Landlord Services
Landlords, who may either be individuals or a company, must declare any income they receive to HMRC by law. This applies even to those who do not make a profit from their endeavours.
The amount of tax payable will vary depending on numerous factors, and certain expenses can be offset against any tax bill. However, the regulations regarding this change often, and it can be difficult for landlords to keep up with the latest legislation. Matters are further complicated if the landlord receives income from more than one property, or if individual rooms are let within a single building.
As a bare minimum, rental accounts must be prepared, and a self-assessment tax return submitted to HMRC on a yearly basis. The tax return will include all income and expenses related to your rental property, and so can be a large undertaking if you have not had experience of it before. Many landlords find this to be an arduous task and struggle to keep full and proper records.
That’s where we step in – we can help you create a system that works for you to record all the required information. At the end of the year, this makes it much easier to fulfil your obligations, complete your tax return, and pay the correct amount of tax. We can help you complete your tax return and will make sure you are not over-paying tax, but we’ll also ensure you aren’t under-paying either. Declaring an incorrect income or paying the wrong amount of tax can lead to fines and legal issues, so it is far better to get it right the first time by employing the services of a friendly and professional accountant.
We stay on top of all the updates to the rules regarding the letting of properties, and so can advise you on exactly what your obligations are even if they vary from year to year. Simply knowing how much money a particular property brought in over the period is not enough to fill in your tax return, so letting the experts help will guarantee that your forms are filled in correctly and your records are complete.
We are happy to work with you whether you are a sole trader, partnership, or a limited company, and we’ll be able to help whether you have one or one hundred properties.
Get in touch today to find out how we can help landlords meet their legal tax requirements.
