Posts with tag: property management

Government Confirms Change to Wear and Tear Allowance

Published On: December 10, 2015 at 12:56 pm

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Government Confirms Change to Wear and Tear Allowance

Government Confirms Change to Wear and Tear Allowance

The Government has announced that it will replace the current Wear and Tear Allowance system for buy-to-let landlords, after the responses to a consultation were published.

HM Revenue & Customs (HMRC) released the 170 responses to the 12-week consultation on changing the Wear and Tear Allowance – 137 of these were from individuals.

The Government confirmed that under the new system, landlords will only be reimbursed for actual expenditure.

The HMRC summary of the responses admits: “Many respondents expressed support for maintaining a Wear and Tear Allowance, principally because they saw it as simple.”

However, “a significant number of stakeholders agreed with the Government that the Wear and Tear Allowance was not fair, both as it only applies to landlords of fully furnished properties and because it provides relief where no expenses have been incurred”.

Considering the consultation, HMRC says the Government is keen on “minimising complexity” in the way the Allowance is paid in the future.

It adds that the Government has ruled out extending the scope of the Allowance and has decided against any transitional arrangements. However, in the future, the Allowance will “include the cost of disposing of old assets”.

The Government has now published draft legislation for technical discussion on how the Allowance will be administered in future. There are now eight weeks of consultation.

The complete responses and details of the further consultation can be found here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/483726/Replacing_wear_and_tear_allowance_with_tax_relief_for_replacing_furnishings_in_let_dwelling_houses_-_summary_of_responses__M8067_.pdf

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Warning: Common Mould Can Kill

Published On: December 9, 2015 at 10:29 am

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Categories: Landlord News

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Warning: Common Mould Can Kill

Warning: Common Mould Can Kill

As the winter weather really sets in, property management specialist VPS has issued a warning that damp homes can develop a poisonous killer – common mould.

The firm states: “Not many people realise that mould is classed as a Category 1 health risk – the same as asbestos.”

As landlords have a duty of care for their tenants, it is recommended that you follow VPS’s advice in having any serious outbreaks of mould checked by a specialist team.

The company revealed that 50% of people who contract Invasive Pulmonary Aspergillosis (IPA) die. Despite mould being a common household issue, it is vital that this problem does not get out of control.

Aspergillosis is a group of conditions caused by a fungal mould called aspergillus. It typically affects the respiratory system, but can spread to anywhere in the body. It is just one of many types of mould and can be found growing on damp walls, as a major component of mildew.

Anthony Owen, the Managing Director of VPS, explains: “Everyone knows that most mould comes from excess water, but what many people don’t realise is that the type of fungi that grow give off micro toxins can make people ill. It is classed as a Category 1 health risk, the same class as asbestos.”

VPS has developed specialist mould prevention and removal teams to combat the issue and offer property owners free consultations if they believe they have a mould problem.

“Mould can be avoided by eradicating the contamination and also by addressing the root causes, ensuring that the contamination can be effectively controlled,” says the firm. “However, once mould spreads and takes hold, its removal should be carried out by a specialist team who will identify the causes, deal with the contamination and ensure a stable condition in the affected areas is achieved.”

Removing mould and ensuring that it does not build up on surfaces around the property can hugely improve the health of tenants. However, the root cause of the mould must also be tackled. These are: Condensation, water leaks, damp basements, inadequate ventilation, and rising damp.

An initial consultation with VPS can suggest how to treat the problem and how to prevent further issues. A specialist may be necessary to protect the health of current occupants and future tenants.