NEW THREAT To Landlords And Employers As Home Office Tripple Fines For S...

NEW THREAT To Landlords And Employers As Home Office Tripple Fines For Supporting Illegal Immigrants

Just when landlords thought they’d suffered enough red tape a new threat is looming.

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The UK Home Secretary, Suella Braverman, announced this week that fines will to be more than tripled for employers and landlords who allow illegal migrants to work for them or rent their properties.

The civil or non-criminal penalty for employers, last raised in 2014, will be increased to up to £45,000 per illegal worker for a first breach from £15,000, and up to £60,000 for repeat breaches from £20,000.

Fines will rise from £80 per lodger and £1,000 per occupier for a first breach to up to £5,000 per lodger and £10,000 per occupier.

Repeat offenders will face fines of £10,000 per lodger and £20,000 per occupier, up from £500 and £3,000 respectively.

The higher penalties, which require a lower burden of proof than a criminal prosecution, will be introduced in 2024.

The Home Office will consult on options to strengthen action against licensed businesses who are employing illegal workers later this year.

Almost 5,000 civil penalties have been issued to employers with a total value of £88.4m since 2018.

In the same period, buy-to-let landlords have been hit with over 320 civil penalties valued at £215,500.

Minister for Immigration Robert Jenrick said that employers and landlords should already be checking the eligibility of anyone they employ or let a property to. There are a number of ways to do this, which are not changing, including via a manual check of original documentation and a Home Office online checking system. The online check takes only 5 minutes.

Over 17,000 people have entered the UK illegally this year on small boats from France.

UK inflation fell to 6.8% (from 7.9) this week raising hopes that the Bank of England will hold interest rates at 5,25% - the highest for 15 years - next month.

However, with core inflation unchanged at 6.9% interest rates could rise to 5.5% adding further pressure on the housing market and driving the UK further towards a recession.

We are not out the economic woods yet, so learning how to mange your money has never been so crucial.

See also:

Landlord - Serviced Accommodation V Buy-to-Let Property Rental And HMO’s - Exploring Alternative Buy-to-Let Strategies in the UK: Serviced Accommodation, Holiday Letting, and HMOs

https://youtu.be/5uJcr7YoPso

See: – Transfer Property Into A Limited Company Without Paying CGT or Stamp Duty https://youtu.be/mtGq7WaVxLA

If you would like more information and an assessment on letting your property hassle free, hands-off with FULL MANAGEMENT using the serviced accommodation model, email southherts@localagent.co.uk with your property details and location.

Content for educational purposes only, not financial advice. Always speak to an independent financial or mortgage adviser.

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Businesses Want More Immigration, But UK Government Ending Low Skilled, ...

Businesses Call For More Immigration, But UK Government Wants An End To Lower Skilled Migration And Low Wage Economy

Business leaders have accused the British government of putting the blame on them for the supply chain and staffing crisis in the UK. They want the government to allow more immigration to plug the one million job recruitment gap.

But in his speech to the Conservative Party, Boris Johnson said a high-wage, high-skilled economy was being created in the wake of Brexit and the pandemic and that the country cannot keep relying on immigration.

In response, Federation of Small Businesses (FSB) national chair Mike Cherry said that the prime minister's vision did not "match the current lived realities of small businesses and sole traders".

Earlier this week, Lord Wolfson, the boss of the retailer Next and a Conversative Peer, said that overseas workers were the only way to solver labour shortages.

Current UK staff shortages include:

·        Lorry drivers

·        Care workers

·        Hospitality staff

·        Agricultural and food processing workers

The government, which has fast-tracked 10,000 visas for European drivers and agricultural workers, wants an end to low skilled immigration following Brexit and the end of EU free movement of labour in the UK. The UK has also granted around 5.4 million EU citizens the right to stay in the country.

Boris Johnson and other ministers have called on businesses to employ or train British workers, which owners say is easier said than done.

There are over a million job vacancies currently advertised in the UK and British people have traditionally shunned lower paid jobs in care and agriculture, two sectors which have come to depend on migrant workers.

In a private meeting, a government minister commented that with over a million people unemployed and five million on benefits - like universal credit - it makes no sense to keep importing low-skilled staff from overseas while taxpayers pay for people to stay at home.

Matching job vacancies with unemployed people is a challenge. Employers want the right skills and experience as well as staff in the right location to fill job vacancies.

As a former employer, I found it extremely difficult to recruit people from the local Job Centre, which helps unemployed people find work. Candidates seemed unmotivated to take jobs and frequently failed to show up for an interview. Most were stuck in the so-called ‘benefit trap’ where they were financially better off on benefits than they would be taking a job.

