Accountants for landlords of buy to lets, HMO’s and commercial properties
Whether you hold a large portfolio of rental property, or are letting out your holiday home through Airbnb, you need to be mindful of your tax situation. It’s easy to fall into the trap of thinking that a few weeks’ cash in hand won’t attract the attention of the taxman, but HMRC is taking a greater interest in landlords of all types. You don’t even have to be resident in the UK to be liable for tax related to your rental properties.
Landlords’ property includes:
- Commercial property
- Holiday homes or rooms in a house whether rented privately or through a third party eg Airbnb, booking.com
- Houses in multiple occupation (HMO) eg student accommodation
- Buy to let private property
- Overseas property
Accountancy services for landlords
When you rent out property, there are numerous taxes you need to consider as a landlord, but there are ways of mitigating your liabilities. By consulting UHY Ross Brooke; a specialist accountant for rental properties, you should find that your tax bill is reduced and your administration becomes much simpler. We offer our landlords the following services (among others):
- Capital gains (CGT) tax calculations and advice including available exemptions and reliefs
- Capital gains tax reporting including the 60 day reporting rule for disposals
- Structuring your property portfolio in the most tax efficient manner
- Advising on Family investment companies
- Self assessment tax returns – preparation and filing
- Preparing for Making Tax Digital
- Stamp duty land tax (SDLT) exemptions and reliefs
- Income tax advice
- Inheritance Tax (IHT)
- Annual Tax Enveloped Dwellings (ATED)
- VAT advice for buying, renting and refurbishing property
We understand that getting the details right is critical to our landlord clients, but they are not necessarily at the forefront of your list. We will remind you about deadlines for your quarterly returns and self assessment submission, and when your portfolio becomes large enough, our business advisors can suggest new ways of structuring your business.
Get in touch with our friendly specialist landlord accountants and see how we can make your life simpler.