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Tax on Property Income
Returns, CGT & NRL Help
Expert UK property tax accountants on your side. We review rents, expenses and reliefs, handle HMRC, and fix errors. Tailored advice to trim your bill, protect cash flow, and give clarity—book a call today. Call now.
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Self Assessment Service for Landlords
Self Assessment for landlords made simple. We calculate your rental profits, optimise allowable expenses, and complete SA100/SA105 accurately. Missed returns or late filing? We correct and appeal penalties where possible. Get digital record reviews, mortgage interest relief checks, and loss relief planning. Fixed fees, fast turnaround, and direct HMRC agent support—book your landlord tax return today. Nationwide support.
Record-keeping & MTD for Income Tax
Record-keeping and MTD for Income Tax: keep clean digital books and stay compliant. We set up compliant software, organise receipts, map categories, and reconcile bank feeds. For landlords, we prepare quarterly updates and year-end finalisation, reducing errors and HMRC risk. Get templates, training, and a review before submission so everything lines up. Ongoing support—DM
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We are a team of specialist tax advisors who are delivering expert guidance on tax compliance, international tax, HMRC investigations, business structuring, capital gains, inheritance tax, corporation tax and self assessment services.
We know personal taxes can be overwhelming. With us, your returns are accurate, on time, and tailored to your unique life.
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Your Questions - Our Answers
We are here to help you with any questions you may have
What counts as UK property income, and when do I need to file?
Understanding what HMRC refers to as property income is the first step. If you receive rent from a buy-to-let, a room in your home, an Airbnb, a furnished holiday let, or even from a garage or parking space, that is property income. You normally report it on a Self Assessment tax return using SA100 and the SA105 property pages. If your total property income, after allowable expenses, exceeds your allowances or you have other reasons to file, you must submit. Even when below thresholds, filing can help establish losses for future relief.
Deadlines matter. Late filing or late payment triggers penalties and interest, so set reminders. Keep records of rent received, tenancy agreements, bank statements, invoices, mileage, and repairs. Distinguish capital improvements, like an extension, from repairs, like fixing a boiler. The Section 24 mortgage interest rules restrict finance cost relief for individuals, so plan early.
What if you are a non-resident? The Non-Resident Landlord scheme can require your letting agent or tenant to deduct basic rate tax from rent unless HMRC approves no deduction. Overseas rentals are usually taxed where the property sits, but you may also declare them in the UK and claim double tax relief.
New landlord or worried you have missed returns? The Let Property Campaign offers a structured way to disclose underpaid tax with lower penalties if you act before HMRC contacts you.
Not sure where to start? The Tax Accountant team reviews your position, sets up digital records, prepares your landlord tax return, and deals with HMRC for you. We also advise on CGT sixty-day reports, furnished holiday let status, stamp duty checks, and whether a limited company SPV or a partnership fits your goals. Book a free initial call and get clear next steps today. Get certainty, save time, and pay only what’s due.
Which landlord expenses are deductible, and how does Section 24 work?
Claiming the right expenses lowers your taxable rental profit and keeps cash in your pocket. Start with the big categories that most landlords miss: repairs and maintenance, insurance, letting agent fees, accountancy, safety checks, utilities you pay, council tax during void periods, cleaning between tenancies, advertising, and mileage for property visits. Small items add up, so log keys, smoke alarms, lightbulbs, and postage.
Repairs keep the property in working order and are usually deductible. Improvements that add value or extend the life of the asset are capital and not deductible against rent, though they may reduce Capital Gains Tax when you sell. Replacing like-for-like, such as a similar kitchen or boiler, is normally a repair; upgrading to something superior can be capital. Keep invoices describing the work.
Section 24 is the finance cost restriction for individual landlords. Instead of deducting mortgage interest in full, you receive a basic rate tax credit. That means higher-rate taxpayers often feel the squeeze. Strategies include managing loan-to-value, timing refurbishments, using capital repayments, or, in suitable cases, owning new purchases through a limited company SPV where interest is usually fully deductible. Company ownership changes other costs, so get advice first.
Don’t forget the replacement of domestic items, relief for furniture and appliances in unfurnished or part-furnished lets. You cannot claim both capital allowances and replacement relief on the same item. For furnished holiday lets, different rules may allow capital allowances on qualifying assets.
At Tax Accountant, we review your records, map every receipt to the correct category, and model your tax position with and without finance cost changes. We also check whether a company, partnership, or simple restructuring could improve outcomes. Upload your documents to our secure portal, and we will prepare accurate SA105 pages, optimise reliefs, and explain the figures clearly before submission. Clarity first, savings next.
I live abroad—how do the NRL scheme and foreign rentals work?
