LANDLORD AND RENTAL PROPERTY ACCOUNTS

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With many years of experience working with landlords, property developers, investors and housing associations, we have gained substantial experience in property management accounts for individuals and buy-to-let.

Whether you are an individual renting your home or a professional buy-to-let landlord, we will work and support you in all areas of your rental property activities.

Our specialised accountants will keep you updated with all regulations, keeping your books and tax returns in accordance with the Regulatory Authority, as well as keeping you updated with changes in financial reporting standards relating to rental property.

We are flexible and approach each client on their individual merit. Meaning, that we can have a tailored package for different clients based on their circumstances.

 

Tax Implications

As a landlord you need to know your income tax and capital gains tax liabilities:

Income Tax
You will have to pay income tax on your rental income, after deducting your day-to-day running expenses. Rental income is added to any other income you earn during the year to calculate your tax liability. You must declare this income for your Self Assessment tax return each year.

You can reduce your tax bill significantly by claiming back a range of day-to-day costs. This includes, for example, maintenance cost, mortgage interest payments (if you have a buy-to-let mortgage) or letting agent fees. Note that the interest payment is gradually being withdrawn by 2020 for private buy-to-let landlords.

Capital Gains Tax
If you are selling a property that is not your main home (including a rental property), it is likely that you will have to pay capital gains tax on any gain (profit).

You can offset expenses of a capital nature such as repairs against capital gains when the property is sold. As this may be many years later, it is important that you keep records and evidence of any such expenditure to then, so that when you come to sell, you will be able to claim back those expenses.

What can our Landlord and Property Rental Accountants do for you?
Our Landlord and Property Rental Accountants can offer you a wide range of services to support, guide and advise you with all the aspect related to your rental activity:

  • Self Assessment tax return
  • Rental accounts
  • Capital gains tax planning
  • Annual landlord tax savings review
  • Comprehensive property tax advice, planning and consultancy
  • Property VAT planning and advice
  • Splitting companies with both trading and property investment activities
  • Unlimited support and advice

Our works are professionals and we abides with the ACCA and the IFAC professional ethics and conducts for accountants.

For more information, contact us on 020 8343 3523 or by email at info@multiplechoiceaccountancy.com

















 

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