One of the most crucial things landlords need to ensure they do is register for self assessment and pay the right tax. If they fail to do so they could find themselves with huge penalties. HMRC has the power to demand backdated taxes be paid for up to twenty years. On top of this a fine of up to 100% of the tax owed can be issued.

This issue is in the spotlight at the moment due to the situation in Newham. The local council recently reported to HMRC that around 13,000 of the 27,000 registered landlords in the London Borough had not been signed up for self assessment. This leaves them failing to declare their earnings on the properties and potentially avoiding a lot of tax. In fact the council believes the unpaid taxed could be as much as £200 million.

Newham is renowned for having one of the largest volumes of private rental stock in the UK. In 2016 a huge 46% of homes in the Borough were owned by private landlords. This has grown by more than 50% since 2006, rising from 21%. The number of properties owned by owner-occupiers in 2016 was just 23%.

In 2013 Newham was the first Borough to introduce additional compulsory licensing for landlords. By requiring them to register and obtain a license the local council confirmed that around 50,000 properties were owned by 27,000 private landlords.

At Finefair we have built a reputation as the best for block management Newham has. We ensure all landlords meet their obligations, including registering for tax and making sure they aren’t at risk of being penalised. Our services are professional at all times and we can manage everything effectively.

The key thing with block management Newham landlords have to be aware of is that tax could be higher due to the number of different homes within the building. We can ensure they are clear on their requirements and meet relevant deadlines.

To find out more about our services, please get in touch.