How To Avoid Paying Tax On Rental Income
Learn what ATED is, how it’s calculated, exemptions, and why professional advice is vital for
One essential step of being a successful landlord is knowing how to take care of your properties and the tenants who occupy them. It’s not uncommon for a tenant to complain or be unhappy about how a landlord has treated them. So, it’s your job to ensure you tend to your responsibilities correctly and efficiently to avoid disgruntled tenants. But what are your responsibilities?
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ToggleIt comes as no surprise that the foundations of the home are your responsibility as a landlord. Structural responsibilities include things such as walls, roof, foundations, drains, guttering and external pipes, windows, and external doors. If you don’t maintain the structure of your property, you run the risk of damaging the property, efficiency issues and health risks for your tenants, so make sure to run checks for any faults or damage.
No tenant should be left to deal with toilet or bathing limitations when renting a property. It’s one of your most important responsibilities as a landlord because bathrooms are one of the main rooms in a property that encourage people to make buying/contract decisions. Keep the bathroom and plumbing in top conditions and listen to your tenants if they show genuine concern for any plumbing issues.
Ensuring your property is always correctly supplied with water, gas, and electricity are essential landlord responsibilities. You wouldn’t want to put up with a faulty tap or temperamental heating system yourself, so don’t leave a tenant to deal with these things neither. There are also gas and electric safety regulations that you must adhere to and keep your tenants safe.
Such repair and maintenance responsibilities are non-dismissable by anything stated on a tenancy agreement and are mandatory for you to tend to as part of your landlord responsibilities. The cost of repairs for any work carried out under these repairs and maintenance categories will be payable by you only and not the tenant.
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