Landlord Tax Services
Our specialist landlord tax accountants provide bespoke advice to property owners and UK Property Investors. We help landlords and investors make informed decisions about their tax position.
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Landlord tax accountants
MAXIMIZE RENTAL INCOME
MINIMUM LANDLORD TAX
Tax is proving to be a progressively specialised area, and landlords must look for guidelines from an experienced and competent tax accountant. Accountants specialist in property tax will guarantee an approach structured to your distinct needs. With the rise of buy-to-let investing, understanding of the ever-changing tax challenges and the experience of dealing with property investors is hard to find. The tax system is quite complex, and landlords must adhere to their reporting commitments while also paying the very least amount of tax possible on their rental profits.
As landlord tax accountants, we are convinced that the buy-to-let sector will manage to grow. Thought UK Government had made changes to tax laws related to income from buy to let properties, but some structures are HMRC approved and can benefit long term property investors. A small landlord who owns no more than three properties has become a need to plan their taxes.
Landlords paying a higher income tax rate on their main source of income will always lose money to the taxman. On top of that, there are different implications and variables affecting capital gains tax and inheritance tax. Our Property Tax Accountants provide proactive service to landlord clients and establish a partnership based on trust and understanding their unique business needs. As Property Tax Accountants, we are confident that we can maximise rental returns while minimising tax liabilities.
Who We Are ?
We Are Professional Accountants, Tax Advisors and Business Consultants
Our team consists of highly qualified accountants, Ex HMRC Tax Inspectors and industry known business consultants
If you are self-employed or have a small business, let our team of best accountants and tax advisors take care of your accounting and tax compliance
We are here to help you with any questions you may have
I wish there would have been a statute or law to confirm no tax status, but there isn’t. You cannot get away by not paying tax on rental income, but you can minimise your tax liability. We always take a proactive approach when it comes to property tax. Your circumstances may differ and need to be looked at closely to calculate tax on rental income.
HMRC have sufficient means and tools to check if you receive rental income or not. If you have a second property, it will show up on the Land registry, and that will be starting tip of an inquiry. HMRC may not send you notice within that year, but it is just a matter of time. You can also get into trouble when selling second property as capital gains tax will become due and must be paid in 30 days of sale.
As a landlord, you need to file a self-assessment tax return every year. It is similar to your normal self-assessment but would need to submit Property Tax page SA105. Non-resident landlords or landlords with foreign rental income have separate rules and guidelines. Contact our Landlord Tax Accountant for proactive advice.
You certainly can as income will be divided into two equal shares. But if you want to change the share of the ownership or already have a different percentage, you can inform HMRC by filling form 17. In this case, tax law accepts the beneficial owner.
Nowadays, because of the changing tax guidelines about property tax, most Landlords are trying to transfer their properties to a Limited Company. This can be a correct decision, but only if you have a property business and you own a property portfolio. Suppose you have only one or two properties and do not intend to increase or buy more. In that case, it is not advisable to transfer properties to a Limited Company as the compliance cost will exceed the savings which you expect to make on taxes.
You will come across dozens of tax planning tips, but HMRC has set up underlying rules in Anti Avoidance legislation. There is a clear understanding of beneficiary owner and tax liability. Even your child can be a legal owner, but if you are beneficiary to the rental income, such income must be taxed in the hands of the actual beneficiary. On the contrary, you can setup trust for your children where they can be the beneficiary, but such an arrangement have other technical complications of capital gains tax and inheritance tax.
A landlord tax accountant will help you to identify and claim expenses such as use of home as office, apportionment of expenses, void period expenses etc. Our experience can benefit you and save you a lot of tax on property income.
Yes, we can; our property tax accountants have helped many property investors. If you would like to discuss your circumstances, you can send us an email or book an appointment online with one of our specialist landlord tax accountants.
Not answered above?
If you need advice regarding your personal circumstances, please call our office or book an online appointment.
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