Advice from JL Morris

Advice from JL Morris

Five short paragraphs that could save financial embarrassment

Let’s be technical for a moment, and potentially guarantee your income in the event of serious damage to your property.

Your self catering insurance includes loss of income cover. If damage occurs to your property and you have to cancel bookings / not take bookings for the foreseeable future you need to make an insurance claim for your lost income.

You will see that the loss of income has an ‘indemnity period’.  This is the maximum period of time for which the insurers will pay following damage.  An indemnity period of less than 24 months is foolhardy.

Have you ever considered how long it would take to clear the site of your damaged property, and be back in a position when your trading levels are where they were at the time of the disaster?  Most ‘normal’ properties may find a 24 month period is adequate but what if your property is geographically remote, in an heavily congested area (think road closure orders and restricted builders working times) and / or Listed?

Indemnity periods are usually available for 24, 36, 48 or even 60 months. And your sum insured is not twice for 24 months, three times for 36 and so on.  Take advice from your Insurance Broker.

David J Morris ACII

Chartered Insurance Broker

J L Morris (Insurance Brokers) Limited

01202 642840

info@jlmorris.co.uk

Advice from EQ Accountants

Advice from EQ Accountants

Repairs costs in relation to your fixed assets are tax deductible, however new fixed asset purchases can also result in significant tax savings.

From 1 January 2019 the Annual Investment Allowance his increased to an annual spend of £1million. This is an increase from the £200,000 previously and been increased for the next 2 calendar years.

Capital allowances are available on equipment, plant and machinery or potentially part of the cost of a new property purchased and can be fully deductible against your business’ taxable profits.  These assets do not need to be brand new, only new to the business.

There are various rules when your accounts year splits the calendar year, therefore please contact your tax specialists at EQ to ensure you are making the most of your capital allowances.
email:
graeme.davidson@eqaccountants.co.uk

tel: 01307 474274

Private Renting in Scotland: Rent Pressure Zones and Short-Term Lets

Private Renting in Scotland: Rent Pressure Zones and Short-Term Lets

Join Holyrood and ASSC’s Fiona Campbell on 19 February to scrutinise ongoing and future reforms to the sector, and exchange best practice on steps needed to further develop the sector and priorities to ensure it delivers for landlords and tenants alike.

At this event we will scrutinise recent reforms to Scotland’s private rented sector (PRS) and discuss good practice in delivering a sustainable system that works for all.

Creating a sustainable rental market for all

One year on from major reforms to Scotland’s private rented sector, the Scottish Association of Landlords has seen a 20% rise in membership as landlords, letting agents and property businesses seek to comply with regulatory changes.

Meanwhile rent has continued to rise for those living in private rental properties, despite local authorities being given the power to introduce ‘rent pressure zones’ (RPZs). As yet no council has utilised these powers – partly due to lack of appropriate data.

Further changes are also on the horizon as the Scottish Government has signalled it will consult on regulatory powers for local authorities in relation to short-term lets in a bid to balance economic benefits with the needs of local communities.

Key issues we will address with you

  • What has been learned from recent PRS reform?
  • Mythbusting and enhancing confidence around RPZs to make them work
  • Key issues for reforming the short-term letting market
  • Future proofing the system to make it work for both landlords and tenants
  • Sharing and learning from good practice – what are your colleagues doing to succeed?

Who should attend

  • Local authority housing departments
  • Landlord organisations
  • Letting agents
  • Tenant organisations
  • Housing lawyers
  • Housing charities

Confirmed speakers

  • Linda Leslie, Head of Private Rented Sector Policy, The Scottish Government
  • John Blackwood, Chief Executive, Scottish Association of Landlords
  • Fiona Campbell, Chief Executive, Association of Scotland’s Self Caterers
  • Thomas Ashdown, Managing Director, Citylets
  • Dan Cookson, Independent Housing and Spatial Information Specialist

Agenda*

09:15 Registrations and Refreshments

10:00 Introduction from Chair

10:05  Session 1: Assessing Reforms to the Private Rented Sector

10:05 Latest thinking on the impact of recent reforms

Linda Leslie, Head of Private Rented Sector Policy, The Scottish Government

10:45   Roundtable Discussions

In this session, we will explore one another’s experiences. We’ll give you the opportunity to share your present challenges and thoughts for the future with our expert speakers.

11:30 Refreshments and Networking

11:55   Session 2: Monitoring Rent Changes and Quality PRS Data

11:55 Exploring the Rise of Short-Stay Through DATA

  • Mapping and charting trends in short-stay (Scotland, London, Dublin)
  • Exploring what the very latest data tells us about Airbnb in Edinburgh
  • Considering scale of displacement from Homes to Short-Stay and potential impact on PRS supply and rent levels

Dan Cookson, Independent Housing and Spatial Information Specialist

12:15 Mid Tenancy Rent Charges – Getting the Data

  • Securing data to inform debate on RPZs

Thomas Ashdown, Managing Director, Citylets

12:55 Lunch and Networking

13:35   Session 3: Next steps for Scotland’s Private Rented Sector

  • Latest thinking on the challenges and opportunities created by short-term lets
  • Developing fair and effective future reforms

Confirmed speakers include:

  • Fiona Campbell, Chief Executive, Association of Scotland’s Self Caterers
  • John Blackwood, Chief Executive, Scottish Association of Landlords

15.00 Close of Event

*Agenda subject to change

Venue

Whitespace, Norloch House, 36 King’s Stables Road, Edinburgh EH1 2EU | Map

Costs

Delegate rates (excluding VAT):

  • Reduced rate:1 place £145 + VATpp (Voluntary / charitable organisations with an annual income of less than £1m)
  • Standard rate:1 place £245 + VATpp | 2+ places £195 + VATpp (Central government departments and agencies, local authorities, universities, colleges, NHS, police, housing associations, professional associations and voluntary / charitable organisations with an annual income over £1m)
  • Private Sector rate:1 place £295 + VATpp | 2+ places £245 + VATpp (Commercial organisations e.g. plc, Ltd, LLP)

For more information please email enquiries@holyrood.com or phone 0131 285 1635

Book Here