Staff shortages are causing wages to rise sharply, with HGV drivers being offered up to £70,000 per annum and farm worker salaries soaring.

The higher wages, as well as rising fuel costs will have to be passed on to consumers leading to fears of a return to stagflation - high inflation combined with low growth.

Inflation has hit a 13-year peak and could reach 6% according to markets. Germany and America are also experiencing rising prices as oil and natural gas costs increase.

Reckless money printing on an industrial scale has always led to inflation from pre-war Germany to modern day Venezuela and Zimbabwe.

Higher inflation is good news for investors holding assets such as property and stocks which have reach record levels.

Warning bells for Chinese property bubble

Investors are still piling into high priced stocks and properties like the party’s never going to end! Remind you of anything?

This week, another Chinese property company, appropriately named Fantasia Holdings, defaulted on interest payments following the Evergrande debt crisis. Could this be the tip of the iceberg and the next property and debt bubble?

If China goes down, it will take the rest of the world with it!

If you not worried because you don’t invest in stocks and shares or property, look at your pension fund.

There has never been a better time to stay informed and educate yourself on financial matters.

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Fantasia, Another Chinese Property Company, Defaults On Interest Payment...

Fantasia, Another Chinese Property Company, Defaults On Interest Payment To Bondholders

As a second property giant fails to pay debt interest investors fear a property collapse in China’s real estate bubble.

On Monday, a Chinese developer of luxury apartments Fantasia missed a $315 million payments to lenders, sparking fears that financial strains in the country's overheated property sector are spreading beyond the troubled Evergrande’s troubles.

The FT reports that Beijing’s crackdown on borrowing by property developers threatens to end China’s love affair with London property.

The latest Chinese debt-ridden property company is Fantasia Holdings, a Shenzhen-based developer which missed repaying $206 million worth of bonds that matured Monday. In a statement to the HK stock exchange, the company said it is assessing "the potential impact on the financial condition and cash position of the group,". Trading in shares, down by 80% this year, were suspended.

The property management unit of Country Garden, China's second largest developer by sales after Evergrande, reported that Fantasia had failed to repay a company loan of about 700 million yuan ($109 million). Fantasia had informed the company that it would probably "default on [its] external debts," to Country Garden Services, according to CNN.

Other Business News

Johnson Promises Wage Boost.

In a speech to the Conservative Party Conference in Manchester, Prime Minister Boris Johnson wants to end the UK’s “low wage economy” fuelled by “uncontrolled immigration”.

Gas Prices Fall After Putin Boosts Production.

UK wholesale gas prices dropped after hitting a record high after Russia announced a boost in supplies to Europe. Russia President Vladimir Putin calmed the market after gas prices had risen by 37% in 24 hours to trade at 400p per therm on Wednesday. The price fall will be welcome news to millions of British consumers facing record energy prices this winter.

Consumer Price Rise Highest In 25 Years.

Inflation fears as prices rise across the world, sparking fears of hyper-inflation caused by unprecedented money printing. Markets are predicting 6% inflation leading to ‘stagflation’.

Facebook Restores Service After This Week’s Outage.

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UK To Fast Track Working Visas For EU Citizens While Those Refused Resid...

UK To Fast Track Working Visas For EU Citizens While Those Refused Residence Permits Face Deportation

Highlights:

·        Fast track temporary working visas

·        Deportation set for EU overstayers

·        Over 1 million job vacancies in the UK

·        Reed Employment website is advertising 300,000 job vacancies

·        100,000 lorry drivers needed in UK, but 400,000 in required in Europe

·        500,000 agricultural and food worker jobs vacant with few willing takers

As the continuing UK lorry driver and staffing shortage is forcing the Home Office to fast track work visas for European workers, some EU nationals living here could be deported.

EU citizens refused the right to remain in the UK should leave the country and if they don't, they will be kicked out, according to a British Government Minister.

Immigration Minister Kevin Foster told Italian newspaper La Repubblica in an interview published Saturday that "EU nationals who have been refused status, and who remain in the country, will be in the UK illegally."

He added: “We expect people to leave the country voluntarily" and if they do not, immigration officials "will seek to enforce their departure."

The UK has granted around 5.4 million EU citizens the right to stay in the country. “As of 31 August 2021, there are around 400,000 applications pending an outcome,” Foster said.

“Those with reasonable grounds for missing the deadline [to apply to leave to remain in the UK] are still able to apply,” the minister added. “We have built-in safeguards to protect those who have not yet applied, but who may still be eligible which means everybody will be able to get the status they deserve."

