Landlords

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We can provide a professional tax service for all properties, including residential, commercial and holiday lets - such as Airbnb properties - with advice regarding all tax aspects of buying, selling and letting property.

Our experienced advisors use their expertise to navigate the complexities of way

PUTTING YOUR RENTAL PROPERTY IN A LIMITED COMPANY 

It is becoming more common for buy to let landlords to use a limited company for their property, particularly for higher rate tax payers. The advantage is that corporation tax is half the rate of higher personal tax and all mortgage interest can be claimed as an expense. The downside is that no capital gains tax allowance is available on sale, higher Accountant fees and additional personal tax is payable if profits are withdrawn from company. It is often not an advantage for basic rate tax payers to use a limited company. 

From registering you with HMRC to advice on selling your property, we can help you with it all: 

• Register with HMRC: We will register you with HM Revenue and Customs. 
• Main residence election: If you own and personally use more than one property in the UK, it is possible to make an election to nominate which property should be treated as your main residence for tax purposes. We can advise on the implications, qualifying conditions and deadlines. 
• Preparing accounts: We’ll prepare accounts showing your turnover, expenses and profits for the year. We can help ensure you are claiming all the reliefs and expenses you are entitled to. 
• Preparing your tax return: If your rental income exceeds expenses, allowances and reliefs, then you’re required to pay tax on the taxable profits.  
• Furnished Holiday Lets: The treatment of Furnished Holiday Lets (FHL) for tax purposes can be complicated. The conditions to qualify for FHLs are more stringent and we can advise you on the qualifying conditions and the implications. 
• Letting out a room: If you let rooms in your own house and your total rent in a tax year is under £7,500, you may not pay tax. There are conditions to apply this exemption, and your accountant will discuss with this you. 
• Selling your property: If you have Capital Gains Tax (CGT) to pay on the sale of your property, we can calculate your CGT liability and complete your tax return for you, ensuring you meet the 60 day deadline.