If you live outside the UK but earn rent from a UK property, the Non-Resident Landlord scheme may apply. Without HMRC’s approval to receive rent without deduction, your letting agent or tenant must withhold basic rate tax. You’ll still need to file a Self Assessment return to reconcile the tax and claim expenses.
Registering is straightforward, but timing is crucial. Apply as soon as you become a non-resident to avoid cash flow issues, and keep evidence of your overseas address, UK property details, and bank arrangements. Include all your properties if you have multiple.
For foreign property income, you’re taxed where the property is located. UK residents must report overseas rental profits and can claim double tax relief. Keep careful records, as exchange rates and local taxes are subject to change.
Selling a UK residential property while a non-resident may trigger Capital Gains Tax reporting. Take note of potential reliefs and seek advice before the sale. At Tax Accountant, we assist with NRL registration, prepare Self Assessment returns, and ensure correct deductions. We also manage overseas rental statements and double tax relief claims. If HMRC inquires, we respond promptly and use Alternative Dispute Resolution when beneficial.
Whether relocating or investing from abroad, our specialists will help manage your tax compliance. Book a consultation at taxaccountant.co.uk for an efficient plan tailored to your situation.
How is CGT on a sale calculated, and what about 60-day reporting?
When selling a UK residential property that isn’t fully your main home, Capital Gains Tax (CGT) may apply. The gain is calculated as sale proceeds minus purchase costs and qualifying expenses. Private Residence Relief can reduce tax for periods you lived there, while lettings relief might help in certain situations.
Timing is crucial; sellers must file a CGT return and pay an estimate shortly after completion to avoid penalties. Proper records of costs like legal fees and estate agents’ fees are essential for accurate calculations.
For jointly owned properties, gains are split between owners. Transfers between spouses typically incur no gain/loss, allowing for shared allowances. Non-residents may also face CGT, often with rebasing rules, and selling a furnished holiday let can provide additional reliefs.
To prepare, gather completion statements early, check main residence qualifications, and document improvements. Tax Accountant can handle the sixty-day CGT return, model scenarios, and coordinate with your solicitor.
If you’re considering selling, contact us for a pre-sale review. We’ll assess eligibility for reliefs, ensure fair apportioning, and plan estimated payments to help you stay compliant and avoid unexpected tax liabilities. Act early, document thoroughly, and make informed decisions.
What are the rules for Furnished Holiday Lets and short-lets?
From 6 April 2025 (1 April for companies), the FHL regime was abolished. Short-term holiday lets are now taxed in the same manner as standard residential properties. Four big consequences: (1) finance costs: individuals get only a 20% tax credit (Section 24) instead of full interest deduction; (2) capital allowances: no new FHL-specific allowances—use replacement of domestic items relief instead; (3) CGT trading reliefs (e.g., BADR/rollover/holdover) are withdrawn for FHLs in the future; and (4) pension contributions: FHL profits no longer count as relevant earnings for personal pension relief.
Transitional points matter. HMRC clarified how “cessation” works and confirmed that FHL status applies only up to 5 April 2025 for income tax (or 31 March 2025 for companies). If you were relying on CGT trading reliefs, timing around 2024/25 needed careful planning. If you own with a spouse, note that the default 50:50 split now applies unless you file a valid Form 17 reflecting unequal beneficial ownership. We’ll review the title, beneficial shares, and prepare the correct election (and provide warnings on side effects).
What to do: update your forecasts with Section 24, recategorise furniture spend to domestic items relief, revisit pension strategy, and decide whether to keep, switch to long-term lets, or restructure via an SPV. Tax Accountant builds that side-by-side model for you and implements the paperwork so that you can move forward with confidence.
Should I use a limited company (SPV) or keep properties personal?
Landlords often weigh the decision to hold rentals personally or through a limited company (SPV). The choice depends on individual circumstances.
For individuals, Section 24 limits mortgage interest relief, while companies can deduct interest, improving cash flow for leveraged portfolios. Companies face corporation tax and personal tax on drawn funds. If you plan to reinvest profits, a company may be advantageous; if you need all rent personally, the benefits may diminish.
Starting an SPV for new purchases is straightforward, but transferring existing properties can incur stamp duty and Capital Gains Tax. Consider lender requirements, fees, compliance, and accounting obligations.
Key steps include mapping your five-year goals, interest rates, and refurb plans. Model scenarios as an individual, a company, or a hybrid approach. Partnerships and documentation are crucial for incorporation relief.
Tax accountants provide side-by-side projections, incorporating Section 24 impacts and optimizing tax strategies. They assist with setting up the SPV, tax registrations, and year-end accounts. For personal portfolios, they handle SA105 pages and expense optimizations. If you’re uncertain, book an options review for clear insights into your best route forward.
How are partnerships and joint ownership taxed in practice?
