Mahadeo & Co Haywards Heath, Estate Agents, Sales And Lettings

Free money- MARRIAGE ALLOWANCE
Statistics suggest that one million couples have yet to claim what is called Marriage Allowance.
The main condition to claim Marriage Allowance is that neither spouse/civil partner must be liable to Income Tax at a higher rate than the basic rate.
... For 2018/19 The Marriage Allowance is £1,190 generating a potential tax saving of £238 and can be claimed now.
If eligible you could back date your claim to 2015/16 to 2017/18 and this would generate a tax refund of £660 in total.
You cannot transfer part of the allowance. The claim must be made by the transferor spouse/civil partner.
Don’t Lose It. Act Now!
You can make a claim on line or over the phone 0300 200 3300 or on the self assessment tax return.
For further information call HMRC or visit hmrc.gov.uk ,
STUDENT LOANS
Pay Off Your Student Loans Faster and Save on Interest Charges. Few suggested steps
1 Draw a simple budget of your money coming in and money going out. Cut out on Alcohol, Cable TV & Restaurants is possible.
2 Choose the right Bank. A lot of the bank have special student incentives. They also have Refinance deals to switch loans, Free Banking,etc
3 While at university try to get a part time job as early as possible. This will enable you to take less amount of Student Loan.
4 Any excess money save the money in a higher interest bank account.
5 Pay the minimum amount required plus an extra amount. This should go to pay the capital. You need to specify this when you make the payment.
6 Once you start a full time job save your money and pay lump sum off your student loan instead of going on holiday trips.
7 Make sure you reclaim any tax refunds or tax credits you are due from HMRC and use these to repay your loan if possible.
8 You may be able to refinance your Student Loan. If possible take out a new loan which charges less interest and repay the student loan if the rate on the student loan is higher. However sometime this may not be possible because some lenders will not lend unless you have can pass the credit score test.
9 You can always borrow from your parents and repay them later. In some cases it can be interest free. Although this might not suit everybody.
10 Use any pay increases to invest and make lump sum payments instead of buying unnecessary items.
11 Keeping the student loan for longer period is not a good idea. Interest rates are charged and it makes your debt bigger. Quicker you pay back your loan the better it is.
12 If you share in spare room with friend or family you can reduce your rent and hence your outgoings. The excess can be used to reduce student loan.
These are few tips by no means all. Every individual circumstances are different .Before making extra payments, you should consider first of all if you can make better use of the extra money like saving for a deposit to buy a house or flat.
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Bankruptcy ..........It may affect Young or Old........For some it may be too little too late !!!!
What is Bankruptcy
" Is the legal status of a person or other entity that cannot repay debts to creditors"
...Continue Reading

Do I have to pay Capital Gains Tax when I sell my home ? Do I have to pay Capital Gains Tax if I live in my main home for a short period ?
Generally you do not pay Capital Gains Tax when you sell or dispose of your main home provided you have one home and you’ve lived in it as your main home for all the time . There are some other conditions you need to satisfy as well. However what happens if you only occupy a house as your main home for only a short period of time while you... also reside in another property . A recent First Tier Tribunal case considered the availability of Main Residence Relief under s222 TCGA 1992 in the context of a property that had only been occupied for a short period of time.
It was also argued that there is no minimum period of occupation required for an individual to establish a residence.
However the couple involved were denied what is called Private Residence Relief on a home which they occupied for a very short period.
HMRC argued that there need to be some degree of continuity, some assumption of permanence was vital to turn simple occupation into residence.
There was no moving of any furniture, kitchen equipment of personal possessions, that would have been essential for them to actually live in the property.
This case acts as a reminder to taxpayers to ensure that they retain clear evidence to demonstrate that a property has become a residency for their purposes, as soon as possible on moving in.
This should include evidence of moving personal effects to the property, registering to Vote, informing DVLA, obtaining a TV licence and phone line, changing doctors and children’s school bills ,council tax and heating bills etc.
This will become particularly more important where circumstances change and the property is only actually occupied for a short period
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Plastic consumption and pollution .
Plastic Not So Fun..... tastic ....
