Rental income continues to rise,
despite increase in supply
Rightmove’s most recent Rental Price Tracker shows asking rents outside London in the second quarter of 2017 were 2.8 per cent up on the previous quarter. While some may expect a rise in rents to be at least partially a result of low supply, the opposite was in fact true with property availability up by seven per cent in comparison with Q2 in 2016.
• HM Revenue and Customs (HMRC) is getting tougher on those not paying the right amount of tax across their offshore tax affairs.
• From 2016, HMRC is getting new financial information about our customers from more than 100 jurisdictions – including details about overseas accounts, structures, trusts, and investments.
• HMRC is already using information, supplied by overseas banks, insurers, and wealth and assets managers, to identify the minority who are not paying what they owe.
Are you confident that your UK tax affairs are up-to-date?
You need to regularly check that you have declared all of your UK tax liabilities and, if needed, bring your tax affairs up-to-date.
Personal circumstances change. For example, you may have recently inherited assets overseas.
• If you are confident that your tax affairs are up-to-date and complete, then you don’t need to do anything further.
• If you are unsure, we recommend that you speak to a tax adviser to find out if you need to take action now.
• If you find that you need to bring your tax affairs up-to-date, it can be easier than you think. You can chooseto do this now using HMRC’s straightforward online disclosure facility at www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure
If you have not paid the right amount of tax and choose not to take action now, you need to know that:
• HMRC will find out about your money and assets overseas through new information from more than 100 jurisdictions.
• Penalties are increasing for those who are not paying the right amount of tax on their offshore assets, and you can even face criminal prosecution. Under new rules, you could face further penalties based on the value of the asset as well as the tax due, resulting in potentially life-changing consequences.
If you choose to delay in coming forward, it’s very likely to cost you more and there is also more chance that HMRC will come for you.
Come to us before we come for you
• If you are confident that your tax affairs are up-to-date, and you have declared all of your UK tax liabilities, then you don’t need to do anything further.
We are already using early financial information to identify the minority who are not paying what they owe.
If you need to bring your tax affairs up-to-date, it is your responsibility to do so – act now at
The 'People's Princess'
The iconic royal, Diana Princess of Wales, would be 56 now. Diana was an inspiration to so many, and she was aptly dubbed the 'People's Princess' owing to her kindness and compassion. Although Diana sadly passed away 20 years ago, her legacy continues to live on through her children, William and Harry, and her grandchildren, George and Charlotte, of whom we are sure she would be immensely proud.
Residents say giant new Turkish restaurant on Green Lanes flouts rules to preserve the high street
Sira Vanadokya, which opened at the weekend, takes up three shopfronts along Green Lanes in Harringay, which were knocked into one without full planning consent.
Objectors accuse the owners, who have been refused retrospective planning permission, of flouting rules designed to preserve the balance of the street scene. Fifty have written to Haringey council, saying traditional retailers have been squeezed out of Green Lanes over the past decade, leaving the street a “ghost town” by day.
"But now it seems everyone has the same idea. A lot of the ordinary trading shops are dying. We are at a tipping point.” Council figures show restaurants, pubs and takeaways comprise a quarter of the 142 units on the mile-long strip.
Hugh Flouch, founder of community website Harringay Online, said: “I do use the local restaurants and it’s great we have a vibrant restaurant economy but I don’t want that to be all there is.
"People have talked about wanting a more diverse high street offer including things like a fish shop, a book shop and a stationers.”
The Sira is made up of three units which the owners successfully applied to convert into three individual restaurants one by one over the past 12 months.
However, an overall application to permanently combine them into a single diner of 5,000 square feet, open from 7am until 2am daily, was refused last week. Objectors have complained about noise, cooking smells and public disorder from the bigger outlet, equivalent to the size of two tennis courts.
One wrote: “We have no need of any further huge restaurants on this stretch of Green Lanes. To grant retrospective planning permission would send the message that local planning law is to be flouted by simply ignoring it.” In another objection sent to the council, Ian Sygrave, of residents’ group the Ladder Community Safety Partnership, accused the owners of using “dubious and murky” tactics in their attempt to change the building’s use. He added: “Every new loss of a shop undermines the viability of existing outlets and helps to reduce daytime footfall in favour of the night-time economy.”
