Any individual who receives income from letting a property has to declare this to the HM Revenue & Customs, even if they do not make a profit.
Landlords can take advantage of our comprehensive accountancy service starting at £225 plus VAT. This includes the preparation of rental accounts and the related Self Assessment Tax Return.
Below you can find out some more information about our landlord service.
As such, we will need to analyse your situation before we can agree a fee. If possible, we will handle your accounts for our standard fee. If not, we will agree a fixed amount with you, and rest assured it will be as low as we can make it.
Our service is easy, reliable and guaranteed with no hidden extras.
Your fixed fee includes the following services:
- Complete your annual accounts and tax return
- discuss your draft accounts by telephone or during a review meeting
- calculate your tax position
- look for ways to reduce the tax you pay
- submit your accounts to H M Revenue & Customs
- deal with all correspondence and answer your taxation queries
- provide year round access to our experts
If you have five or more properties, you may require additional services or a more in-depth analysis of your accounts.
All UK residents with un-taxed income or profits are obliged to notify HMRC by 5th October following the end of the tax year when such income or profit first arose. Landlords must also notify HMRC when gross rental income exceeds £10,000. Unless the taxable amount is under £2,500 and HMNRC can collect the tax due through the PAYE scheme, HMRC will require submission of a Tax Return. The landlord's Tax Return must include the additional property pages. All Income Tax Returns must be filed by 31st January following the end of the Tax Year (the previous 5th April) if filed online, otherwise the deadline is the previous 31st October. The calculation of the tax liability takes into account all the landlord's other income and allowances, and for this reason is necessarily complicated.
Sale of the Property
On disposal of the property any increase in value is potentially subject to capital gains tax. The gain is calculated by comparing the sales proceeds with all the acquisition costs. Some reliefs are available and there is a personal annual exempt amount. Substantial reliefs are available if the landlord has lived in the property at any time as his only and principal private residence.