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:
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||Used only to collect performance data, with any identifiable data obfuscated
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- 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:
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- 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
19:20 PM, 13th April 2017, About 6 years ago
Have you considered incorporation.
You might be able to wash out all capital gains you've made over the last 22 years.
You might then sell a few, have the rest managed and pay yourself dividends of £43,000 a year.
Retained profits will be taxed at the 19% corporation tax rate.
Please see https://www.property118.com/optimal-tax-planning/91857/
You could also consider gifting shares as potentially exempt transfers.
8:23 AM, 14th April 2017, About 6 years ago
I'm thinking same, as mine come up now, doing 'em up & leaving 'em with a letting agent.
9:45 AM, 14th April 2017, About 6 years ago
If you looked at where you would be ideally, what would that look like? For example, do you want to retire and have a reliable income without hassle? Or do you want to start a new exciting business that isn't in the govts gunsights for more regulation and taxation?. Or do you want something in between, perhaps your existing business but with less hassle?
From the specific idea of what you want, rather than the general what you don't want, you can start to find how to best do it.
For example, if you want what you have with less hassle, you might engage a _good_ agent to take the on hassle, their fees are deductible reducing your tax burden. In short, if the govt are going to take it as tax anyway, you might as well divert it to an agent and get something for your trouble. This allows you to keep control of the security of tenure of your tenants.
You could also, as Mark says, restructure to reset your CGT sell some property and pay down mortgages to remove worries about interest rate rises and tenant tax.
So start with your ideal scenario and think about how to make it happen.
10:05 AM, 14th April 2017, About 6 years ago
Just typed a huge answer and the poxy page flipped and I lost the lot! I just can't be bothered to write it all again, so suffice it to say - Tom, you are not alone and many landlords (including myself) have had to make decisions that they never thought would come up, especially at this time of life! Good luck in whatever you decide to do - we're off to Spain (sorry Mark) for at least the next five years, after which, to quote an old saying - "Frankly my dear, I don't give a damn!!
10:48 AM, 14th April 2017, About 6 years ago
You are running a business.
This is as good as it gets.
It is only in fiction that you can have hot and cold running chambermaids.
Mark Alexander - Founder of Property118
11:02 AM, 14th April 2017, About 6 years ago
Reply to the comment left by "CazT " at "14/04/2017 - 10:05":
Have you checked the tax position in Spain?
It's arguably worse than the UK.
11:02 AM, 14th April 2017, About 6 years ago
It's tempting to do a F**k you letter to MP and council along the lines of, ' thanks to the miserable time you have given me with right to rent, S24, licencing, .... I'm removing myself and the money I've earned from your jurisdiction and leaving you with XYZ tenants to house. Since you think landlords have it too easy and I'm not taking any properties with me, I'm sure you'll have no trouble accommodating the XYZ tenants that are about to become your responsibility.
However, the tail mustn't wag the dog. I'm tempted to shut up shop but think that overall, I'd be throwing out the baby with the bathwater.
I think decent landlords do not naturally have the mindset to play legitimate cat and mouse with the tax collectors & local council. At the moment though, that seems to be the way to maximise returns. I'd love to be focussing on the next deal but instead all my energy goes towards finding the best way forward with what I've got.
Mark Alexander - Founder of Property118
11:07 AM, 14th April 2017, About 6 years ago
Reply to the comment left by "dp1 Django" at "14/04/2017 - 11:02":
I will be happy to help you with that, please see https://www.property118.com/optimal-tax-planning/91857/
11:19 AM, 14th April 2017, About 6 years ago
Reply to the comment left by "Mark Alexander" at "14/04/2017 - 11:07":
You're on my to do list and I'm looking forward to hearing you at Ranjan's thing later in the month 🙂
11:22 AM, 14th April 2017, About 6 years ago
I understand fully where you are coming from as I am the same age. A few years ago, with the prospect of interest rates rising, I aimed to sell off my portfolio by the time I was 65, pay my CGT and invest the balance remaining, which would, at 3- 5% return on my investments, give me an excellent income for the rest of my life. Now if I did this, I would have to draw down my capital from Day 1, to enjoy my modest lifestyle. With Section 24 Rules coming in , I have spent the past 6 months angsting on what is the best thing to do for my situation, and had to consider all the issues you have had to do. I think that the people who are having most problems with the Section 24 are those who have a well-paid job to start off with, but my rental portfolio is my only income.
Four years ago , my Financial advisor was suggesting I sell my least profitable house and he could get me an11% return. On my last review with him, he didn't even suggest me doing so - as I would have to have a 4 million pound pension pot to give me the same income as I am getting - and congratulated me on my 40 year strategy to provide for my retirement. So I will share with you a few strategies I have considered and maybe that will help.
1) I am not sure about incorporation as my understanding is that you will have to pay CGT on the market value on the day of the transfer to the Limited Company. You would also have to pay 6% Stamp Duty as I am not sure that the common person between the two entities, where you only pay stamp duty on the extra over and above what the input cost of the original cost of the properties is still available. Also the Arrangement fees and interest rates are higher for Ltd Companies.
2)You may be on a very low rate for your existing loans - one of mine ( for a limited company) is 0.75% above base for the term - 12 years of which is remaining. So I am hanging on to that one and not remortgaging.
3) You may consider remortgaging one or two of your properties to release capital for you to enable you to enjoy your lifestyle. If you are a 20% tax payer, then this will not take you into the 40% tax bracket. You will have to pay an arrangement fee, but if it's on a five-year fix, then these will not be too onerous - pay the arrangement fee up front and you can put it against tax in the first year. Obviously, you will have to consider, as I recently did, whether the loss of a lower rate for the term can be balanced against the increased cost of the mortgage (again if you can keep in the 20% range, then this should not impact on your tax payments.)
4) If you do decide to sell everything, give notice to your tenants, and pay your tax, then you would have to support the mortgage whilst the sale goes through - in some areas this may take years , so a phased sale of your properties would be more appropriate. I have already done this with two properties and regretted it, due to the tax I had to pay, which didn't release as much money as I wanted two . (One of those would now be grossing me £30000 plus per year and worth £150000 more, so I could have remortgaged it to reflect the increased value, the other, the rent went up by 50% during the course of the sale and the vale up by 10%, so I could have released £50,000 by a further Advance)
5) If you are in the lucky position of having sold your properties, you are then in the position of having to invest the money across several business entities to protect your cash. These accounts have to be managed and monitored. Some of the investment funds you may want to put it into will invest in the Corporate housing schemes so favoured by our Masters, and you will not get the same return as if you managed it yourself.
6) If you are so fed up with managing your properties yourself (and its a real pain, it drives me mad at times) , you can put it in with a letting agent, and forgo some of your profit - the fees are a cost against the rent), you also have to trust the agent that they do not overcharge you for their services and that any repairs are reasonable. I realise I will have to carry on for a few years yet, but know that option is possible.
7) So in consideration of all these points, I have applied one or two of them to my (small) portfolio and decided that If I did want to do some great adventure travelling around the world I would rent my house out and put my portfolio into the hands of agents - my one in St Albans is brilliant, but not so sure about other areas, and then take over the management when I return.
I hope that you will find this helpful