In their council application, the owners said the venue was part of a cultural tradition of Turkish and Cypriot restaurants in Green Lanes which “will enhance the vibrancy and vitality of the town centre, particularly during festival times”. In a letter backing the new restaurant, Shefik Mehmet, chairman of Harringay Traders Association, said: “We like to draw similarities with Chinatown and Southall. Green Lanes is the Turkish equivalent.”
Councillor Ali Ozbek said: “The exciting restaurants have not only added economic improvement but also helped neighbouring units to benefit.”
Haringey council said: “We are aware the site has started trading as a restaurant without planning permission and have passed this on to our enforcement team who are investigating further.”
LANDLORDS - Are you aware from April 2018 you will be required to report to HMRC quarterly?
Hmrc has confirmed the timetable for the rollout of quarterly reporting and a year end reconciliation under Making Tax Digital with the first tranche of taxpayers, including buy-to-let landlords and the self-employed, set to kick in from April 2018
- April 2018 if profits chargeable to income tax and pay Class 4 national insurance contributions (NICs);
- April 2019 onwards VAT falls under Making Tax Digital, so anyone registered for VAT will report and pay this through the new system; and
- April 2020 for corporation tax payers.
Haringey Council blames cuts for changes
to waste collection
Haringey Council has defended its approval of changes to the collection service given to residents.
Haringey Council approved changes to Veolia’s waste collection system on June 30.
These changes include charging £25 for four bulky items from July 24; charging £30 for replacement bins from July 31; and, charging £75 for garden waste from October 23 and distributing wheelie bins to those who subscribe.
Councillor Peray Ahmet, Haringey Council cabinet member for the environment, said: “After years of council funding reductions, we still need to find another £20 million of savings across the borough, which unfortunately means making some tough decisions.
A 12-year-old boy from north London has been named Child Genius 2017
Cheered on by competitive father Minesh and pharmacist mother Komal, Rahul impressed host Richard Osman with his specialist knowledge of the work of English scientist Edward Jenner in the semi-final.
LOVE WOOD GREEN FESTIVAL
London house prices:
Haringey enjoys biggest annual house price gains while Islington named the biggest faller
|RANK||LONDON BOROUGH||Apr-16 (£)||Mar-17 (£)||Apr-17(£)||Monthly change||Annual change|
|1||KENSINGTON AND CHELSEA||£1.83m||£1.95m||£1.99m||2.1 per cent||8.8 per cent|
|2||CITY OF WESTMINSTER||£1.62m||£1.75m||£1.77m||1.1 per cent||9.7 per cent|
|3||CAMDEN||£1.03m||£1,03m||£1.07m||3.5 per cent||3.5 per cent|
|4||CITY OF LONDON||£978,300||£911,046||£998,709||9.6 per cent||2.1 per cent|
|5||HAMMERSMITH AND FULHAM||£924,728||£870,635||£850,121||-2.4 per cent||-8.1 per cent|
|6||RICHMOND UPON THAMES||£787,671||£759,416||£768,301||1.2 per cent||-2.5 per cent|
|7||WANDSWORTH||£779,290||£776,782||£765,262||-1.5 per cent||-1.8 per cent|
|8||ISLINGTON||£793,998||£726,011||£711,374||-2 per cent||-10.4 per cent|
|9||BARNET||£638,817||£649,619||£672,427||3.5 per cent||5.3 per cent|
|10||HARINGEY||£574,186||£647,189||£645,872||-0.2 per cent||12.5 per cent|
|11||MERTON||£628,355||£625,435||£641,754||2.6 per cent||2.1 per cent|
|12||SOUTHWARK||£646,663||£652,751||£623,206||-4.5 per cent||-3.6 per cent|
|13||LAMBETH||£593,444||£599,002||£598,081||-0.2 per cent||0.8 per cent|
|14||BRENT||£550,006||£569,111||£583,612||2.5 per cent||6.1 per cent|
|15||HACKNEY||£592,321||£577,075||£571,739||-0.9 per cent||-3.5 per cent|
|16||EALING||£527,086||£562,858||£558,959||-0.7 per cent||6 per cent|
|17||KINGSTON UPON THAMES||£565,193||£536,596||£538,036||0.3 per cent||-4.8 per cent|
|18||HOUNSLOW||£507,108||£527,306||£535,569||1.6 per cent||5.6 per cent|
|19||HARROW||£495,212||£539,875||£528,555||-2.1 per cent||6.7 per cent|
|20||TOWER HAMLETS||£485,493||£541,603||£521,627||-3.7 per cent||7.4 per cent|
|21||BROMLEY||£469,537||£486,981||£493,660||1.4 per cent||5.1 per cent|
|22||ENFIELD||£444,711||£469,098||£472,220||0.7 per cent||6.2 per cent|
