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.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
||means an account required to access and/or use certain areas and features of Our Site;
||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;
||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;
||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
||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 email@example.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?
- 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?
- 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?
- 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.
- 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 firstname.lastname@example.org, or using the contact details below in section 14.
- 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
||Used only to collect performance data, with any identifiable data obfuscated
||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.
- 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
|__utma, __utmb, __utmc, __utmt, __utmz
||Helps to understand how their visitors engage with our website
||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
Mark Alexander - Founder of Property118
9:53 AM, 2nd October 2014, About 9 years ago
Your rental profits will be taxed as investment income. HMRC specifically target landlords who self assess because they know how complex the tax for us can be. Many landlords are caught out by HMRC despite having thought they've done everything by the book. Many other landlords pay more tax than they should due to being unaware of what can and can't be claimed. I recommend you to employ an accountant, preferably one who is a landlord and looks after several other landlords. Also check to ensure they are either chartered or certified and fully insured for the advice they provide.
16:08 PM, 2nd October 2014, About 9 years ago
i think all you need do is tell them that you are a landlord, eg by phoning the self assessment helpline. they will then send you log in details and you just fill in the relevant pages of the tax return online. accountants fees may well be disproportionate to the income on one BTL.
17:57 PM, 2nd October 2014, About 9 years ago
Reply to the comment left by "Joe Bloggs" at "02/10/2014 - 16:08":
They will send the UK Property supplementary pages, or do your SA return online like most people: you just need to tick "Yes" in section 4 of the supplementary pages section and the relevant Property pages will appear automatically, ready for you to fill in.
As regards the details of the return, it is pretty easy to do yourself and there is plenty of free advice available online regarding claimable deductions and how to handle capital improvements: basically, like-for-like replacements, e.g. of bathrooms or a roof repair or replacement, can be deducted from current income if you wish, but improvements like adding an ensuite fall under capital deductions, which are only claimable when you sell and become liable for capital gains tax (so hang on to your invoices to prove your expenditure).
An accountant's advice may also help first time round, as Mark suggests. You will both need to register for SA as the property is jointly owned, but there are various ways of reducing your tax bill as a married couple.
18:14 PM, 2nd October 2014, About 9 years ago
As both of you own the property then yes both of you need to inform HMRC that you are in receipt of rental income. As you started last tax year you need to do the return for 2013-14. HMRC will send you the necessary forms to cover everything ... welcome to self assessment!!
Do you know how to prepare your accounts? If not take Mark's advice. You may have made a loss last tax year and will need to carry forward that loss into the 2014-15 tax year.
HMRC frequently target new landlords just to make sure their accounts are correct ...
10:47 AM, 3rd October 2014, About 9 years ago
If you find it hard to do the self assessment look for a good accountant, do you know anyone in business who would recommend one to you?
Do your own spread sheet on the pc or a piece of paper show all income (rent) and outgoings (mortgage payments, bills etc).
Take your mortgage statement and bank statements to confirm the fact to an accountant and ask how much it would cost to do your return.
My accountant charges about £200 per property but because my spread sheet show rent, mortgage payments, and expenses per month on each property, it probably takes him an hour or two to do the return.
I could do this myself as I'm sure I've done all the work for him, but it is peace of mind. Tax man will not be knocking on my door, and his fee is also tax deductible.
If in joint names the profit is split 50-50 so your wife will also have to declare her share of the profits on her tax account even if she is working and paying PAYE.
A good accountant will also claim for things that you are entitled too but probable do not realise.
Mark Alexander - Founder of Property118
10:53 AM, 3rd October 2014, About 9 years ago
Reply to the comment left by "Recardo Knights" at "03/10/2014 - 10:47":
£200 per property is VERY expensive, my accountant charges me half that figure, i.e. £100 per annum per property - see >>> http://www.property118.com/member/?id=452
9:37 AM, 4th October 2014, About 9 years ago
Another issue to consider -- if one of you is or would become a higher rate tax payer, while the other won't, then it may be worth splitting your rental income along a different fraction than 50/50. This can be done with an HMRC form 17.
13:55 PM, 4th October 2014, About 9 years ago
I hope my accountant does not see this in the last two years he has charged me only just over £850.00 approx..
I have received two major tax rebates by employing him in the last two years. I worked out with the refund the money I got will pay his fees for the next 20 to 30 years.
He does not charge me by the property and keeps me right. It can be a false economy. By not employing the correct accountant.
The tax return is quite simple when it comes to filling out. Make sure you register now as it takes a while to receive your details so you can complete it on line.
As you just received one months rent in your return 05/04/2013 to 04/042014.
By the time your put down your legal cost of buying the house. they will probably be no tax to pay. Cost such as council tax, insurance,repair and mortgage interest part of mortgage, Letting agents fees are all allowable as tax deductible.
If you furnish the property there is a 10% allowance to replace items through fair wear and tear. Cost for travelling to your property can also be claimed.
Carrying forward a loss is where it gets complicated for me.
I prefer just to pay the accountant now. At least that way I know it is correct
13:57 PM, 4th October 2014, About 9 years ago
Here is a couple of links to help you get going:
You mention property income split, have a look at this article:
You will need to register with HMRC for Self Assessment:
You should however consider paying for proper professional advice, it could save you a lot of money and worry in the long run.
PS Mark - £100 per property is very cheap, personally I like to give our clients a full service with ongoing advice and planning and that can not be done for £100 per property ... cheap sometimes is just that, cheap! 🙂
16:01 PM, 4th October 2014, About 9 years ago
Everyone, all the comments have been really helpful from all of you so many thanks.
One last question.. Do we register as sole traders, partnerships or as one of the other options?