Do you still have your rents being paid into different bank accounts and/or have your property related expenses being paid from different bank accounts?
One of the best ‘organisational’ tips for landlords is to run your property business through a single bank account.
Version 7.35 of both Landlord’s Property Manager Professional and Regular is now available.
Just a quick note to let you know that I will speaking on 20th October at the UK’s largest property networking event – the Berkshire Property Meet. Juswant and Sylvia Rai run this remarkable event which last month attracted over 200 property enthusiasts.
I will be delivering a talk called ‘Property Management: Tools and Techniques’
In the talk I’ll be sharing strategies on how to:
I’ll also be giving a live demonstration of the very latest version of our property management software – Landlords Property Manager.
To register for this event and get the full details please click the link: Tell me More about the Berkshire Property Meet.
I look forward to seeing you there.
Directors may incur expenses when on the company’s business. Most travelling expenses involve the cost of running a car.
It used to be a good tax planning idea to have the company own a car and allow the director to use it for both business and private purposes, as the rules for taxing directors on their private use of a company car were very generous.
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As you are well aware, mortgages have been withdrawn in the thousands by lenders in recent months.
With property prices having fallen an average of 10% in the past year, lenders are still holding back on borrowing to would-be buyers. This has particularly been the case on new-builds (especially new build apartments) because of the way the prices have plummeted over the past months.
The valuations on new-builds have caused great concern to lenders. This is because lenders have never known what incentives, such as cash backs, discounts, stamp duty, fully furnished, fitted kitchens etc.. have been included in the sale.
The concern is that many lenders believe properties have been sold for more than they are really worth. This has led to many outstanding mortgage amounts on new-builds being greater than the actual value of the property (i.e. negative equity).
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As a landlord you are likely to have various insurance policies for your properties. These will range from the essentials like buildings and contents insurance to the desireables such as boiler breakdown, plumbing cover and electrical insurance.
Insurance policy premiums are just like our age. They only go one way and that is up, especially if you stick with the same insurer. However, make sure that whenever a buildings and contents insurance renewal comes in, you get alternative quotes as you will definitely find cheaper deals somewhere.
Just use a price comparison website such as confused.com or moneysupermarket.com and you will definitely find comparable and probably cheaper quotes.
You may also want to try quidco.co.uk where you will actually get cash back when you take out an insurance policy through them.
Property management software can track insurance costs and remind you about upcoming renewal dates. Click here for more information.
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