Privacy Policy
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website,
www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” |
Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie |
First / Third Party |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
Matchmade
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Sign Up16:52 PM, 28th November 2014, About 10 years ago
Hello Peter, Thanks for your kind remarks. I think you've made the right decision: convert the loft if you really need the extra space and can really afford the money, otherwise just leave it as a little present to yourself, an idea for the future. The maisonette sounds big enough for most tenants already, unless you are running it as an HMO, so leave well alone.
To answer your question: planning permission is temporary, and generally expires after 3 years, after which you have to apply again, when the regulations may have changed and all your drawings will need re-doing. So if you go to the trouble of getting planning, you might as well use it.
Having planning permission won't make a blind bit of difference to the value of the maisonette from a surveyor's perspective: the extension needs to have been built and be visible. Planning permission will only make a small difference if you try to sell the property, and a buyer is attracted by the prospect of converting the loft.
Peter Johnson
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Sign Up18:09 PM, 28th November 2014, About 10 years ago
Reply to the comment left by "Tony Atkins" at "28/11/2014 - 16:52":
Once again thanks so much Tony, you have just saved me a bundle of trouble and costs. I will be renting the property very quickly now and the money which I was going to use on the loft conversion I will put on another property as you mentioned. Great advice from you. Wishing you much success for the future.
Mark Alexander - Founder of Property118
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Sign Up8:54 AM, 11th December 2014, About 10 years ago
New article which will be of interest to contributors and followers of this thread.
See link below 😀
.
Mic Singh
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Sign Up13:46 PM, 19th January 2015, About 10 years ago
Hi Tony, I wanted to query one of your comments from a thread in 2012!
In regards to the CIS scheme, I am employing a building contractor via a ltd company on a design & build JCT contract who will supply all materials. It will be around £800k to demolish a house and build some flats. We mainly buy and rent property out and intend to keep the flats for the same purpose.
After reading this link from HMRC (http://www.hmrc.gov.uk/manuals/cisrmanual/cisr12080.htm) I would have thought I would have to register for CIS. But you say below that only applies if its a labour-only basis. Are you able to confirm even after reading the above you still hold the same view? And if so are you aware if there is any literature online to support it in case my accountant asks me for it?
Your quote from 2012:
"I’m a small-scale property developer via a limited company, currently building two new houses and with experience of renovating 10 houses. You only need to register for CIS if you employ people on a labour-only basis. If you employ a building contractor or even a single self-employed person like a bricklayer, provided they supply a proportion of the materials (even if it’s just wall ties), you are not responsible for deducting their tax at source via CIS before you pay them. For example, on my current build valued about £400K I am employing a series of subcontractors for every step of the project; they all deal with their own tax and supply their own public liability and personal injury insurance."
Thanks 🙂
Matchmade
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Sign Up11:11 AM, 20th January 2015, About 10 years ago
Hello Mic, I'm not an accountant so you should talk with him or her, irrespective of what I say. My advice from my accountant in 2012 was that I did not need to register for CIS if I was employing subcontractors who supplied all or part of their own materials. I think I was somewhat misinformed: the real criterion for not registering is the size of my business: contractors only need to register for CIS if "you usually spend more than £1 million a year on construction" (ref: https://www.gov.uk/what-you-must-do-as-a-cis-contractor). Other websites I've looked at say the rule-of-thumb for "usually" means £1 million a year over a three-year period. I don't have this level of business and from the sound of it, neither do you.
The HMRC page that you cite is somewhat misleading because it says that if you are running a property investment company which is undertaking a one-off development, then you must register for CIS. This fails to mention the size rule of £1 million. Since you are only doing £800,000 of work, and the project is a one-off, it looks as if you don't need to register: just leave the CIS admin to your building contractor. If you employ some occasional sub-contracted labour for one-off tasks like fencing, you should be able to pay them gross and ignore CIS: it is the subcontractor's responsibility to submit a self-assessment tax return.
