If you receive rental income that exceeds your total expenses, allowances and reliefs, then you as landlords are required to pay tax on this income by submitting a tax return.
If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.
As accountants for landlord, we specialise in the property sector and can make sure you meet your tax obligations and keep HMRC happy.
Whether you operate as a limited company, individual, joint property owner or buy-to-let landlord, we can help you manage your properties and make sure you pay the exact right amount of tax.
Our landlord accounting services also cover VAT, company secretarial and formation and stamp duty planning.
Below are some common areas that VTAX Accountants and Tax Advisors can help you with your property affairs:
Letting rooms in your home
Furnished holiday Lets
Deciding on your main residence
Tax planning is our speciality, in particular around capital gains tax (CGT) on rental properties, so we can give you expert strategic advice to help your business thrive.
Because it can be complicated to know what you can claim as a business expense as a landlord and what repairs you may be able to cover, we will keep you in the loop, so you don’t lose any hard-earned money.
Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:
- letting agents’ fees
- legal fees for lets of a year or less, or for renewing a lease for less than 50 years
- Accountants’ fees
- Buildings and contents insurance
- Interest on property loans
- Maintenance and repairs to the property (but not improvements)
- Utility bills, like gas, water, and electricity
- Rent, ground rent, service charges
- Council Tax
- Services you pay for, like cleaning or gardening
- Other direct costs of letting the property, like phone calls, stationery, and advertising
Get in touch to find out more about our landlord accounting services.