|23||HILLINGDON||£450,907||£462,411||£462,014||-0.1 per cent||2.5 per cent|
|24||WALTHAM FOREST||£434,126||£455,296||£452,757||-0.6 per cent||4.3 per cent|
|25||LEWISHAM||£447,725||£451,719||£451,838||0.0 per cent||0.9 per cent|
|26||REDBRIDGE||£420,450||£445,638||£449,066||0.8 per cent||6.8 per cent|
|27||GREENWICH||£439,019||£431,684||£420,661||-2.6 per cent||-4.2 per cent|
|28||SUTTON||£398,310||£399,118||£404,936||1.5 per cent||1.7 per cent|
|29||CROYDON||£377,330||£397,070||£393,490||-0.9 per cent||4.3 per cent|
|30||HAVERING||£352,493||£375,895||£377,291||0.4 per cent||7 per cent|
|31||NEWHAM||£361,310||£373,505||£365,573||-2.1 per cent||1.2 per cent|
|32||BEXLEY||£338,756||£353,308||£352,643||-0.2 per cent||4.1 per cent|
|33||BARKING AND DAGENHAM||£289,577||£297,827||£298,224||0.1 per cent||3 per cent|
|ALL LONDON||599,661||614,971||615,838||0.1 per cent||2.7 per cent|
Under the scheme, public assets will be transferred into a new company, the Haringey Development Vehicle (HDV), owned 50/50 by Haringey council and private firm Lendlease, in a deal set to last 20 years.
On Monday evening, the Labour-run council will vote on the largest sell-off of its kind ever undertaken by a UK local authority. But earlier in the day, two local north London MPs sent the council’s leader, Claire Kober, a strongly worded letter.
David Lammy, for Tottenham, and Catherine West, for Hornsey and Wood Green, reiterated concerns that include the affordability of the homes, the bidding process, the financial risks to the council and the lack of oversight.
The letter reads: “In addition to reiterating these concerns, in light of the fire at Grenfell Tower we write today with the utmost urgency to urge caution and call on the cabinet to pause and reflect further on whether entering into a public-private partnership is the correct decision for the borough and its residents.
“In our view no decision should be taken on the HDV until a fully updated business case is evaluated and further work is carried out by an external adviser or auditor to analyse and review the risks relating to the HDV.”
Kober said the issues raised by the disaster at Grenfell Tower did not justify “reneging” on the local manifesto pledges to build new homes. “The Haringey Development Vehicle – a 50/50 partnership between the council and developers Lendlease – is an innovative approach to regeneration that will deliver change local people can benefit from,” she added.
The council plans to demolish whole streets of publicly owned buildings as part of a vast regeneration project in which 6,400 new homes will be built.
Local councillors estimate that up to 20 Labour councillors, out of 49 in total, oppose the scheme, as well as all Lib Dem members, the two constituency Labour parties, plus trade unions and a number of local activist groups. The council’s scrutiny committee has twice in the past six months called for an immediate pause to the plans.
The MPs urged the council to consider a recommendation by the authority’s overview and scrutiny committee to use a wholly council-owned housing company to purchase and manage the HDV social and affordable homes “to ensure that there will be no overall reduction in the number of homes in the borough that are wholly owned and managed by the council”.
Public-private partnerships have come under increased scrutiny in recent weeks in the wake of the Grenfell Tower blaze.
Following a consultation period last year, the Government plans to extend the scope of mandatory licensing of houses in multiple occupation - known as HMOs - later this year. Under the new HMO licensing proposals, the existing ‘three storey rule’ may be scrapped so that all properties will require a licence if they are occupied by five of more people from two or more households. In addition, flats above and below commercial premises will also need to be licensed.
George Osborne unveiled a shock tax change in 2015: the tax relief that landlords get for finance costs will be restricted to the basic rate of Income Tax. To put it another way, the current rules give most landlords a 40% discount on their current interest costs, but under the new regime, this discount will drop to 20%. This tax change will be phased in from will start to be phased in from 6th April this year and fully implemented by 2021.
