Landlords are facing mounting pressure, making them vulnerable to non-compliance in their accounting, after a raft of changes, including tax measures, in the buy-to-let sector.
Marshall Vizard Estate Agents hosted an event at The Town and Country Club in Watford last night, where Landlords from the area were invited to a presentation on these changes.
Neil Marshall, Lettings Partner, started the evening by saying that “The job of being a Landlord has under gone many changes over the last few years with regard to the regulations and responsibilities towards their properties and tenants, but also with regard to the tax implications and the way that they run their properties as a business. There are now several different options available to a Landlord, which have many different benefits and disadvantages depending on whether they are looking at the short or the long term, capital gains or monthly income. These decisions are always individual and personal.
There is no doubt that this market has been very profitable over the last few years, seeing strong gains in both capital growth as well as the rents achieved. As with all markets, they tend to ebb and flow throughout their natural cycles, but we hope that the longer term prospects, remain good over the coming years, in the same way that we can chart the improvements in the market from previous years.
The main presentation was given by Peter Tucker from TDS Accountancy Services. Peter gave a general overview of the direction of changes, relating to the tax and reporting responsibilities of a Landlord.
The event was well attended and had fantastic feedback, with Landlords commenting that the evening was very useful and informative.