However, the country has been struggling to fill gaps in the labour market, especially in the trucking and food sectors, which has led to shortages of food on supermarket shelves, according to the Food and Drink Federation. On Saturday, the British government confirmed that it’s considering more flexible visa rules for truckers, according to the Financial Times.

Foster denied that there is a link between the shortages and immigration. "We do not accept the points-based system is the key cause of labour shortages in the UK, not least because we can see similar scarcities across the EU, specifically in areas like hospitality and truck driving,” he said.

Meanwhile, the Guardian reports that Home Secretary Priti Patel is refusing to consider allowing asylum seekers to work following a public intervention from her cabinet colleague Dominic Raab to say that he would be “open-minded’ about the proposal.

MPs on both sides of the house joined refugee charities in a bid to persuade the Home Office to allow 70,000 current benefit claimants to take up employment after the Justice Secretary said a rule change could help to solve the UK’s current labour shortage.

There are currently over a million job vacancies in Britain. At the same time, over a million people are claiming unemployment benefit, five million people on universal credit benefit and another million workers coming off the job retention furlough scheme which closed at the end of September.

In theory the country has enough people to fill the job vacancies, but will they have the right skills?

Temporary work visas will be issued to 300 overseas fuel drivers "immediately", the government has just announced.

Under the special scheme, foreign drivers will be allowed to work in the UK until the end of March in addition to 4,700 foreign food haulage drivers to be offered work permits from October to the end of February.

Despite the move, the government said temporary visas were not a long-term solution and urged firms to invest in a British workforce.

Ministers have also extended the length of temporary visas being issued to 5,500 foreign poultry workers, to head off a shortage of Christmas turkeys in supermarket.

Temporary visas were previously expected to last until Christmas Eve but have now been extended by a week until 31 December.

Will the new temporary visas be enough to attract EU workers?

The answer is, probably not.

Firstly, there is a also shortage of 400,000 drivers and other workers in Europe.

Secondly, the UK visas are temporary, not even lasting a year, with no guarantee of a permanent job or long-term residence. As one Polish employment specialist put it in a TV news interview: “Why would a skilled HGV driver quit a permanent job to come and work in the UK for three months?”

Finally, according to many retiring and former drivers, pay and conditions will need to improve to attract British and overseas drivers back into lorries.

Unfortunately, haulage prices have been driven into the ground to satisfy our lust for cheap goods leaving little room for higher wages.

Increased red tape and government interference have not helped. It now takes longer than ever to get a driver licenced and on the road, and HMRC changes to IR35 tax rules have made it financially unattractive for freelance operators.

Do you want to be dependent on someone else to pay you money to live?

New ‘world order’ is here – wake up!

Millions of jobs done by humans will be replaced by machines in the next few years.

The world of business has changed forever and unless you adapt your business will decline.

What can you do to take advantage of the changes rather than hoping things will go back to ‘normal’ again? They won’t.

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Should Britain Issue UK Working Visas For Foreign Lorry Drivers?

Should UK Issue Working Visas For Foreign Lorry Drivers?

With the threat of a Christmas shortage of turkeys, the UK government is under pressure to create a short-term working visa scheme for foreign lorry drivers, the BBC reports.

The Covid pandemic and Brexit has left transport firms desperate to recruit drivers and government departments have been in discussion options with the industry, including introducing special visas.

Ministers have rejected calls to introduce visas for drivers while urging firms to use local labour.

The industry wants drivers to be added to the official UK Shortage Occupations list, enabling them to qualify for a skilled worker visa.

Is UK immigration the magic bullet for industry?

But the government wants the industry to employ British drivers, which the industry said is impossible in the short term due to the training costs and time it takes to pass the rigorous HGV (heavy goods vehicle) driving test in the UK.

Training HGV drivers typically takes six to nine months and costs up to £7,000. Many British drivers claim that the low pay and poor working conditions are deterring people from entering the sector.

Businesses warn that the shortage of drivers is jeopardising deliveries to retailers and pushing up food prices for consumers.

The sector is also reeling from the impact of the pandemic, which has prevented thousands of new drivers from taking their HGV tests last year.

European drivers returned home when work dried up last year and have not been able to return because of immigration rules brought in after Brexit. Thousands of EU migrants failed to apply for UK settlement despite efforts by the Home Office to promote a low-cost easy route during the two-year run up to Brexit.

The Road Haulage Association estimates that there is currently a shortfall of about 60,000 hauliers and said that the situation for food supplies was "close to a crisis point".

There was a risk that some items would run out in supermarkets at certain times in a way similar to "rolling blackouts" for electricity, it said. Source: BBC.

