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Landlords Can Claim Up To £1,500 Tax Allowance For Energy Efficiency
Many landlords are still unaware that they could be eligible for up to £1,500 in tax relief if they improve the energy efficiency of their residential let properties.
The Landlords Energy Saving Allowance (LESA) encourages landlords to make their properties more energy efficient by providing an allowance for the cost of acquiring and installing energy saving items.
The initiative was launched in 2004 but many landlords are still unaware that they can claim the allowance. There are numerous landlords who are still not claiming tax relief under LESA.
Up to £1,500 per individual dwelling can be claimed where energy saving items are installed. For many who own multiple properties it can make a significant difference. This includes landlords who have a number of properties in the same building. For example, if a landlord owns 6 flats in a building and made appropriate energy saving changes to the building, they may be eligible for an allowance for each dwelling of £1,500.
The LESA is only available on qualifying expenditure incurred before 6 April 2015 and is available for both private and corporate landlords who rent out residential property.
The allowance is claimed when completing a tax return and allows landlords to improve properties whilst still being able to deduct expenditure against revenue rather than it being non-deductable expenditure.
Eligible energy saving items under the scheme are loft insulation, solid wall insulation, draught proofing, hot water system insulation, floor insulation and cavity wall insulation. To find out if you qualify for this allowance visit:
http://www.direct.gov.uk/en/HomeAndCommunity/Privaterenting/RentingOutYourProperty/DG_175186
SAFEagent recognised in Government’s Housing Strategy for England
The government has displayed its continued support for SAFEagent by referring to the mark in its new Housing Strategy for England.
In the chapter ‘A thriving private rented sector’*, SAFEagent was cited as a key way of promoting consumer awareness of client money protection and identifying agents with that protection. The mark also ‘shows how much can be achieved quickly and cheaply through simple effective ideas driven by industry not the Government’.
The Government has supported SAFEagent since its launch in early September and has advocated its ‘by the industry, for the industry’ approach. Housing Minister Grant Shapps MP has encouraged lettings and management agents to sign up to the kitemark.
John Midgley, Managing Director of Touchstone Residential and Chair of the SAFEagent Steering Group says: “This is a fantastic endorsement of SAFEagent and we welcome Grant Shapps’ early and continued support. We’re delighted that the Government recognises that the industry can generate and implement proactive, innovative ideas which are in the interest of the consumer rather than relying on imposed regulations which would lead to further red tape and cost.
“SAFEagent is a simple and sensible approach to raising consumer awareness of Client Money Protection and it’s one that is working. To date, there have been over 1,600 sign ups to SAFEagent. We would invite any letting agents who haven’t signed up yet to do so and really make a difference to the sector.”
In addition to Government support, key organizations in the industry Shelter, NUS, Trading Standards Institute, Council of Mortgage Lenders, Residential Landlords Association, The Property Ombudsman Scheme and the British Property Federation have all allied themselves to SAFEagent. Key suppliers to the sector are also supportive of SAFEagent, HomeLet and GMG have led the way in pledging their backing to the campaign.
Touchstone is a founder member of SAFEagent and proud to be at the forefront of providing protection for the consumer in the sector.
Property Ombudsman probes lettings agency market and CMP
With the whole issue of Client Money Protection high up the agenda, the Property Ombudsman has launched a survey of its members to establish how many practice in residential lettings and how many are signed up to a CMP scheme.
The Ombudsman scheme, which has expressed its support for the SAFEagent initiative, has emailed all its members.
As well as trying to ascertain how many agents are currently in lettings, it is asking for information from agents who plan to enter the sector within the next 12 months.
Touchstone’s clients and customers can rest assured that they are working with a letting agent who can provide the highest level of protection. Touchstone is regulated by the Royal Institution of Chartered Surveyors and clients and customers are protected by the RICS client money protection scheme, details of which can be found at www.rics.org/site/download_feed.aspx?fileID=673&fileExtension=PDF. In addition Touchstone is accredited by the Association of Residential Letting Agents, the Association of Residential Managing Agents and the National Approved Letting Scheme. Touchstone is a founder member of the SAFEagent initiative.
SAFE – Safe Agent Fully Endorsed – is a mark denoting firms that protect landlords and tenants money through client money protection schemes.
Landlords and tenants often make decisions based on cost but it is important to ensure you ask your agent for details of the organisation they are regulated by and whether or not they are covered by a client money protection scheme. All agents regulated by RICS, ARLA/NFOPP, the Law Society and NALS maintain and operate separate designated client accounts where your money is held completely separate from the operating funds of the firm. If the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not?
