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How to lawfully employ your children in your property business & save tax

First Published: February 2024 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

Most landlords and property developers need help with managing their business, and involving their children has a number of potential benefits, both financially and otherwise.

This article looks at how investors can get a tax deduction for employing their children / child in their property business, and how to ensure that this is done lawfully.
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Tips for dealing with builders and tradesmen

First Published: August 2023 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

Most property investors, whether landlords or developers, will need to deal with builders and tradesmen as part of their property business. For many property investors, understanding the norms, or ‘how things should be done’ is a dark art … no one wants to be taken advantage of, but no one wants to be unreasonable either.

This article draws on the experience I have had both as a property investor of 20+ years, and of various clients, and provides some tips as to how renovation and building projects should ideally be managed.

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Landlords – protect your properties from property fraud

First Published: April 2023 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

Property fraud is on the increase, and landlords and mortgage-free properties in particular are especially vulnerable – many without even realising it. The consequences of property fraud – given the potential sums involved – can be life-changing. This article highlights a HM Land Registry service that can detect and prevent potential property frauds, and is worth considering for any property owner.
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Freezing of income tax allowances … what can be done to mitigate the impact for landlords?

First Published: January 2023 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

The 2022 Autumn Statement (the ‘Budget’ to you and me) saw income tax allowances and thresholds frozen. This will mean more tax will be paid as people are dragged into higher tax bands as their income rises. What can landlords do to mitigate the impact of this?

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Should I start paying off my mortgages?

First Published: December 2022 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

Most landlords mortgage their properties, as this allows more properties to be bought. As mortgage rates are rising currently, it makes more financial sense to repay mortgages – but not always, and not for everyone!

Everyone has different financial views, and willingness to take financial risk, and so there is no ‘right or wrong’ to this fundamental question – just things to think about, to make the right decision for you
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Property rental during a recession… top tips!

First Published: September 2022 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

The economic pointers are signalling a continued rise in the Bank Rate during 2022, perhaps towards the Bank of England’s ‘neutral rate’ of 2.5%, and a recession is also predicted to last until at least 2024.

A key risk facing property investors is the impact of higher interest rates on their business – since finance interest is usually, by far, an investor’s largest expense. Plus, the ability of tenants to pay their rent given the cost of energy currently.

This article considers how property investors can survive these turbulent times…
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Coping with mortgage costs in a rising interest rate environment

First Published: July 2022 | Available in: Property Articles Your Property Network

By specialist property accountant Stephen Fay ACA

Most landlords use mortgages to fund their property purchases, allowing a better return on their own cash invested plus more properties to be purchase with the same cash investment.

In turn, mortgage interest is many landlords’ single biggest cost, and so coping with a rising Bank Rate and tightening mortgage market can be a challenge. It is therefore vital that mortgaged portfolio-landlords understand their borrowings in detail, to enable them to understand their borrowings and overall debt position and exposure to rising interest rates.
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