We provide great range of property tax advice services specifically for landlords or those with second properties. When you start renting out property, you must tell HM Revenue and Customs (HMRC) and you may have to pay tax.

If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

Rental properties

If you rent out property, you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs.

Selling property

If you have Capital Gains Tax to pay, for example because you've sold or given away a holiday home or second property, you will need to complete a tax return. We can advise you on any tax planning opportunities available, in order to minimise your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.

We can provide you with advice regarding all tax aspects of buying, selling and letting property. We have only included a few areas for you to consider on this web page. Please contact us for further information, If you are about to invest in, dispose of, or let property.

Tax savings tips for landlords

S&Y Accounting

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