LANDLORDS

Are You Rending Out Your Property?

 

You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.

 

Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:

  • letting agents’ fees
  • legal fees for lets of a year or less, or for renewing a lease for less than 50  years
  • accountants’ fees
  • buildings and contents insurance
  • interest on property loans
  • maintenance and repairs to the property (but not improvements)
  • utility bills, like gas, water and electricity
  • rent, ground rent, service charges
  • Council Tax
  • services you pay for, like cleaning or gardening
  • other direct costs of letting the property, like phone calls, stationery and  advertising

If you are renting a properties or number of properties, you are required to do a personal tax return and declare the income to HMRC. If you need any help with Landlords Accounts or Personal Tax Return, then please feel free to CONTACT US FOR FREE INITIAL ONLINE CONSULTATION.