There’s no doubt these changes will makes things more difficult for landlords, but the first thing to note is that landlords who are basic rate tax payers (earning less than about £40k), or those without a mortgage, won’t be affected at all.
Secondly, there are steps landlords can take to try and cut their interest costs. The first being re-mortgaging. Buy-to-let mortgage interest rates have fallen significantly in recent years, so deals currently on the market may well be substantially better than on products arranged a few years ago.
With large increases in property prices in London, another tip is to get your rental property re-valued. This will make your lender recalculate your LTV, and a lower LTV means a better interest rate and a larger choice of lenders.
Though we believe that prices will soften in prime central London, we still expect certain hotspots to experience price growth - though perhaps not at the level we’ve seen in previous years.
If it’s an investment you’re after, it’s crucial you buy in areas that are undergoing gentrification or experiencing infrastructure investment, that offer healthy yields so mortgage repayments aren’t a problem.
Areas in the outer Zones are likely to experience the best price growth this year. Zone 5’s East Croydon is becoming the capital’s next big property hotspot. It’s currently undergoing huge development, offers key train links and the Gatwick Express, Westfield Shopping centre will soon be arriving, plus it offers a mix of luxury and affordable living ideal for young professionals.
Crossrail winner Forest Gate is also likely to experience further gentrification when the high-speed rail link arrives this year, which will keep house prices on their upward climb. Leyton is another east London pocket tipped for house price growth, and in fact, east London as a whole will be one of the best investment areas generally this year down to improving transport links and the fact that prices here are still “affordable” compared with the rest of the capital.
If you want to invest centrally, Farringdon is a safe bet, again thanks to key infrastructure changes such as Crossrail and the fact that the nearby silicone roundabout is becoming a great area in which to live, work and play.
An art installation in Tottenham's Markfield Park
The times they are a-changing. Slowly. When you emerge at ground level using the north stairwell of Seven Sisters Tube station, you are greeted by the sight of a popular coffee franchise and an equally well-to-do supermarket. A little further up the High Road, towards the nest of shops and traffic congestion that is Bruce Grove, an estate agents – of the type which deals in affluent city-dwellers and families seeking to up-size without necessarily leaving the conurbation – has set up stall.
Further on still, at number 639, the Blooming Scent Café sings softly of organic teas and a licensed bar with a range of wines by the glass. Quietly confident, it is affiliated to the Bernie Grant Arts Centre, the cultural complex next to the Town Hall, which boasts a cinema and a superb 274-seat auditorium.
Wander, and you will find further notes of intrigue. Meander east towards Tottenham Hale and you might stumble into Craving Coffee, one of those artful dens of caffeine where your latte comes with a froth-top doodle – of a flower, a tree, a bird, a fish. You might also come across Beavertown Brewery, where the context is Lockwood Industrial Park on Mill Mead Road, but the ales produced within have more in common with the craft-beer scenes in hip American cities like Portland and Seattle. And after a drink or two in the tap room, you might drift back towards the High Road, following your nose towards the aromas pouring out of Chicken Town – an eatery where the name suggest a greasy takeaway, but the blurb on the menu states that “we use happy herb-fed chickens, which we gently steam before flash-frying in rapeseed oil for a delicious, healthier treat.”
At the end of all this, you might wipe your mouth and ask if you really are in Tottenham – and not Shoreditch, Hoxton, Dalston, or some other newly gentrified part of the capital.
The 12th richest football club on the planet lies at the heart of this historically deprived district.
It has been a slow journey for an often unloved segment of the metropolis. And, in truth, it is a march which still has some way to go.
The new stadium will hold 61,000 people and generate a projected £293 million a year for the local economy CREDIT: TOTTENHAM HOTSPUR
At the centre of all this is a contradiction. The vast hulking presence of a Premier League football club. Plenty might argue that Tottenham Hotspur is bigger in reputation than it is in achievement – for all the fine players to have graced its pitch, Glenn Hoddle’s feet a pair of magician’s wands; David Ginola moving with long-haired lyrical grace – the club has just two league titles to its name (1951, 1961), and has failed to crest the summit of the English game in the monied Premier League era (which began in 1992). But it is definitely sizeable in wealth. The latest Deloitte figures, released earlier this month, rank it as the 12thrichest football club on the planet – with an annual turnover of £209million.