Touchstone plays ‘SAFE’
Landlords and tenants in Bristol can rest easy knowing their money is ‘SAFE’ and sound, knowing that Touchstone is a founder member of the SAFEagent campaign, aimed at raising awareness of the logo to look for to denote where tenants’ and landlords’ money is protected by a Client Money Protection Scheme.
With over 1,500 lettings and managements agents now registered to use the logo, consumers should always look for the easily identifiable mark. The launch of SAFEagent follows a number of high profile media cases where unscrupulous lettings agents have absconded with tenant and landlord funds.
The logo has been launched FOR lettings agents BY letting agents with the aim of identifying agents in Client Money Protection Schemes and highlighting the risks of using “uninsured” agents.
John Midgley, Managing Director of Touchstone says:
“We want every tenant and landlord that we welcome through our doors to have peace of mind when it comes to client money protection. And, this is exactly what we can reinforce now that we bear the SAFEagent logo."
The message to the consumer is simple - everyone looking to rent or let should ensure that they use a firm which is part of a client money protection scheme* - look for the SAFEagent logo.
Landlords and tenants often make decisions based on cost but it is important to ensure you ask your agent for details of the organisation they are regulated by and which client money protection scheme they are covered by.
All agents regulated by NALS, the Law Society, ARLA/ NAEA, and RICS, as Touchstone is, maintain and operate designated client accounts where clients’ money is held completely separate from the operating funds of the firm. If the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not?”
SAFEagent is also backed by industry and consumer organizations such as Shelter, CAB, NUS, the British Property Federation, the Trading Standards Institute, the Council of Mortgage Lenders and The Property Ombudsman.
For more information on the SAFEagent campaign, please visit www.safeagents.co.uk.
Touchstone Expands In Buckinghamshire
Touchstone Residential is pleased to announce the acquisition of the Aylesbury letting and management business of Cesare and Co. Cesare and Co will continue to operate in the sales, lettings and management market in the area of their offices in Tring and Mayfair.
The acquisition reflects Touchstones continuing confidence in providing a professional service to both landlords and tenants in the private rented sector in general and in the Buckinghamshire market in particular, where it continues to seek expansion opportunities for its Buckingham, Winslow, Milton Keynes and Aylesbury offices.
Founded in 1998, Touchstone manages over 20,000 residential properties throughout the United Kingdom. Touchstone Residential Lettings (www.touchstoneresidential.co.uk) provides services to private landlords through a chain of letting offices stretching across the south of England from Bristol to Canterbury. Touchstone Residential is part of Touchstone Corporate Property Services (www.touchstonecps.com) which manages residential portfolios for a range of corporate investors, high street retail chains and for all the leading banks. We also provide management for the student accommodation market through Touchstone Student Living (touchstonestudentliving.co.uk). Touchstone employs over 275 staff, collects over £200 million of rent annually and has over £4 billion of assets under management.
Touchstone is regulated by the Royal Institution of Chartered Surveyors (RICS) and provides protection to clients through the RICS Client Monies Protection Scheme. Touchstone is also a member of NALS, ARLA and ARMA and is founder member of the new SAFE scheme (www.safeagents.co.uk). SAFE (Safe Agents Fully Endorsed) is a mark denoting firms that protects landlords’ and tenants’ money through client money protection schemes.
Landlords and tenants often make decisions based on cost, but it is important to ensure you ask your agent for details of the organisation they are regulated by and whether or not they are covered by a client money protection scheme. All agents regulated by RICS, ARLA/NFOPP, the Law Society, and NALS maintain and operate separate designated client accounts where your money is held completely separate from the operating funds of the firm. If the agent you are using cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not? With an increase in letting agents and property managers failing and leaving client account deficits or, in some cases, agents absconding with clients’ rents and deposits altogether Touchstone works extremely hard to ensure that it achieves compliance with all the regulatory requirements of the sector in which it operates ensuring that customers and clients can have complete peace of mind. Touchstone’s major clients include the largest high street banks, major national retailers and national and international charities. Our client base reflects the trust our clients put in us.
Doing it properly, of course, comes at a cost and Touchstone is aware that it operates in a competitive market. But Touchstone is committed to always offering the best level of governance, compliance and quality of work to ensure that we can always give our clients and customers peace of mind.
Latest news
Landlords Can Claim Up To £1,500 Tax Allowance Fo
Many landlords are still unaware that they could be eligible for up to £1,500 in tax relief if they improve the ene... Read more
