Summer 2007 Newsletter Content Reverse Charges Beyond The Grave Director's Two Hats IHT Plan Fails VAT And Cash Amnesty International An Inspector Calls Losing A Bet Caring Doctors TAAR Brush Made To Be Broken Flat VAT Safe Deposit Tax On Gas Working Late Composite Companies Excuses, Excuses

Safe Deposit New rules came into force on 6 April 2007 to protect tenants who have to pay a deposit to their landlord on an assured shorthold tenancy agreement. The landlord will either have to hand the deposit on to a government-established custodian company, or will have to join an insurance scheme to protect the tenant's money. There are new procedures for sorting out disputes with tenants over the return of deposits and amounts deducted to cover the landlord's expenses. If you are a landlord, you need to be aware of your new responsibilities. It's also a worthwhile reminder that the agreement should make it very clear what the deposit is and what may lead to it being wholly or partly forfeited. That should make it easier to settle disputes. It has been reported in the press that the Inland Revenue will be notified about people registering as landlords under the scheme. They will be cross-checking against the records of people who declare rental income on their tax returns - so when they have finished trawling through the records of offshore bank accounts, they will move on to this. There's plenty of information on the internet at www.direct.gov.uk/en/ TenancyDeposit/index.htm, and if you want to discuss your responsibilities as landlord or your rights as tenant, we will be happy to help.