Inside Self-Storage

Tax Issues

U.K. Self-Storage Industry Shows Strong 2012 Numbers Despite Imposition of VAT

Self-storage operators in the United Kingdom have effectively absorbed the impact of the 20 percent value-added tax (VAT) imposed by the government on the industry last October, according to a Self Storage Association of the United Kingdom (SSA-UK) survey. Results show that ...More
Yesterday
Posted in News
Bill Seeking to Apply Sales Tax to Self-Storage Rent Withdrawn in Louisiana

The sponsor of a Louisiana bill that sought to impose a 4 percent sales tax on self-storage leases and other commercial services has withdrawn the measure, according to the national Self Storage Association (SSA). State Rep. Kirk Talbot apparently withdrew the bill ...More
April 16, 2013
Posted in News, Legal Issues
Canadian Self-Storage Operator Speaks Out Against Illegally Operating Businesses

Mike Whaling, owner of Airport Mini-Storage in Mount Hope, Ontario, Canada, is tired of other local small-business owners who do not pay their fair share in property taxes, licensing fees or zoning fees. While Whaling said he pays nearly $30,000 a year in property taxes, he ...More
April 2, 2013
Posted in News, Legal Issues
U.K. Self-Storage Operator Lok’nStore Attributes Financial Gains to VAT

U.K. self-storage operator Lok’nStore Group PLC announced financial results for the first half of its fiscal year, which ended Jan. 31. Revenue during the period increased 2.2 percent from the previous year, and occupancy rose 6.1 percent year over year. The company ...More
February 19, 2013
Posted in News, Finance
The Affordable Care Act’s Employer Shared Responsibility Penalty and How It May Affect Self-Storage Owners

With the Affordable Care Act’s healthcare insurance mandates on the horizon, there’s a lot of confusion about how self-storage operators will be affected. This article examines the definition of a “large” employer as well as the penalties employers might incur and how to ...More
February 11, 2013
Posted in Articles, Finance, Management
U.K. Self-Storage Operator Safestore Announces 2012 Loss, Conversion to REIT Status, CFO Change

The impact of the United Kingdom’s value-added tax (VAT) on self-storage facilities was illustrated this week by operator Safestore Holdings PLC, which announced a pre-tax loss of £19.5 million ($30.9 million) for the 2012 fiscal year ended Oct. 31. The company also said it ...More
January 31, 2013
Posted in News, Finance
One-on-One With Ben Vestal: Self-Storage Real Estate Expert Talks Taxes, Acquisitions and REITs

Inside Self-Storage (ISS) recently spoke with Ben Vestal, president and partner of the Argus Self Storage Sales Network, to discuss the self-storage real estate market. A nationally recognized expert in the field, Vestal talks here about the capital gains tax and how it ...More
January 22, 2013
Posted in Articles, Finance, Real Estate
Capital Gains Tax in 2013: How the New Laws Affect Self-Storage Property Owners

With the capital-gains tax now in place, the value of tax deferral-mechanisms such as 1031 exchanges and cost segregation have never been greater. It’s time for self-storage operators to learn the new rules of the game and start developing their strategies for long-term ...More
January 16, 2013 By Ben Vestal
Posted in Articles, Finance
Self-Storage Tax Woes: How Are 2013 Changes Affecting Your Paycheck, Your Investment and Your Customers?

Recent changes tax laws are affecting self-storage professionals of all levels, from the facility manager whose paycheck is diminished by the increase in Social Security tax to the owner/investor whose investment profitability is affected by a higher capital gains tax rate. ...More
January 14, 2013 By Teri Lanza
Posted in Blog, Finance, Management
It's the Holidays, So Give Yourself a Self-Storage Treat... in a Tax Write-Off Kind of Way

During the winter holiday season, it's always tempting to treat yourself to a little something. This year, kick the guilt to the curb (if there is any) and buy yourself to a gift that will not only enrich your career as a self-storage professional but help your business. ...More
December 14, 2012 By Teri Lanza
Posted in Blog, Finance, Management

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