As I said in my video post this week, I have not yet seen any evidence of major shortages on supermarket shelves. The problem is that warnings of a food shortage could become a self-fulfilling prophesy as shoppers start to hoard and panic buy.

Should the Home Office issue special UK working visas for drivers, they will almost certainly apply only to EU citizens.

Importing overseas workers to plug skill shortages has been used in the UK since the 1950’s ‘Windrush’ generation right up to hiring nurses from the Philippines and other countries today.

What’s your view? Should we train more British workers to do those jobs or is it the situation more complex?

See also:

Mastering Money The S.M.A.R.T Way Without Working Any Harder, Lesson #6

Where Is The Cheapest Property For Sale In The UK?

Average houses prices falling after the rush to beat the Stamp Duty Holiday - https://youtu.be/O4SSsJ0sRt4.

Bitcoin Hits $50,000 But Will It Go Higher And Should You Invest In Cryptocurrency?

If you would like to learn more about investing and managing your money, become a professional property investor, or would like to be financially free without working any harder, watch this free on demand training.

I will give a special free gift which can help you to immediately transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

Two Deadlines End 30 June - How Will They Affect You?

Two Deadlines End 30 June - How Will They Affect You?

·        Stamp Duty holiday ends, long live tax on property buyers!

·        Wednesday 30 June is the deadline for most European Union (EU) citizens to apply to live permanently in the UK as settled residents.

The Stamp Duty exemption for homebuyers paying tax on properties which cost £250,000 or less is coming to an end, much to my solicitor’s relief! He will need a real holiday!

Wales temporarily raised its threshold for land transaction tax (LTT) during the pandemic from £180,000 to £250,000, in line with other UK governments.

The exemption, originally to March 2021, was extended to 30 June.

Some homebuyers have saved thousands by completing sales within the deadline, but others are set to miss out for various reasons including legal or mortgage delays.

From 1 July, stamp duty will be charged above £250,000 at the following rates:

·        £0-£250,000 = 0%

·        £250,001-£925,000 = 5%

·        £925,001-£1,500,000 = 10%

·        £1,500,000+ = 12%

On 1 October 2021, rates are due to return to normal. That means the point you to start paying stamp duty will revert to £125,001:

·        £0-£125,000 = 0%

·        £125,001-£250,000 = 2%

·        £250,001-£925,000 = 5%

·        £925,000-£1,500,000 = 10%

·        £1,500,000+ = 12%

You can use the government's Stamp Duty Land Tax (SDLT) calculator to find out how much you would pay.

Will there be a slump in the market?

In truth, nobody really knows when the property, or stock market, will peak, but we do know that bull runs usually last 10-12 years and we have already passed that deadline. Governments around the world printing trillions of dollars have prevented a slump and recession, so far. An estate agent friend of mine, who has just had her best quarter ever, said she is concerned that people who wanted to buy this year have done so already.

EU Settlement Scheme Deadline

The take-up of the European Union Settlement Scheme (EUSS) has been huge - but there are serious concerns that thousands of people have still not sought to register. Anyone who is not registered loses their legal right to live in the UK.

What is the EU Settlement Scheme?

The EUSS was launched in March 2019 to register EU citizens as settled residents in the UK.

This is a follow-on from Brexit, which ended freedom of movement and the right of people from the EU to come to the UK - and for UK citizens to go the other way.

More details - https://how2cometotheuk.blogspot.com/2021/06/eu-settlement-deadline-30-june-2021-how.html

By the end of May 2021, 5.6 million people had applied for the scheme - far more than expected (it was estimated in March 2019 that there were 3.7m EU nationals in the UK).

How will this affect UK residents?

The BBC reports that a shortage of skilled trade workers has developed as European Union migrants leave the UK and demand for home improvements rises, according to the founder of Homeserve.

Chief executive Richard Harpin said the shortages were "pretty bad" across the country, not just in construction but in other trades too. He wants the government to put more trades on its jobs shortage list.

The hospitality sector is also experiencing staff shortages, so you might have to wait a little longer for your latte.

In the long run, importing cheap labour does not help the economy and we should be investing in more training to upskill the resident workforce, especially if they are unemployed and drawing benefits.

The laws of supply and demand dictate that when there is a shortage, prices rise. We will all be paying more for trades people, and the price of materials has also shot up.

It has become almost impossible to find handymen, plumbers, builders, electricians and other workers since the lockdown when thousands of EU workers handed back the keys to their landlords and flew home. With so many people moving, everyone is busy, which is exactly what the government wanted to achieve with the stimulus.

Would you like to get into property, but have no money or don’t know how? Book a free consulation with me now.

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