Watt Property – September 15 Update

The summer holiday season is officially over and we’re all refreshed and raring to go!? It’s great to have a full complement of staff back in the office and we have lots to be looking forward to…. keep reading to find out more…..

…..First the informative bit….

Tax on Rental Income

I’ve managed to catch up with a few of our existing and new clients over the past few weeks and one question that has been asked a few times now is “do I have to declare my rental income to the tax office?”. The quick answer is yes, but I have copied below a link to a very detailed explanation on the tax implications in relation to rental income on residential properties.? If you have any questions on this please don’t hesitate to contact either myself or Angela.

We are also more than happy to introduce you to a firm of Accountants, who we have been working with for a number of years now, and who would be delighted to offer a personal tax return preparation service to our clients if you would like more guidance and assistance in this area.

https://www.gov.uk/renting-out-your-property-scotland/paying-tax

 

Next……Office Gossip!

Watt Property are the Proud new owners of
5A Giles Street, Edinburgh!

We are extremely delighted to advise all our clients that we have purchased a new office, which is going to give us so much more room to expand and most importantly to meet with our clients.? As some of you will be aware we are falling over ourselves in our Duke Street office as it is a bit on the small side for us now, with poor Angela having to jump up from her desk each time we have to hold a client or tenant meeting.? Her office is not only the meeting room, but also the staff room at lunch time!? Not for much longer though, our new premises will have lots of space for staff members,? including a training room and a separate meeting room.? It’s going to be a few months before we are ready to make the move from Duke Street to Giles Street, but we’ll keep you updated with progress and look forward to sending you all an invite to our official opening when the time comes.? The location is excellent, being only a short walk from The Shore and just round the corner from Mimi’s Bakehouse (mmmmm……coffee break will be superb!).?? Watch this space for a progress report !

 

Angela at office door

Angela Watt and Pauline Smith of Watt Property attended the Annual Agency Conference at Hampden Park, Glasgow in May 2015. ?Take a look at the video below to see some of the highlights of the event….you may even spot someone you know!

 

Citylets have recently issued the Quarterly Rental Report, which can be viewed using the following link

http://www.citylets.co.uk/research/reports/pdf/Citylets-Rental-Report-Q1-15.pdf?ref=reports

The Agency Conference

CLA Member Agent web and email logo
Angela & Pauline of the office recently attended the Council of Lettings Agents Annual Conference in Hampden Park, Glasgow.? It was extremely well attended and the variety of speakers and information made available was excellent.? The morning sessions focused on the proposed changes to the PRS in Scotland and we heard from Policy Team Members within the Scottish Government on what the changes could mean for Letting Agents and their clients. The morning session ended with a surprisingly upbeat and even comedic, at times, talk from Andrew Cowan, of TC Young Solicitors.? Andrew talked of how the Repossession system could work under the new Regime, which we’re sure everyone in attendance found very helpful and informative.

More information on the CLA’s involvement and policies relating to the changes within the PRS can be found below.

https://www.scottishlandlords.com/LettingAgents/Policyandcampaigns.aspx

Another busy month at the office with rental properties being snapped up as quickly as they are put on the market.

There’s been a good demand for 2 bedroom properties this month, with one of our properties being tenanted within 5 days of it becoming available on the market.

New Statements for July 15
Now that the end of the financial tax year for the office has come and gone we are having to make a change to our fee structure and as from next month VAT will be added to our fees. Your statement next month will include VAT as a separate entry to ensure clarity for your bookkeeping purposes. If you have any questions relating to this please contact either myself or Angela Watt directly.

Race for Life
The girls in the office are now into the final 2 week countdown of our Race for Life team challenge on 14th of June and we want to say a huge Thank You to everyone who has sent us through a donation so far.? We are almost tipping the ?500 mark on our fundraising and would love to add a little more before the big day.? Anyone who would still like to add their donation, please click on the link below to reach our fundraising page.

https://www.justgiving.com/teams/watt-property-girls

Have you ever heard of that saying “Four Seasons in one day!” – well that’s exactly what we?are experiencing in Edinburgh this week. We’ve had beautiful sunshine, rain, wind, hail and?even snow all in the same day! Here’s hoping May is going to bring milder weather.

New Services

I’m pleased to be able to advise you that Angela has been very busy meeting new contacts?this month and we now have the facility to refer you to a Financial Adviser as well as a?Conveyancing Solicitor. Both of these contacts have a similar friendly, but professional,?approach to their clients and we are certain that you will find their information valuable and?their costs as competitive as our own. Please let myself or Angela know if you would like us?to pass your details on to them at any time.

Gas Safety in Properties

I am quite sure that you are all very aware of the requirement to have your gas appliances in?let properties inspected annually as part of your landlord obligations, however, you may not?be aware that the Government have amended the Building Regulations in 2013 to ensure?that a Carbon Monoxide Detector is required in properties when a boiler or other fixed?heating appliance is replaced or upgraded. Having your best interests at heart we are?installing detectors as they are inspected by Marlene. We are purchasing CMD’s in bulk now?therefore we are able to provide these at completive costs for our clients. Marlene from?our office is identifying on her inspections any properties that don’t have a unit in place and?we are routinely adding these in and advising the tenants on how these should be tested. If?your property is one of these we will simply deduct the cost of the unit from your next rent?statement.

Useful Link;

You will likely be starting to look at your self assessment tax forms for this year and the link?below will offer you helpful guidance on completing your forms.

HMRC tax guide to let property

http://www.hmrc.gov.uk/courses/syob2/letting/HTML/letting_menu.html

Watt Property Management wish?all our clients and tenants?the very best for Christmas & the New Year

Our office will be closed for the festive period from

5pm on 19th DECEMBER to 9.30am on 5th JANUARY 2015

We hope you enjoy our fun festive video from all the staff at Watt Property Management.

Our normal emergency service for our tenants will be in place throughout the festive period.