15 December 2010

Landlords and letting agents who protect their tenants’ deposits with mydeposits.co.uk can avoid paying the VAT increase, which comes into effect in January, by purchasing multiple protections now.

VAT will increase from 17.5 per cent to 20 per cent from 4 January 2011 and will have a negative effect on the costs of providing affordable housing to rent.

However, landlords and letting agents can still purchase deposit protections before the increase - at the existing lower rate - if they purchase them in bulk.

Eddie Hooker, Chief Executive, mydeposits.co.uk, commented:

“This is a great opportunity for landlords and agents using my|deposits to benefit from pre-VAT increase prices now.

“Once protections have been purchased they can be used at any time in the future, effectively ‘buy now, use later’. Simply give us a call and we can arrange the deal immediately.

“And if you’re not a member of my|deposits, we have an exclusive offer this winter with the joining fee slashed to just £10 for new landlords signing up online – that’s a big saving of £47.50.”

The minimum purchase is 40 protections at once and discounts on the standard price are available.

my|deposits is the only tenancy deposit protection scheme that allows the landlord to hold on to the deposit during the tenancy. A free, award-nominated dispute resolution service is available if there is a disagreement between the landlord and tenant over how much of the deposit should be returned at the end of the tenancy.

The discounted joining fee is available to new members who sign up online between 1 December 2010 and 31 January 2011.

Direct debit is not a payment option.

To join my|deposits or for more information, visit http://www.mydeposits.co.uk/

-ENDS-

For further information please contact:

Dane Svenson
Press Officer
mydeposits.co.uk
E: dane.svenson@mydeposits.co.uk
T: 020 7840 8925
M: 07508 031 084

NOTES TO EDITORS:

About mydeposits.co.uk:

Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.