Sky News feature: One in five of landlords losing thousands due to knowledge gap around renting

Posted 20th January 2023 by ctatax-admin

Cornerstone Tax is the UK’s leading property tax advisers, specialising in Stamp Duty Land Tax. We’ve reclaimed over £15 million in overpaid SDLT in the last 12 months. Contact us for property tax advice, or to see if you are eligible to claim a refund from HMRC on overpaid Stamp Duty

Read the article on Sky News

“One in five landlords are losing thousands of pounds after taking over properties without proper knowledge of the rental sector, new research has found.

It comes as separate data from the UK’s rental market found those in properties owned by private landlords have faced the highest rent rises since records began seven years ago.

Rents increased by 4% last year as landlords looked to pass on the costs of higher mortgage rates, with a quarter of tenants surveyed in December saying their rent had risen in the past six months.

Some 20% of landlords become one without the right knowledge – with that rate rising to 32% in the North East, according to Cornerstone Tax.

Male landlords are more likely to struggle, with 25% of men losing money in buy-to-let investments compared to 14% of women.

Some 24% of landlords say their biggest mental health strain is managing their tenants. Again, this is higher in men (30%) compared to 17% of women landlords.

The much-debated Renters Reform Bill would give new rights to tenants.”

Cornerstone Tax is the UK’s leading property tax advisers, specialising in Stamp Duty Land Tax. We’ve reclaimed over £15 million in overpaid SDLT in the last 12 months. Contact us for property tax advice, or to see if you are eligible to claim a refund from HMRC on overpaid Stamp Duty