New landlord to be needs advice, please

[sun-glow 10]

I am buying a flat and going to rent it out. I have read as much threads as i could find in the Forum. But still have some advice.

 

Can any body help me please.

 

1, The rent I received should pay income tax. What kind of expenses I can deduct from my gross rent income.

 

2, Do I have to register with Sheffield city council before I take any tenant in?

 

3, What creteria must the flat has to reach when I register?

 

and

4, which certificates do I have to submit with?

[corgigasman 10]

Regarding expenses then I am sure ALL maintenance costs and certification are valid as deductions before taxable sum is declared. Ask any letting agent (as if you are intending to use them even if you are not) and they will give you all the info you need, also any accountant will fill you in on everything regarding expenses.

Obviously if you have any gas appliances then you need a 'Landlords Gas Certificate', which I would be pleased to quote you for:D . Hope this has been of some help, cheers, Steve

[JBradleybz 10]

I am buying a flat and going to rent it out. I have read as much threads as i could find in the Forum. But still have some advice.

 

Can any body help me please.

 

1, The rent I received should pay income tax. What kind of expenses I can deduct from my gross rent income.

 

2, Do I have to register with Sheffield city council before I take any tenant in?

 

3, What creteria must the flat has to reach when I register?

 

and

4, which certificates do I have to submit with?

JBheating services do great gas safety checks and services from £45.00 fully gas safe registered and over 10years in the trade 07930144256 or http://www.JBHeatingServices.co.uk

[Nicesheff 10]

Do everything by the book, dont take any short cuts, dont think your above the law. Other wise you will regret when you think your above the law

[sun-glow 10]

Thank you, every body.

 

I will be very careful. I can imagine how stressful it could be if one has problems about the law.

[sun-glow 10]

Regarding expenses then I am sure ALL maintenance costs and certification are valid as deductions before taxable sum is declared. Ask any letting agent (as if you are intending to use them even if you are not) and they will give you all the info you need, also any accountant will fill you in on everything regarding expenses.

Obviously if you have any gas appliances then you need a 'Landlords Gas Certificate', which I would be pleased to quote you for:D . Hope this has been of some help, cheers, Steve

 

I am in the middle of negotiating price.

It will be a 2bed room flat with one living room. No shower at the moment. PM me your quotation. please.

[tabbron 10]

As an experianced landlord if you can afford to buy a house instead of a flat I would do that as they are more popular with tenants, there is no excessive service charges to pay and they will usually resell better if you get fed up of renting out.

[Douglas J 10]

I am buying a flat and going to rent it out. I have read as much threads as i could find in the Forum. But still have some advice.

 

Can any body help me please.

 

1, The rent I received should pay income tax. What kind of expenses I can deduct from my gross rent income.

 

2, Do I have to register with Sheffield city council before I take any tenant in?

 

3, What creteria must the flat has to reach when I register?

 

and

4, which certificates do I have to submit with?

 

One of the expenses you should have with a new business is legal costs. this is going to be very important if you are to do a responsible landlord as there are a lot of legal issues to sort out and comply with. Hopefully the right sort of legal advice at the beginning will prove a good investment in the long run.

[kevvv 10]

if you are providing anything in the flat thats electrical with a plug on it eg fridge, washing machine etc then you will need a yearly PAT test which cost about £40. Also ask for references, though obviously not fool proof it may help getting a responsible tenant. I wouldnt recommend a letting agent cos they are taking money without doing much, unless you use them only for finding tenants. If you know good tradesmen especially gas and electricians who you trust its a big help

[craigg1 10]

Please give me a call if you need any advice regarding letting property's. I am an experienced landlord and i also run a small lettings company and electrical contracting company.

 

Tel 0114 245 7272

 

ps advice is free!!!

[sun-glow 10]

I have been reading as much as possible relavent articles and tips. It is really quite complecated. I must be very careful and prepare myself fully.

 

Thanks for your advice, every body.

[sun-glow 10]

Please give me a call if you need any advice regarding letting property's. I am an experienced landlord and i also run a small lettings company and electrical contracting company.

 

Tel 0114 245 7272

 

ps advice is free!!!

 

Hello craigg1

 

I do need your advice now and in the future. Say thanks in advance.

 

One of my friends has a house rented to 3 people. two of them moved out last week. He is arranging potential tenants to the viewing. But the third tenant who still live in the house insists that the landlord must give him 24 hour notice to let any body to viewing the house and give him the exact time of viewing. He insists that this is his right by law.

 

Is what he said true?