Specialist accountants for landlords
As specialist landlord accountants we understand that as an ambitious businessperson and landlord, you’ll have a lot on your plate. Managing multiple properties, ensuring your tenants are paying on time and meeting your liabilities with HMRC are all part of a day’s work.
Not only that, but you’ll have to meet different reporting requirements depending on your business’s structure. This may all sound complicated, but it doesn’t need to be. To avoid the headache, we always recommend seeking specialised landlord accounting services – just like ours.
Your property, your taxes
There are several tax implications to consider when running your own property business.
Not only might you have to pay capital gains tax to HMRC, but you may also have to pay stamp duty land tax, which can vary depending on the purpose of your property.
Any income you do make from your property will have to be reported to HMRC (if it’s over the annual property allowance, that is).
If you’re the director of a limited company, you’ll also have to file a corporation tax return. This requires a lot of admin, so passing over the duties to an outside team like ours will save you a lot of time.
Tax returns are our forte, so we’ll make light work of organising and reporting your HMRC submissions.
Commercial property landlords
If you’re renting out a property as a retail premises, office space or as another form of commercial property, you may be able to find ways to lower your tax bill. This might be through taking advantage of capital allowances.
Commercial properties can claim this allowance based on calculating any integral items in the building, such as lighting, fixtures and fittings.
Letting a room in your home
You may decide that buying a separate property for rental is too much to manage – or perhaps you’ve got some extra space in your house you could make use of. In that case, you could consider renting a room out in your home. If you do go down this route, you’ll have a certain tax-free allowance every year. While it may sound beneficial, there are also other conditions that you’ll have to meet before you’re eligible.
We’ll explain everything clearly so you can make an informed decision.
Friendly advice and great service
We have a wealth of experience helping landlords with their tax liabilities, from smaller-scale operations to more expansive businesses. Our specialist landlord accountants can offer you practical advice and support to turn your property portfolio into a profitable success.
Read more about Landlords
Setting up a limited company for rental properties can be a great idea for landlords with a large portfolio, but it’s a big step to take.
Dependable and accurate rental accounting will keep your business running smoothly. Learn about the best rental property accounting software here.
Clients often ask us for landlord tax advice to help minimise their tax bills. We answer some of the most frequent questions in this guide.
Whether you’re a sole contractor or a limited company, we can help share the weight of your reporting requirements with HMRC.
While most accounting firms will be able to help you with the basics, it takes an expert to really understand your tax position – as specialist medical accountants, we can do it all.
Let’s talk today
Our tax experts will be happy to have an exploratory conversation, free of charge, so that you can discover for yourself what make Coveney Nicholls the intelligent choice for businesses and individuals in need of tax advice.