Challenges for Landlords and Tenants
Accountancy Matters with Ammu Accounting
As the cost of living crisis continues, landlords and tenants face new challenges. Tenancy rule changes, including rent increase caps and eviction freezes, have had a significant impact.
These ‘temporary’ measures have been extended multiple times; the latest extension proposed until March 2024.
Currently, landlords can only increase rent once a year by up to 3%. Fixed-term tenancies and no-fault evictions have been abolished, increasing stability for tenants. However, overseas tenants without UK credit history are struggling to rent. This is a concern for landlords who rely on international tenants.
Scotland has experienced some of the highest rent increases in the UK. This has created a challenging situation for both landlords and tenants, leading to financial worries for everyone involved.
We advise both landlords and tenants to stay informed about changing rental regulations and to seek professional advice to understand your rights and responsibilities.
As accountants, we understand the importance of managing your finances effectively during challenging times.
With the added burden of increased buy-to- let mortgage payments and the ongoing cost of living crisis, it is crucial for landlords and tenants to budget carefully to weather the winter financial challenges.
If you require assistance with your business or personal accounts, contact us today.
Ammu Accounting has news to share too! We are continuing to grow by expanding across the city to Giffnock – situated on the Southside between our West End office and our Ayr office. We’re thrilled to welcome the team and clients from the highly respected MCC Accountants to Ammu Accounting. We strongly believe that by bringing together the best of both firms and with our broad range of services and highly skilled professionals we can offer you a tailored service that will greatly benefit you and your finances.
Ammu Chartered Accountants
10 Newton Terrace
0141 290 0262
8 Miller Road Ayr KA7 2AY
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