Should we get an accountant?

Yorkie1

The only thing which occurs to me is whether you had an electricity performance certificate - I think you're supposed to have this before renting it out, and to show it (give copy to??) the potential renter.

Otherwise it looks as though you've done everything right. I haven't skimmed back over the rest of the thread but other LLs often recommend joining one of the LL associations for advice and support, plus getting Tessa Shepperton's (?) book on renting out your property.

jacky_horn

Yorkie1 wrote: »

The only thing which occurs to me is whether you had an electricity performance certificate - I think you're supposed to have this before renting it out, and to show it (give copy to??) the potential renter.

Otherwise it looks as though you've done everything right. I haven't skimmed back over the rest of the thread but other LLs often recommend joining one of the LL associations for advice and support, plus getting Tessa Shepperton's (?) book on renting out your property.

Hi

yes I forgot about mentioning that. I gave them a copy of the Energy performance cert too. It was put in with all the other stuff I gave them. we also did a meter reading and got them to agree it for the elec and water, so I could put it into their names.

tbs624

jacky_horn wrote: »

I also made out an inventory even though it was just curtains and carpets, light fittings and a washer and cooker. I itemised each thing and stated its condition. I gave her two copies and we both signed them and each retained a copy. I hope I wasn't supposed to do anything else.

The inventory needs to note the condition of the property itself plus outside area, as well as that of of any furnishings/white goods that you supply.
New LLs often assume that they don't need to take an inventory if they are letting an unfurnished property and then are disappointed to find that they don't have the necessary evidence to show that a gouge in a door or a chunk of plaster missing from the wall wasn't there at the start of the tenancy, nor was the bathroom painted purple with silver stars.......;)

jacky_horn wrote: »

If anyone can see a glaring omission in what we have done please let us know. I want to be a good LL and do everything legally, but also treat my tenant as a person, not just a source of income (which she is, I know)

Good luck - the majority of Ts with a "good" LL reciprocate by being reliable Ts, looking after your property and paying on time.

jacky_horn

tbs624 wrote: »

The inventory needs to note the condition of the property itself plus outside area, as well as that of of any furnishings/white goods that you supply.
New LLs often assume that they don't need to take an inventory if they are letting an unfurnished property and then are disappointed to find that they don't have the necessary evidence to show that a gouge in a door or a chunk of plaster missing from the wall wasn't there at the start of the tenancy, nor was the bathroom painted purple with silver stars.......;)

Thanks. Our inventory didn't state anything about the state of the walls or paintwork - never occurred to us.

Good luck - the majority of Ts with a "good" LL reciprocate by being reliable Ts, looking after your property and paying on time.

here's hoping. She is a lovely lady

Bermuda_John

im an accountant and a property trader.

If you need any help or any excel spreadsheets to do the accounts, i can provide you with some.

cheers

JOhn

jacky_horn

Bermuda_John wrote: »

im an accountant and a property trader.

If you need any help or any excel spreadsheets to do the accounts, i can provide you with some.

cheers

JOhn

Wow thanks. One question. When is the time I have to tell the tax man I have this flat and fill in the tax forms. Is there a special month in the year it has to be done?

BitterAndTwisted

Yes, the deadline for reporting income for the tax-year ended April 2010 is the 31st of January so you need to contact your tax office and request a self-assessment from. You'll need a note of your UTR (Unique Tax reference) number or your NI number.

tbs624

BitterAndTwisted wrote: »

Yes, the deadline for reporting income for the tax-year ended April 2010 is the 31st of January so you need to contact your tax office and request a self-assessment from. You'll need a note of your UTR (Unique Tax reference) number or your NI number.

Note OP says

"Just bought a flat and rented it out within 13 days of getting the keys"

so this property income will fall within the 2010-2011 tax year. Paper return must be in by Oct 31 2011 or it's 2012, by Jan 31, as B& T says, for filing online any paying any tax that is due.

First download form SA1 from here or phone the self assessment sweethearts on 0845 9000444

Under a certain level of property income you can arrange for any tax due to be collected via your PAYE

jacky_horn

Thank you very much much everyone for all your great advice. Really appreciated.