RESIDENTIALlettings
She also values the fact that The Letting
Bureau can – and do – deliver legal advice as part of the package, and that they are highly expert in the business of actually writing contracts. As the law and regulation change all the
time, having real experts working on her behalf is important. “Because they’re always updating their contracts, we’re always one step ahead of the other agents,” she says. That’s a competitive advantage worth having. However there’s one thing that most of
the outsourcing companies don’t do and that’s work out landlords’ tax bills. That’s where
Taxdoctor.co.uk comes in. Accountant James Stephens noticed that
many small landlords have difficulty filling in their tax returns. They’re not earning enough to afford an accountant, but they find the job onerous, and often end up paying too much tax, or running the risk of penalties if they’re late with their returns. James set up
Taxdoctor.co.uk to offer a
flat fee tax return service, and is now talking to lettings agents about providing the service for their clients. Taxdoctor’s
TO
and is able to offer a cost-effective service at £100 per tax return. James tested the water at the Property
Professional Show and the Propertydrum and NALS joint lettings conference last year and the product went down well with agents; he is just about to start trials with a few selected lettings agencies. “People approach us in a whole range
Agents arrive with their tax
receipts in a Sainsbury’s bag.’
software will allow agents to send rental data through automatically, so the only thing landlords need to do at the end of the year is provide their P60 and the details of their mortgage payments. By working online, Taxdoctor keeps its overheads low,
of different circumstances,” he says. “Some have a spreadsheet ready with all their costs and receipts, and we like that, but others are much less prepared. Some people arrive with all their receipts in a Sainsbury’s bag!” Getting into lettings agency used to
mean you had to know all the legislation, dot the i’s and cross all the t’s yourself. Now, as long as you can get instructions and convince tenants the property is right for them, someone else can handle all the work. It’s a tempting proposition, and a convincing one, for increasing numbers of lettings agents.
Add your own tips and techniques online at:
www.propertydrum.com/articles/outsource
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www.propertydrum.com 60 JANUARY 2011 PROPERTYdrum
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