Landlords Tax
If you are a Landlord you are required to disclose the income from your rental property to HMRC even if you have made a loss. Tax Advantage offers a fixed fee hassle free service to Landlords.
We provide full Accountancy and Tax Service for:
Residential Lettings
Holiday Lettings
Foreign Holiday Lettings
Contact us now to find out more.
Useful Tax Advice for Landlords It is surprising how many Landlords do not realise what expenses they are entitled to claim against their rental income. Whether you are a new landlord with one property or have a portfolio of properties, you need to be aware of and claim for, all allowable expenses available. Claiming allowable expenses will reduce your taxable profit or increase the loss that can be carried forward to the next tax year and result in minimising your tax liability. It may be that you are not currently making a profit on your rental property, however this doesn’t…
Fees for Income from property: Tax Advantage offers cost effective value solutions to Landlord tax returns: For Residential Landlords with one property fixed fees available. If you have 4 or more properties a fixed fee will be agreed in advance Holiday Lets (UK & Overseas) a fixed fee will be agreed in advance *Fee will be dependent on any other income you may have for example Capital Gains, in which case a small additional charge will be made.
General Information for Landlords It is vital that you keep accurate books and records. You should be able to produce receipts for any expenses incurred in the running and maintaining of your property as and when HMRC request. To help you do this you should keep a rent book, this can be electronic for example a spreadsheet, a note of all rents received should be logged, as well as fees for any other service for example laundry or provision of meals. You must keep all receipts, invoices and bank statements, all documents must be kept for a minimum period of…
Holiday Lets in the UK and European Ecomonic Area In the 2011 Budget there has been a major change to the treatment of losses from holiday let businesses in the UK and European Economic Area, namely that such losses will longer be allowed against general income from April 2012. If you have losses from a holiday let business this is the last tax year were losses can be set off against general income. From April 2012 losses will only be allowed against that particular business and no other income, so if you have a residential let that is making a…
Landlords & Income From Property If you rent out property then you are a Landlord, property encompasses not just buildings, it also covers land. Properties may be residential, retail, retail and residential mix, holiday let, office accommodation, commercial etc. Land could be agricultural, grazing, even the land a property sits on, you may not own the property but you may own the land it sits on. So rental income as you can imagine is a little more diverse than people think and if you rent out properties which include a mix of the above then things can very quickly become…
With the deadline for submission of 2011 Tax Returns soon approaching, we thought it would be helpful to advise of the potential issues you may come up against if you do not submit your Return on time
Since April of this year, all VAT-registered contractor businesses with a turnover of £100,000, along with all new registrants of the tax, have been required to file VAT returns and make VAT payments online.