Simon Coppen

Registered with Property118.com
Wednesday 5th March 2014


Latest Comments

Total Number of Property118 Comments: 30

Simon Coppen

22:24 PM, 17th March 2018
About 3 years ago

Splitting Rental Income Between Spouses on first BTL

Reply to the comment left by Simon Lever at 17/03/2018 - 12:31
Even down south, a non earning spouse with a couple of mortgaged BTLs won't make enough profit to use up their tax free allowance. Using an accountant would just knock £600 (or however much they charge) off the profit...?
My wife has just started working a few hours a week so for the first time I'm keeping all the receipts as she will in the future have a tiny bit of tax to pay. But I still won't use an accountant. My calculations will now take 10 mins instead of 5. S24 may add another 5 mins (but won't changes the numbers). If I make an oversight and miss out on a deductible expense or something I guess i could cost us £50, but I'd still save £550.
If our tax situation ever gets complicated in the future I would use an accountant; I'm not anti-accountant, it's just that at the moment they couldn't save me enough time or money for me to consider using one. There must be a lot of people in a similar situation, i.e. only one or two properties and not affected by S24.
I do concede that I should probably see a tax adviser sooner rather than later. We don't plan to sell the properties any time soon and I'm aware we'll need to change the ownership structure in the future. I'll do some more research on property CGT soon I promise...!... Read More

Simon Coppen

20:27 PM, 15th March 2018
About 3 years ago

Splitting Rental Income Between Spouses on first BTL

If you want to maximise your tax liability you need to swap over your beneficial ownership percentages. However, if you want to minimise it, as Neil says, your plan sounds good!
I personally have both our properties fully in my wife's name (I keep meaning to brush up on my CGT, so can't be sure what's best long term). I do her tax return for her and prefer not to pay for an accountant (there's no savings they could possibly make!). If you've only got one property and are happy to use a spreadsheet or calculator for 5 minutes then I've never seen the need for an accountant. Online tax returns are easy enough too, nothing that can't be done in a lunch break. However, I appreciate other people's tax situations can be far more complicated, in which case if you're not confident then play it safe and get one...... Read More

Simon Coppen

22:59 PM, 6th February 2018
About 3 years ago

Sincerity Among Landlords And Tenants

Reply to the comment left by David Price at 06/02/2018 - 13:24
Thanks David. I probably will cut future ASTs down to 6 months, especially if I use a DOA for tenants wanting longer term assurance (since the tenant can't enforce the DOA if he's in arrears or breaching terms)...... Read More

Simon Coppen

13:00 PM, 6th February 2018
About 3 years ago

Sincerity Among Landlords And Tenants

David, I'm looking to tweak my ASTs, which are based on the gov.uk template, so that any periodic tenancy is contractual.

Some people are claiming online that if you have a fixed term (i.e. with end date), and then a contractual periodic tenancy, it is effectively creating two tenancies (i.e. no council tax protection). The AST in the link you provided looks to have avoided this by saying "...for a term of x months and thereafter continuing on a monthly basis...".

Other people say the opposite, that a fixed term can be defined and, if the tenancy goes CPT, it's still a continuous tenancy. If this is the case, I was going to leave 'The Term' (with dates) in my AST and simply change section 4.2 to read

"If the Tenant continues to live in the Property after the expiry of the fixed term and no further tenancy has been entered into by the parties, then from the expiry of the fixed term the Tenant shall occupy the Property under a contractual periodic tenancy from month to month until terminated by either party giving to the other one full calendar month’s written notice, provided that no such notice may be served during the first 12 months of the term."

Other than being a mouthful, does my proposed text above sound reasonable, or do I need to avoid defining an end date in the fixed term?

Many thanks for any advice anyone can give...... Read More

Simon Coppen

20:37 PM, 23rd January 2018
About 3 years ago

Sincerity Among Landlords And Tenants

Reply to the comment left by Mark Alexander at 23/01/2018 - 16:26
Thanks Mark, DOA template duly purchased!
This is likely to be useful with some existing tenants who were keen for a long agreement 11 months ago, but I was limited to offering 12 months. I'll have to think about their deposit though. I took a large deposit as they were retiring expats returning to the UK, in a good financial position but with limited UK credit history. As they've been great tenants I was going to offer them some of their deposit back (reduce from 2 x rent to 1.5 x rent), but I'm guessing I can't do this without making it a 'new' deposit. Maybe I'm better off leaving the deposit alone...... Read More