the software. We found this out after running an expensive telemarketing campaign.
In other words, they were not really motivated enough to actually take some time out to test drive our property management software solutions.
Of those who did trial the software, we found that most went on to purchase the software.
We also found that most of our sales came from people who never even bothered trialling the software!
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