The accounting and taxation rules for Landlords has change dramatically in recent years. The Accounts Lady can help ensure the rental property accounts and preparation of your self assessment tax returns are HMRC compliant.

Rental Property Accounts and Bookkeeping

Whether you have one or multiple rental properties, keeping on top of the record keeping is an important task. The Accounts Lady offers a digital bookkeeping service using Xero.

Are you aware that HMRC are planning on implementing Making Tax Digital for Income? This will mean that digital records will be required to be submitted to HMRC quarterly for the self-employed and Landlords. There are many Landlords who need to ensure they are ready for this change in advance. Let me help you be prepared.

Advice on Property Income and Expenses

The most talked about change in recent years is the restriction on the tax deduction for interest that started to be phased in from April 2017. All finance costs incurred by landlords will be given the basic rate tax deduction by the tax year ended 2021. The Accounts Lady will prepare your tax computation and talk you through any such restrictions.

Of course there are other restrictions and reliefs available to landlords and I am happy to advise.

Submission of self assessment tax returns

For more information please see Personal Taxation Services.

Submission of Capital Gains Tax Reports 

From 6th April 2020 a new reporting regime will be in place.  This will require UK resident landlords who sell a residential property to report the capital gain and make payment of tax within 30 Days of the completion of the sale.

If you are thinking about selling a property, please contact today for more information.