Self Assessment for landlords

UK residents who have one or more rental properties (anywhere in the world) usually need to complete a Tax Return to declare their rental figures and to report any tax due. This also applies to non UK residents who have rental properties in the UK and it may apply to those who let a room in your home as a long-term or holiday let. We can complete rental accounts for landlords if required as well as completing your Tax Return.

We advise landlords on the numerous expenses that can be claimed to reduce their taxable profits and on those that should be kept for when the property is eventually sold in order to reduce any capital gains tax liability.

We also help with compliance with recent rules requiring that capital gains on the disposal of UK residential properties are reported to HMRC using a specific capital gains tax account and that the tax is paid within 60 days of completion. Non UK residents also need to report, and pay any capital gains tax due, disposal of non-residential UK property.

We are familiar with available reliefs and exemptions and ensure that these are considered for all the people we help, for example the property income allowance.

We offer advice on whether becoming a limited company may be a more tax-efficient way of running your rental business.

From April 2024 landlords who have turnover of over £10,000 will be required by HMRC to keep their records digitally and file quarterly returns under new obligations called ‘Making Tax Digital’. We can help with planning for these forthcoming reporting changes