Owning rental property jointly raises tax questions regarding profit sharing and tax implications. Generally, profits are taxed according to ownership shares; however, spouses and civil partners can choose to split their income differently if they declare it accordingly. A formal partnership outlines contributions, profit sharing, and management, filing a partnership return that partners include in their Self Assessment.
To reduce overall Capital Gains Tax (CGT), consider transferring shares before a sale, ensuring proper planning and documentation. Transfers between spouses are typically no-gain, no-loss for CGT, but check stamp duty and mortgage arrangements. If one owner is non-resident, explore the Non-Resident Landlord scheme.
Practical tips include putting agreements in writing and maintaining separate records. When managing short lets, jointly review furnished holiday let regulations and booking logs. A Tax Accountant can help structure ownership, draft profit-share schedules, prepare returns, and resolve HMRC queries efficiently.
Planning a purchase with family or friends? Schedule a clarity call with our Tax Advisors to outline roles, risks, and tax implications, which helps protect relationships and maximise rental income.
What is the Let Property Campaign, and how does disclosure work?
If you have undeclared rental income, the Let Property Campaign is a safe way to address it. This allows landlords to voluntarily disclose past income and expenses, calculate owed tax, and potentially face reduced penalties compared to waiting for HMRC. It’s crucial to act before an enquiry begins and provide complete, accurate information.
Start by gathering bank statements, rent schedules, tenancy agreements, and invoices to calculate your profits, including allowable expenses like repairs and agent fees. If records are missing, reasonable estimates can be used if justified. Remember that interest restrictions under Section 24 apply even to past years.
Notify HMRC of your intention to disclose, receive a payment reference, and submit your calculations by the deadline. Include any other issues, like foreign property income or Capital Gains, to simplify the process.
Penalties depend on the timing and quality of your disclosure; acting early and paying promptly can significantly reduce risks. While interest on late-paid taxes will still apply, settling quickly can help reduce costs.
At Tax Accountant, we provide a confidential review, rebuild your figures, and prepare the necessary documentation, negotiating with HMRC on your behalf. If disputes arise, we utilise Alternative Dispute Resolution to achieve a pragmatic solution.
Ready to alleviate tax stress? Call our Tax Accountants for a discreet consultation to clarify options, agree on a fixed fee, and ensure compliance moving forward. Expert guidance for a fair resolution awaits.
How should landlords handle record-keeping and Making Tax Digital?
Good records are essential for maintaining low taxes and reducing stress for landlords. Keep rent payments, invoices, and bank transactions organised and backed up. Use a separate property bank account, store digital receipts, and categorise costs like repairs, insurance, and utilities. Maintain mileage logs for site visits and document time spent on bookings, especially for short-term lets.
With the expansion of Making Tax Digital for Income Tax, landlords will need to keep digital records and submit quarterly updates using compliant software. This transition is about process discipline. Live bank feeds facilitate weekly reconciliations, enabling you to identify missing rent and avoid chaos in January quickly.
Pay attention to tricky areas, such as distinguishing between private and business expenses, documenting repairs versus improvements, and preserving evidence for mortgage interest and FHL operations.
Tax Accountant offers compliant software setup, automatic filing rules, and a category map for property income. We provide quarterly checklists and pre-submission reviews, along with dashboards for rent roll and cash flow, to aid in decision-making.
Want to streamline your bookkeeping? Schedule a setup call, and we’ll handle data migration and training to keep you compliant and focused on your returns. Clean data ensures accurate SA105 entries, smoother HMRC inquiries, and quicker CGT calculations when selling.
I'm in a dispute with HMRC—what is ADR, and what are my options?
Even careful landlords can receive questions from HMRC. A brown envelope indicates the need to respond methodically. First, read the letter, note the deadlines, and gather the required documents, such as rent schedules, bank statements, tenancy agreements, invoices, and tax returns. Be factual in your responses and avoid guesswork. If the issue spans multiple years, create a year-by-year timeline.
Alternative Dispute Resolution (ADR) can help when opinions differ. An impartial HMRC facilitator meets with both parties to clarify facts and explore settlements. ADR is confidential and often faster and cheaper than a tribunal. It doesn’t affect your rights to a Statutory Review or an appeal; it simply helps resolve matters constructively.
Common triggers for inquiries include disallowed expenses, Section 24 calculations, missing records, and Capital Gains Tax filings. Organised evidence and clear explanations lead to better outcomes. If no agreement is reached, a Statutory Review may prompt a change in decision; otherwise, a tribunal judge can rule based on law and evidence.
Tax Accountant can handle your enquiry from start to finish. We draft responses, prepare reconciliations, and attend ADR sessions with you. Our goal is to save you time, reduce penalties, and achieve practical outcomes. If you’ve received a letter or call, contact Tax Accountant for a rapid assessment. We’ll outline your options and create a plan to help you manage your properties confidently. Timely advice makes complex tax disputes manageable, with clear milestones and professional support throughout.