HP Accountax has over 10 years of experience in working with different property portfolios such as property investors, property developers, landlords who own rental properties, and housing society. HP Accountax specialised in landlords and rental properties, therefore if you’re a landlord of rental property or just renting your house, we’re always here to guide you on your tax returns. Make sure that you’re familiar with your finances. Our accountants will maintain your books and self-assessment tax returns up to date. Also, keep you up to date with updates and changes in laws and regulations. They’ll also update you about your financial developments.
Important factors that landlords must know about income tax and capital gains tax liabilities:
Income Tax:
Rent Revenues: After deducting your expenses, you must pay income tax on your rent revenues. Your income is the totals of the income which you earn throughout the year, made of your rental income, in order to calculate your tax liabilities. You must declare this in your Self Assessment Tax Return each year.
If you claim your expenses wholly and solely for your business, then you can minimize your tax bill remarkably.
Capital Gains Tax:
You must pay Capital Gains Tax on properties you’ve sold – excluding your main home- this includes rental properties, provided that you’ve made a profit from the sale of the rental property.
What can we offer you through our Landlord Accountants Services?
HP Accountax can offer you different types of services so as to support, guide, and advise you with all the aspects related to your rental activity-
- Rental accounts
- Self Assessment tax return
- Capital gains tax submission and planning
- ATED (Annual tax on enveloped dwellings)
- Property tax advice, tax planning, and tax consultancy
- Property VAT planning and advice
- Splitting companies with both trading and property investment activities