Spurs hope the stadium will be a destination beyond football .
There is always something a little unsettling about a major sporting institution, flush with cash, radiating its good fortune from within an area rather shorter on readies. But Spurs – to use the club’s popular nickname – is far from a lone case in this. And the club would be swift to argue that its White Hart Lane stadium has long been good for Tottenham, bringing some 36,000 supporters into the area every fortnight during the season – fans whose disposable income is funnelled into the district’s pubs, bars, cafes and newsagents.
As of next year, that relationship will broaden. The club has played at White Hart Lane since 1899 – but although it has rebuilt it several times during that period, it has now outgrown its mid-range capacity (Tottenham’s nearest neighbours and arch-rivals Arsenal upgraded to their own 60,000-seat arena in 2006). So from August 2018, the team will run out at a new, state-of-the-art stadium capable of holding 61,000 people. It will be revolutionary for Spurs, more than doubling its match-day income. But it will also be a boon for Tottenham – generating a projected £293 million a year for the local economy.
There are hopes the stadium will boost the local economy
That, at least, is the hope. Up on the fourth floor of Lilywhite House, the club’s pristine new offices, executive director Donna-Maria Cullen is talking in glowing terms. “‘Game-changer’ is an overused word. But for Tottenham, this really is,” she enthuses. “The stadium will be a new sport and entertainment destination for London – and for Europe.”
The "Tunnel Club" will offer a close glimpse of the team
Beyond the window, the arena in question is now taking shape. Indeed, the north-east corner of White Hart Lane has already been dismantled to allow construction crews better access to the building site – as the rush to have the project completed in time for the 2018-2019 season intensifies. Colossal concrete support blocks rear above the pavement, cranes peck at the skyline, and the hard sound of industrial drills is a constant cacophony.
Once completed, the stadium will be more than just a sporting cauldron. It will have a hotel and a museum. It will be adorned with extra touches – a “public square” on the concourse with room for food stalls and events; an in-house microbrewery capable of dispensing up to 10,000 pints per minute; a “Sky Walk” climbing wall which will allow visitors to clamber 40 metres up the exterior of the complex. And the club has grand designs for it to be a year-round music venue which will occupy the space in the London mega-gigs market that exists between Wembley Stadium and the O2. “Wembley Stadium is fine if you are Muse, Coldplay or U2,” Cullen explains. “But there is a gap down to the O2, which holds around 20,000 people – and we are hoping that the stadium will fill it.”
Then there is the match-day experience, and the not-so-small matter of corporate entertainment – which, nowadays, is such a crucial element of any sporting behemoth’s balance sheet. An innovative blueprint will see accoutrements such as “The H Club”, a members’ space supplying high-end cuisine and chef’s table dinners. And the “Tunnel Club”, a first of its kind in the UK where “premium” guests will be able to watch the players waiting in the tunnel before kick-off – an intriguing piece of 21st century fan culture which, thanks to one-way mirrored glass, will not disturb the team’s preparations.
Throw in the fact that the arena will also host American Football matches – a contract is in place for Spurs to stage two NFL fixtures a year for a decade, via a special artificial pitch below the main (retractable) playing surface – and the club coffers are set to jingle.
This is all well and good – but will it really bring anything to the area beyond the roar of bigger crowds? Cullen is adamant that it will – and gestures downwards, towards the base of Lilywhite House, where Tottenham University Technical College, which opened in September 2014, takes up most of the ground floor (with the London Academy of Excellence Tottenham (LAET), a sixth-form college, due to launch in September). “The stadium will be responsible for 3,700 jobs, of which 1,700 will be totally new,” she adds.
Back on the High Road, opposite the rising pile of stone, reinforced metal and men in high-visibility jackets, nothing much is stirring. The fledgling wave of renewal has yet to reach this far up the thoroughfare, and the one customer in Chick King is buying his dinner in a fast-food outlet that shares a meat, but little else, with cool kid Chicken Town. Tottenham is still far from being an unmissable destination for those seeking to explore further corners of London – but come the summer of 2018, seven years after the area was fractiously ablaze, it will find itself in the headlines, and on the map, for the right reasons.