Privacy Policy
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website,
www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” |
Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie |
First / Third Party |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Mark Alexander - Founder of Property118
12:20 PM, 28th April 2018, About 6 years ago
Hi Martin
I suspect many landlords will have the same question when they get around to completing their Partnership Tax returns. I have to commend you for being ahead of the game, as most landlords are unlikely to even think about completing their 2017/18 returns until at least Autumn. They must, of course be filed by the end of Jan 2019 in order to avoid penalties.
Whilst we help many landlords to set up and register partnerships, we don't deal with tax returns. Instead we leave these to our clients accountants. However, as this is likely to be a topic of such huge interest, especially as many landlords do their own tax returns, we decided to pay our own accountants to answer this question for you, and doubtless many others who will be equally confused. Accordingly, this discussion thread will hopefully become a useful reference point for many landlords. We encourage all who find the detailed response below to leave a donation to help us to recoup the costs of the advice we have sought for our community. Please see our donations page at https://www.property118.com/donations/43590/
The response below is from our accountant, Neil Barlow FCA AAT at Pacific Limited Chartered accountants. You can see his member profile and a contact form via the link below.
https://www.property118.com/member/?id=452
Neil's response ....
Martin mentions that he has experimented with his on-line self assessment. I would suggest that he experiments with the on-line Partnership self assessment first. We use bespoke software and therefore I cannot confirm how the HMRC online system should be completed. However I have looked at the paper forms and the boxes to be completed are as follows:
Please see below a link to a copy of the Partnership UK Property Tax Return form SA801 which is completed with the Partnership Tax Return SA800 .
https://www.property118.com/wp-content/uploads/2018/04/sa801-2018.pdf
75% of the finance charges are included in box 1.27 which flows through to the profit or loss figure shown in box 1.39. The 25% non allowable finance charges are included in box 1.40.
Also linked below is the Partnership Statement (Full) form SA800(PS).
https://www.property118.com/wp-content/uploads/2018/04/sa800ps-2018.pdf
The rental profit or loss from box 1.39 is entered in box 19 and then split between the partners in accordance with their profit sharing arrangement. The 25% non allowable finance charges entered in box 1.40 are entered in box 26 and then split between the partners in accordance with their profit sharing arrangement.
These figures flow through to the partner's personal tax return and are entered on the Partnership (Full) form SA104F linked below.
https://www.property118.com/wp-content/uploads/2018/04/sa801-2018.pdf
The partner's share of the rental profit is entered in box 36 (which then flows through to various other boxes). The partner's share of the non allowable finance charges are entered in box 41.1.
I hope the above helps.
Neil Barlow - https://www.property118.com/member/?id=452
Simon Lever - Chartered Accountant helping clients get the best returns from their properties
12:38 PM, 28th April 2018, About 6 years ago
Once the 25% non allowable interest has been transferred to the personal tax returns the calculation of the tax due will allow 20% of the interest as a deduction against the tax calcualted.
If the both Martin and his wife are basic rate tax payers before the 20% deduction on their disallowable interest then they are in the same postion as they were last year.
If they are not both basic rate taxpayers then as they are a registered partnership submitting partnership returns they do not have to keep the 90:10 profit sharing ratio but can change this at will. A change in this ratio should be able to bring both of them back to the basic rate tax situation.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1030
There may be other reasons not to change the ratio but this will work.
Maybe a one off consultation with an accountant would be cost effective.
Martin Mills
17:24 PM, 29th April 2018, About 6 years ago
Dear Mark,
Thank you for posting my original query regarding how to claim back the 25% of Residential Finance costs not included in Finance charges. Thank you also for asking Neil Barlow to look at this on behalf of all landlords who have partnerships registered with HMRC.