Improve the value of your houses by improving your driveways, patio, fencing, loft conversion and extensions etc
... But living near a mountain of plastic bottles , bags dumped all over roads , rivers and seaside will not improve the value of your homes.
Lenders may soon start taking into account polluted environment before lending.
Suggested ideas .......How to reduce the use of plastics
Recommend use a reusuable water bottle Bring your own bag to shop ask Use real cutlery at events and office Convert plastics to fill in pot holes.
Taxing use of plastics is not the answer but there is little alternative. This could influence behaviour and save help reduce use of plastics..
Community groups to visit schools and encourage children to use less plastics
One leading Chartered Accountant firm has just banned the use of plastic in all its office. May be council and Government offices should do the same .
Laws to ban use of plastic in all offices and shops like a cigarette ban.
Future could be Plastic homes
With bedrooms , living room, bathroom, kitchen like a normal home.
In some countries plastics bottles are thoroughly cleaned, before being ground into a rough power, mixed, melted and extruded into a range of shapes – mostly beams, blocks and pillars – which lock together to form buildings.
Encourage use of grants to carry out more research in the use of plastic to make building materials like fencing,floor tiles , driveways and patios .
Plastic home may costs less to build and could also help with shortgage of houses. These plastics needs to be biogradable of course.
What do you think ? Please post your comments.
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Court Ruling on Japanese Knotweeds
Stephen Williams and Robin Waistell won a claim against Network Rail, which owns the land behind their homes in Maesteg in Wales. Waistell was awarded £15,000 in a decision that could have implications for landowners across England and Wales.
The pair successfully claimed that, while there was no actual physical damage to their properties, the plant had encroached on their land and reduced the value of their homes.
... The bamboo-like plant, which grows quickly and strongly and spreads through its underground roots, can undermine the structural integrity of buildings and is expensive to treat.
The hazardous plant can rapidly encroach on your land and reduce the value of your properties .
Most lenders will not lend money to a buyer if the survey shows knotweed on the land .Few lenders who are prepared to lend will need evidence that there is a programme of treatment carried by professionals and an insurance policy for 25 years in case of any structural damage.
Knotweeds can be treated but it is a long and hard battle . It needs a good programme of treatment undertaken by professionals . You can do it yourself if knotweeds found on your land on a very small scale but best to ask a specialist in identifying and treating knotweeds.
Do not ignore this plant if found on your land . Take quick action .
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Factors that may affect your mortgage application.
Whether you’re on the electoral roll
Your credit history
... Your income
Your outgoings
Your paperwork Bank Statements , P60 , payslips Accounts , SA302,etc
The size of your deposit
These are some factors that could affect the application but it also depends on each applicant circumstances.
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Tips for saving water in the home. These are from WWF UK Blog
1. Install a free water meter Ask your water company to install a free water meter.
... 2. Take a minute off your shower Cutting a minute off your shower can save seven litres of water every time.
3. Stop the drip A dripping tap can waste more than 3,000 litres of water a year.
4. Fill up your washing machine Ensure your machine is full before putting it on. Reducing hot water use could save 58 litres a week and up to £80 on your annual energy bill.
5. Think twice about the hosepipe Running a hosepipe for an hour uses 1,000 litres of water. Shocked?
6. Limit ow many flower pots you have at home
7. Get a water butt to catch and store rainwater.
8. Turn off the tap Did you know that turning off the tap while brushing your teeth could save 13 litres of water a day?
We know it is hard to give up on old habits but we owe a huge debt to our children . Not to do act now will probable mean to a huge financial and human costs on future generations.
Contact your water company for free water saving devices. Devices can range from shower timers and tap inserts, to shower heads and a cistern displacement device for your toilet
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Playing the balance transfer game Could save you in credit card interest rate payments, provided you stick to a few basic rules.
Warning
... If you are not sure please take advice . You need to make sure you have sufficient cash to pay the balances off .This is not suitable to every person.
Balance transfer credit cards allow you to transfer their credit to pay off your balance on other cards. They often come with a 0% interest offer, allowing you to pay off your credit card debt within a specified time period without being charged interest.