But again, your accountant is meant to be your ally: have a talk with him or her to establish the correct position for your exact situation.
Charline Caisse
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Sign Up11:54 AM, 20th January 2015, About 10 years ago
Reply to the comment left by "Mark Alexander" at "05/11/2013 - 19:19":
For small investors like me and mu husband this sounds encouraging! 🙂
Mic Singh
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Sign Up13:04 PM, 20th January 2015, About 10 years ago
Reply to the comment left by "Tony Atkins" at "20/01/2015 - 11:11":
Thanks Tony much appreciated 🙂
hitch hitchcock
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Sign Up10:38 AM, 26th February 2015, About 10 years ago
Hi my question relates to finance and if i can mix personal finance with property development in a ltd company?
I have sufficient funds to buy a property/site outright but not the build cost. In order to obtain the funds I need £200k finance either developer loan or through re-mortgaging my house (£1m owned outright). Developer loans are between 0.65-1% per month, where as mortgages are approx 4% per annum.
I know I can do this personally (eg re-mortgage and use the money for build cost on a second home), but then I would be subject to capital gains tax and because I’m a higher rate tax payer it would be at 40% and not corporation tax @20% on profits and 10% tax on dividends if ltd.
Can I set up a ltd company to develop property (whilst working full time employed as an architect with a salary of £50k), re-mortgage my main home (£1m owned outright), and invest the money from my personal mortgage in the ltd property development company to use on build costs?
To whom does one go to advice on these matters - accountant or mortgage advisor?
Grateful for any help.
Hitch
Richard Mann
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Sign Up13:45 PM, 26th February 2015, About 10 years ago
Hi I'm looking for a property to refurbish/renovate and sell on.
Any idea on what the most tax efficient way of doing this is?
I'll be using part cash part finance.
AnthonyJames
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Sign Up11:21 AM, 27th February 2015, About 10 years ago
Reply to the comment left by "hitch " at "26/02/2015 - 10:38":
Hi Hitch,
With your salary and assets you will surely be able to re-mortgage, and you don't need to tell the mortgage company why you need the money. You might plan to buy a nice car or yacht, or invest in buy-to-let, but it's not really their business. You should of course check each lender's specific requirements with a mortgage broker.
It would definitely pay you to set up a limited company for development purposes. The remortgage funds from your personal home would be invested in the company as its seed capital, mostly as a repayable director loan and a little (typically £100) in exchange for 100 £1 shares in the company. An accountant can help you set this up. It may help to choose an accountant with expertise and other clients involved in property development.
The site purchase could be in your name initially, but written in trust by your solicitor "on behalf of" the limited company: some developers do this in order to fund the purchase using a buy-to-let mortgage in their own name, as it is extremely difficult to obtain a mortgage for a new limited company. However in your case this won't be necessary as you plan to buy for cash, in which case you would invest the site purchase money in the limited company as a director loan, and the site would be purchased in the name of the company.
The limited company would then secure planning permission (if needed), finance the development, and sell the house(s). The proceeds would be used to repay the director loan (perhaps with interest, though that will be taxable at a your highest personal rate), and the company would then pay 20% corporation tax on its profits. The residual profits could then be used to fund a new development, or you could pay yourself a dividend, perhaps in successive years to keep your income tax bill down. If you are building new houses rather than extending and renovating for re-sale, you can register the company for VAT and reclaim all your VAT.
Your corporation and income tax bill can also be reduced by the company paying for certain legitimate expenses, or by employing a lower-paid spouse for secretarial work, book-keeping etc.
Be careful if you are thinking of investing your profits into, say, buy-to-let via the limited company: this is rarely a worthwhile approach as the company might then be regarded by HMRC as an investment company rather than a development one, and will be taxed more like an individual. You need to make sure that at least 50% of your turnover is development-related.
I recommend Carl Bayley's Using a Property Company to Save Tax and Nick Braun's Salary versus Dividends (both published by Tax Café) for more detailed reading.