One of the advantages of The Taylor Patterson SIPP and SSAS is that the member can act as the Property Manager thus avoiding the fees levied by a property management firm appointed at the behest of the SIPP operator.

Members who are valuers, surveyors or property managers may, of course, appoint their own firm as the manager of property.

Should members wish to manage properties personally rather than appoint a firm to do this, Taylor Patterson's policy is to formally appoint the member as the Property Manager who will be responsible for:

•  The timely collection of rents.
•  Arranging rent reviews.
•  Ensuring property insurance premiums are paid.
•  Ensuring the tenant complies with the lease.
•  Acting as a point of contact for the tenant on behalf of the trustees.
•  Arranging lettings.
•  Providing Taylor Patterson as the Administrator with a rental statement and invoices for VAT purposes.
•  Such other duties as a property management firm would undertake.

The member will need to open a high street bank account for the collection of rents, payment of any expenses and where appropriate the recovery of expenditure from the tenant. Taylor Patterson believes this is to be preferred to rents passing straight into the scheme bank account with Cater Allen Private Bank, as the Scheme can more easily control the income and expenditure for each property on a day-to-day basis.

The account is to be named "The Scheme Name SIPP Property Management Account"

Each quarter the member will remit the rents to the Cater Allen Account and let Taylor Patterson have a rental statement and VAT invoices for the VAT Return.