Most Reliable Accountants For Landlords
Our landlord accountants in London will give you advice on the financial statements you need to maintain and show you how to invest your rental income. You and/or your business must pay taxes on the rental income you get after deducting allowable expenses.
What you must spend money on to maintain the property on a daily basis are known as allowable expenses. Examples include:
- Costs for letting agents
- Legal costs for leases of less than a year or for lease renewals of fewer than 50 years
- Accountancy fees
- Insurance for buildings and contents
- Interest on loans for properties
- Upkeep and repairs to the building
- Utility costs for things like power, gas, and water
- Service fees, ground rent, and rent
- Council fees
- Services like cleaning or gardening
- The property's other up-front expenses, such as telephone calls, stationery, and advertising
Non Resident Landlords
Services for a non-resident who earns money from renting out properties in the UK.
A landlord who rents out property in the UK but spends more than six months abroad of the country during the tax year is referred to as a non-resident landlord. These landlords are subject to a unique tax programme known as the non-resident landlord programme. The tax must be subtracted by a letting agent or tenant from the rent paid to the non-resident landlord under the UK non-resident landlord system and paid to HMRC.
- If you rent out a home in the UK, you must pay tax on your rental income.
- If you sell residential property in the UK and make a profit again, you can also be required to pay tax.
- Even if you are a UK resident for tax reasons, HM Revenue and Customs (HMRC) will classify you as a "non-resident landlord" if you spend six months or more of the year living overseas.