Property Maintenance UK





Information about the UK. Geography, history, population, map, flag, visa
TAXES AND UTILITIES CHARGES

In the UK there is no single annual tax on real estate. However, the owners and tenants must pay Council Tax (Council Tax), provided for the maintenance of police, street cleaning, etc. The tax can pay monthly, quarterly or annually. The tax rate is largely dependent on the region and even district and varies from ? 200 to ? 2,5 thousand per year.

Owning the majority of apartments and some houses need to pay for service - Service Charge. Its size is also not fixed, depends on the location of property, ranging from ? 500 to several thousand per year.

The size of utility payments depends on consumption, since the meters were installed in their homes for electricity, water and gas. For example, payments for the three-room apartment in London can reach ? 300 per month. Property insurance will cost from ? 30 a year, a mandatory TV license - ? 130 per year.

If the tenant does not live in the UK, property management, in particular the payment of utility bills and taxes, you can send a management company. Often, these functions takes a real estate agency, helps to acquire the object. The range of services is wide enough: payment of utility bills, monitoring visits to the housing, the implementation of minor repairs, etc. The cost of services will depend on the location of property, its type, the package of work done and other factors. For example, if the content and delivery of its housing rental management company will take from 12% a year from rental income. When operating without a lease - from 4% of the expected annual rental income.

COST OF LIVING

In addition to the costs associated with the purchase and maintenance of housing, should take into account other costs. In particular, food, transportation and telephone.

Dining. Costs of products will be approximately ? 30 per week per person. Average cost of dinner for one person will cost from ? 6-10 in a small pub, and from ? 30 in a restaurant.

Transportation. In London, there are several types of public transport: metro, buses and various kinds of intercity train DLR. Fare for all modes of transport, even underground, depending on the distance of travel. For example, a bus ticket will cost around ? 0,5. The fare for a taxi up to ? 2 for landing and up to ? 0,8 per 1 km road. Across the country, a developed system of railways and roads. The cost of the ticket on the train, for example, from London to Cambridge will be ? 17-20. Rent a car for the weekend - from ? 70.

Communication. The cost of a local call from a mobile phone starts from ? 0,09. The minimum tariff for a call from a phone booth is ? 0,2. In the Internet cafe output value to the global network will cost from ? 1 per hour.

LEASES

The UK rules for rental housing, see the "Procedure for acquiring real estate in the UK". The process of leasing, as well as payment of utility bills, you can delegate the management company. It will take a search for tenants, listing the owner of rental payments, the solution of possible contentious issues, etc.

The yield from rent, depending on the type of property and its location may vary from 2,9% to 5,3% per annum.

Profits from the annual rent is subject to income tax at progressive rates:
• up to ? 2 230 - 10%;
• from ? 2 231 to ? 34 600 - 22%;
• More than ? 34 600 - 40%.

Despite the considerable size of the tax, there are certain privileges. Depending on the age of the owner and his marital status from the tax base will be deducted a certain sum. For example, for taxpayers aged 65-74 years are not taxed the first ? 9 030 income.

PROPERTIES FOR SALE

When selling a property owner must pay the tax on capital gains. The taxable base in this case is the difference between the price of housing when buying and selling. Tax rate - 18%.

However, residents of Great Britain, not subject to this tax if you live in the UK at least 183 days a year for the past five years. If the property was the only place of residence of the owner, the tax on capital gains is also not charged - regardless of the length of stay in the country. As in the case of a tax on profits from the lease, there are various tax benefits.

BUSINESS IN BRITAIN

The UK organizational and legal forms of enterprises are the following.
1. Private Entrepreneur (Sole Trader). The owner and manager of business is one person. He bears responsibility for the financial activities of an entity.
2. Private joint stock limited company (Private company limited by shares). This form of doing business is one of the most common. Shareholders' liability is limited to the amount of its contribution. The number of shareholders does not exceed 50 people. The minimum share capital is ? 1 thousand
3. Public Joint Stock Company Limited (Public Company Limited by shares). Unlike a private company the number of shareholders is more than 50 people and the shares are in free sale. The minimum share capital of ? 50 thousand
4. Limited Partnership (Limited Liability Partnership). The minimum number of founders - two people. Liability of partners is limited to the size of funds invested in the company.
5. C unlimited liability company (Private unlimited company). Unpopular form of business, as the responsibility of the shareholder on the financial obligations of the company is not limited to the sum of its shares and applies to all of its property.
6. Company limited by guarantee (Private company limited by guarantee). Its peculiarity is that in the event of bankruptcy of the company, its shareholders are responsible for the debts of the company within a predetermined amount.

Creating a legal entity


The procedure for creating a legal entity in the UK is somewhat simpler than in other European countries. There is a possibility of an expedited procedure by which the company will be registered on the day of treatment. But the process usually takes two to three weeks. The cost of registration of legal entity depends on many factors, and starts from ? 300.

Registration of the company includes several stages. You must first arrange the following documents.
• Memorandum of Association. This document defines the direction of the company. It specifies the name of the company, organizational and legal form, legal address, the amount of authorized share capital and its distribution. Memorandum signed by the founders of the company.
• Articles of Association (Charter company) - a document setting out the internal regulations of the company.
• Information about the declared capital of the company.
• Statutory Declaration. This is a special document which states that the registration of the company met all the requirements of the Companies Act. It is signed by a director or a lawyer.

The documents with the application for registration filed with the Registrar of Companies. After paying the registration fee founders receive a certificate of business registration (Certificate of Incorporation). Since then the company can start its work.

Maintenance entity


How much maintenance will cost the company largely depends on the size of its work, would it ever be an activity or operation will be nominal, and as will be accounting - its own accountant or a specialized company. The minimum cost of accounting services would be ? 90 a month.

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