Any individual who receives income from letting a property has to declare this to the HM Revenue & Customs, even if they do not make a profit.
We have acted for owners of Buy to let/rental properties for many years and we understand your needs. We can offer you peace of mind as well as save you money.
At Dawn Clarkson Associates you will know that everything is in order; we will prepare your rental income accounts and tax return and make sure you meet your tax deadlines. This enables you to spend more time in doing the things you like to do and minimises your risk of Inland Revenue enquiries.
We can save you money! If you are letting or selling a property, you will need to pay tax; we can help you plan to minimise your overall tax bill by applying our knowledge of the property tax system to your specific situation and ensuring you are aware of tax savings.
Did you know that some of the below expenses are tax deductible on Buy to Let Properties?
- Letting agent's fees and commissions
- Accountancy fees
- Certain legal expenses
- Interest on a loan to buy the property
- Buildings and contents insurance
- Repairs and maintenance
- Gas, electricity and water rates if not paid by the tenant
- Council Tax if not paid by the tenant (unusual) and when the property is not let
- Ground rents and service charges
- Cleaning expenses
- Payments to employees to manage the property
- Wear and tear allowance - for furnished properties
- Bad debts
If you would like to discuss your letting income and tax return, or need help in this area call Dawn Clarkson.
HMRC Cracking Down on Landlord Tax! .