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
11:59 AM, 7th November 2013, About 10 years ago
So far I've managed to run a very large portfolio, built over a period of 25 years without using accountancy software.
I simply forward all email and attachments over to my accountants on receipt and post any extra paperwork to them every two weeks.
My brother manages the portfolio of my entire family and reports any issues very quickly, e.g. rent arrears.
If my accountants pick up any issues they call me, otherwise they provide me with a monthly report.
I pay £100 a year per property for this service plus a bit extra for completion of my tax return. Before I do anything significant, e.g. a new deal (sale, purchase, refurb) I call them and let them know what I have in mind. They then talk me through the tax implications and advise me the best way to structure the deal. A good accountant who works this way is worth their weight in gold. My accountants bill has never exceeded the money they have saved me as a result of their advice. Therefore, in my mind, all the book-keeping and tax returns etc. don't cost me anything in real terms. My accountants are landlords themselves and specialise in advising clients in the property business.
If you would like an introduction please see >>> http://www.property118.com/member/?id=452
12:20 PM, 7th November 2013, About 10 years ago
Spreadsheet every time !
I've tried software, can't name it, but it has something to do with herbs!...
It was early days, when it was just launched, I used it for employees wages and it got all the NI and tax wrong!... It caused no end of problems.
Ended up doing my employees wages from the HMRC tables/books - so much simpler to understand.
With a spreadsheet you can put in exactly what you want, you can create checksum columns to check the figures all add up correctly.
Money in -rents
money out -expenses
You should keep it simple and be able to check that it's right for yourself!!
You should even be able to check your accountant's got the tax return right, now that I've registered myself on the HMRC website, I've found out that my accountant got both of my last two years returns wrong, they've got errors in them.
Anyway, I digress.
...Spreadsheet for me.
12:25 PM, 7th November 2013, About 10 years ago
I've used Quicken 2002 for years - it's really easy to use and does everything you need to do. I now manage over 200 tenants on it and its absolutely fine. It has a good Reports facility(so you can look at your income and expenditure an a variety of ways) and you can set up as many Categories as you like (Rents, Repairs, Services provided etc) - these can also be subdivided. You can find any text, eg payee etc very easily using Cont. F. You can download your bank accounts straight into Quicken (I am with the Co op and they don't have a direct method so you have to save your statement as a spread sheet and then convert it but once you get used to it, its not too complicated).
12:29 PM, 7th November 2013, About 10 years ago
I've used no software (like Mark, though I imagine his accountans use Sage), Sage Line 50, Excel, FinancialForce, and now use Xero. I hated all of them apart from the last one, Xero, which I have used for coming on three years now. Sage sucks, I mean seriously, it's one of the worst pieces of software ever designed. It's almost impenetrable to normal human beings. Accountants like it, but that's no use to a landlord unless they want to delegate EVERYTHING to the accountant.
Like most modern software Xero is web based, and there are also Apple and Android mobile apps. The price includes unlimited user accounts so my bookkeeper, property manager and accountant all have access to the data. I like having access myself as I run reports every month to look at who has paid, profitability, repair costs, etc. It's also very useful for running off statements when tenants are in arrears, in fact I can click a couple of buttons and a PDF statement is emailed straight to the tenant. Xero has things called "tracking codes" which are what Sage calls "Departments" and allow you to assign transactions to a specific property, so I can run reports for any specific property, or all of them.
Another thing I love about Xero is it includes a secure system to automatically grab your bank statements from your bank. This means no-one has to manually enter bank transactions, they appear in Xero every day automatically. All that needs doing is to reconcile them. It's a big time-saver and makes it much easier to keep the books up to date.
As an aside, I recommend going paperless. If you buy a Fujitsu ScanSnap or similar, you can scan all paperwork into PDFs, but where the text is read using Optical Character Recognition, so when you search your PC/Mac for some text, it can look INSIDE the documents. Every day as a matter of course I scan and shred the day's post (bank statements and contracts I keep) and so I hold hardly any paper, and store all documents in an online storage system (there's Google Drive, Dropbox, Box, Skydrive and many others). I think a paperless office is a very good partner to an online accounting system. Xero lets you attach scanned copies of invoices to transactions.
I've no relationship with Xero other than as a customer, and I am generally very happy with the product and to comfortable recommending it. They are a New Zealand company, but now have two offices in the UK as well as the US, and just raised a staggering $150m so there will be a lot of new features coming.
Martin, do be careful using odesk to find people - mistakes in your books could be costly. If you do use Xero, they have a section on their web site that lists bookkeepers and accountants who know Xero.
There are many packages out there that claim to be an all-in-one package for landlords that manage accounts, repairs, tenants etc, but I've never seen one that looked any good. Many are purchasable downloads, which is pretty daft in 2013 - online apps are generally much better (though obviously the NSA and GCHQ may have more access 😉 )
12:30 PM, 7th November 2013, About 10 years ago
I use Landlord Property Portfolio Software with the tax option. I have been using it for 4 yearsyears and it helped me understand my numbers fully as I worked fulltime whilst running a small portfolio. I file my tax myself and as I like keeping my paperwork organised it has not been too much trouble.
You can try it free of charge for 30 days. As you can tell I am a fan.
12:32 PM, 7th November 2013, About 10 years ago
Perhaps have a look at LetMC - http://www.letmc.com/ or EZPZ Software - http://www.ezpzsoftware.co.uk/. They both offer very helpful services.
12:36 PM, 7th November 2013, About 10 years ago
Reply to the comment left by "Ollie Cornes" at "07/11/2013 - 12:29":
Xero sounds very interesting. I bank with the Co op. do you know if its possible to download statements from them every day or do only a few banks allow this facility?
12:46 PM, 7th November 2013, About 10 years ago
Microsoft money - out of date but now free. Excellent. Have used since 1999 on up to 12 properties.
12:52 PM, 7th November 2013, About 10 years ago
Reply to the comment left by "Fiona Macaskill" at "07/11/2013 - 12:36":
Fiona, I just checked and Xero shows me support for bank feeds for Co-op personal and business accounts, so it seems the answer is yes. As far as I know all of the banks where this facility is in place do a download of transactions every day.
I think you can create a 30 day trial Xero account, set up a bank feed and see how it works. Doing this seems to be the only way to check if there are automatic feeds for a particular bank. For what it's worth Xero usually use a company called Yodlee to provide the bank feed technology, although some banks (e.g. HSBC UK) are bypassed and Xero go straight to the bank direct.
I concur with comments that LetMC are a nice company with good people, but the last time I looked their product was specifically for letting agents, not landlords.
12:56 PM, 7th November 2013, About 10 years ago
Reply to the comment left by "Ollie Cornes" at "07/11/2013 - 12:52":
I'm looking at it - moving from Quicken 2002 after 10 year's use would be a very big deal for me so I've got to take a lot of care and make sure its worth all the effort - automatic downloads are very attractive!