Depending the amount you borrow you would need to pay a minimum amount each month. You will be charged if you do not pay the minimum amount.
1. Know how long the 0% balance transfer offer lasts
If you haven’t paid off your balance by the time the 0% period is up, it might be a good idea to switch to another 0% balance transfer deal.
2. Double check the interest rate
Check that the interest rate you see advertised is the rate you will actually get to avoid a shock when your first statement arrives.
3. See what the 0% rate covers.
4. Don't spend on your 0% balance transfer card
5. Check the balance transfer fee Most credit card providers charge a balance transfer fee of around 3%.
Try to look for best deals by looking at some comparison websites for credit card balance transfers.If not sure take advice.
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Rent or buy – which is the best option for you?
Buying a house or a flat is one of the biggest financial decisions you’ll make, so it’s important to get it right.
Benefits of owning
... Your home will be yours once you paid your mortgage If your home increases in value, you could use the equity (its market value less the mortgage debt) to help buy a bigger home or fund a comfortable retirement. You can spend money improving your home and increasing its value without having to ask a landlord.
Potential downsides of owning -It is bog commitment !
When interest rates rise, your repayments will go up. It might not always be easy to sell your home, depending on what’s happening in the market. You need to be sure you can afford maintenance costs like fixing a broken boiler or leaky roof. Deciding what to do with the property can be complicated and expensive if you split up. If value of your home goes down you owe more to your mortgage lender than your home is worth.
Easier to move Example if you have to move with new jobs.
If you buy a home, you’ll have to pay for deposit,survey cost, stamp duty, removal costs,solicitor's fees, monthly bills like gas, electricity , phone ,etc.
Recent research suggests that it can be cheaper to buy than rent.
Take advice before your buy a home or take out a mortgage.
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Despite tax and regulatory change it seems that the Buy To Let market is attractive for a variety of reasons.
One of the main reasons for staying is that the private rented sector makes up a large part of the UK’s lettings market and with a shortage of houses to buy is likely to continue to do so.
Many existing landlords plan to increase the size of their portfolio and a growing number overall are accidental landlords . So called ‘accidental’ due to a change in circumstances... such as marriage or relocation or inherited the property that they let out.
Many landlords are becoming a landlord purely for financial reasons, considering it to be an attractive investment and use earned rental income to fund their retirement plans.
Landlords are interested by the buy to let market for a variety of reasons and objectives, financial or otherwise.
Landlords need to be armed with the right advice.
For assistance please call Hem Mahadeo on 07857788719 or 01444 473344.
We offer free self assessment Tax return completion for one landlord with one fully let and managed property by Mahadeo & Co.
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Residential property market is being kept in check to some extent, despite low interest rates and high levels of employment.
Few factors that affect value of your property ? Location Market conditions... Economic Conditions Neighbours Improvements
What is keeping the housing market in check ?
- Political uncertainty connected with Brexit, - Higher taxation Stamp duty - Stricter lending criteria
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Acting as a guarantor for let properties.
Students in particular or individuals with low income are required to provide guarantor (s) when they rent a property.
It provides an insurance against loss of rent for landlords for the unpaid rent.
... A guarantor in a shared tenancy agreement could be left with a huge financial liability if any of the tenants default on the rent.
Guarantors should carefully check the tenancy agreement to avoid any pitfalls.
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Demand for 5-year fixed rate remortgages has bounced back .
This growth in popularity has been driven by an increase in borrowers switching from 2-year deals to longer-term deals as lenders provide more competitive offers to attract long -term borrowers..
Fixing your mortgage for longer term will always be popular when borrowers are seeking financial security. Many consumers are now opting for these deals to ensure they have certainty and stability through the potential econo...mic and political upheaval of the next few years.
However Fixed rates mortgages have penalties if repaid earlier. This does not suit every borrower . You may need to seek financial advice if you are not sure. If you need advice please call Hem Mahadeo on 07857788719 or 01444473344.
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Learner drivers hit the motorway.Motorway driving lessons now available before passing test.Under new rules introduced learner drivers will be alllowed driving lessons on motorway before passing their test. Do you think it is a good idea ?