Landlord Tax and Accounts Service
If you receive income from letting a property you may be liable to tax and therefore, it should be declared to HMRC.
When you start receiving the rental income it needs to be declared to HMRC within 6 months of the end of the tax year and a tax return completed if appropriate.
Once you are registered for Self Assessment, you will have to complete a self assessment tax return each year and pay any tax owed. It is also worth completing a self assessment return if you have made a loss as these losses can be used to reduce your tax bills.
Often this can be too much hassle and too complicated for landlords so our straightforward, fixed price, Landlord Accounting and Tax Service makes this simple and easy to do. For a fixed fee we can:
- Prepare your annual rental accounts
- Calculate your tax position
- Check you have claimed all available expenses and allowances thus keeping your tax bill as low as possible
- Prepare and submit your tax return
- Be available to answer any tax queries and questions you might have
If you would like to find out more, please click here to contact us.