Neil is obviously on the ball. Yes, the 25% figure goes in Box 1.40 on form SA801. Neil also provides a link to down load the new form SA800(PS). All landlords in registered partnerships need to know that this new form is the vehicle by which partners can lay out their share of profits (Box 19) and their share of the 25% of residential finance costs (Box 26). My understanding is that landlords who have a turnover of less than £85000 need not do a full partnership return if they complete the paper return SA800(PS). It took me two phone calls to HMRC to find out that they had created this new form. I have to say that the staff at HMRC are not particularly geared up to the changes that have come about since George Osborne gave us Section 24. Two have said to me that ‘this is all new to us’, even though the legislation came in two years ago… I myself am not a tax expert. But, just somebody who wants to get things right.
My wife and I are retirement/hobby landlords. We do everything that we can to provide quality housing for the young people that we let to. We like to keep our properties well maintained and build positive relationships with our tenants. We enjoy getting Christmas cards from our tenants thanking us for everything that we do for them! Like many of you, we are tired of landlord-bashing. This country needs a responsible private rented sector because successive governments have failed to provide adequate social housing and historically are to blame for selling off the housing stock that they had.
As Simon Lever rightly points out, as basic rate tax payers, my wife and I are basically unaffected by Section 24, but we do have empathy with career landlords who have seen their business models shattered. I believe that to target landlords in this way undermines all the basic principles of business, profit and taxation… Thank you George Osborne. Such a shame you didn’t focus your attention on some of the big multi-national companies that make such large profits and contribute little to our economy.
Returning to tax returns! I have posted off our partnership form SA800, with SA801 and SA800(PS) to HMRC. I included a covering letter explaining that, whilst we are in a partnership, we would not be declaring any profits in 2017/18 because, through the individual self-assessment process, we fail to see how it is possible to claim back the 25% of finance costs. Both our individual profits will be declared using the UK Property section of on-line self-assessment, whereby the 20% tax- relief can be claimed. Thanks to Neil again, I do understand that there might be software available to help landlords through the partnership tax return process, but personally, we would not wish to purchase them and, like many small landlords, we will continue to self-manage our properties, our accounting and our tax returns. I sincerely hope that HMRC will respond quickly to our query and look forward to updating readers with the outcome. With best wishes to all responsible landlords.
Martin
Simon Williams
11:52 AM, 30th April 2018, About 6 years ago
Forgive me for being way behind the learning curve here, but I thought HMRC got a bit sniffy about married couple property partnerships, claiming that you had to show you were doing a lot more than just renting out property 'in the normal way'? Perhaps they have now relented on that.
Rightly or wrongly, I have gone down the path of a deed of trust to transfer a larger-income rental property to my wife to utilise her below-higher-rate status. Easy to do at least and then it's just the Land and Property pages for each of us.
But am I right that the big advantage of a partnership (for actual/potential higher rate payers) is that, after a period of time, you can then incorporate and avoid SDLT?
Mark Alexander - Founder of Property118
12:07 PM, 30th April 2018, About 6 years ago
Reply to the comment left by Simon Williams at 30/04/2018 - 11:52
Hi Simon
You are right on all counts.
If you are not running a 'business' then you cannot form a partnership. HMRC's definition of 'business' for property investment partnerships can be found at PIM1030 - see link below.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1030
But also see PIM1020 - link below.
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim1020
I confirm that partnerships are given preferential treatment in regards to SDLT when transferring the 'whole business' to a company. The legislation is linked below.
https://www.legislation.gov.uk/ukpga/2003/14/schedule/15
I hope that helps.
Simon Williams
13:59 PM, 1st May 2018, About 6 years ago
Reply to the comment left by Mark Alexander at 30/04/2018 - 12:07
Thanks Mark for these excellent and useful links. I seem to have terrible trouble finding these HMRC manuals. Simon
Chris Carpenter
15:46 PM, 24th January 2019, About 5 years ago
Reply to the comment left by Simon Lever at 28/04/2018 - 12:38I am in a similar situation and have done all of the above. Problem is when I go into the HMRC online SA to enter the details, it does not have any entry for the residential 25% finance costs.
Do I just enter the profit in the partnership and enter the 25% in the personal area together with my own personal costs?