Landlord Accounting – Tax implications

Landlord Accounting

If you are an individual and own property in the UK that you have rented out, you are liable to file a self-assessment tax return of yourself. You have to register yourself for self-assessment at any time during or after the period in which you earn property income. The income tax for Landlord is same as for other self-employed or sole trader businesses i.e. 6th April to 5th April. This is the period for which you have to disclose your property income to HMRC through self-assessment return.

You have to submit an application for registering for HMRC taxes (self-assessment) and upon acceptance of the application, HMRC will allocate you a unique tax reference (UTR) number. This number remains the same throughout your life and will even be same if later you start self-employment. On the other hand, if you are a self-employed already, you have to tell HMRC about your property income through your self-assessment return while you will use the same UTR number that you have for your self-employment.

You will be allowed to deduct related expenses from your income, and pay tax on the net income derived after deducting the expenses, if you are not working as self-employed you will not need to pay any national insurance contribution on your net income. Normal income tax rates and rules will apply to the income you earned during a tax year; please follow the link to tax rates.

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Landlord Accounting Fee Will Include:

We only charge a fixed fee based on the number of properties you receive rent from, and our fee will include;

Tax planning

Registering for self-assessment

Interest income, dividend income, pensions & benefits

Income from property

File your self-assessment tax return

Email and telephone support throughout the year

Act as an agent on your behalf

Income from employment

Provide you with a list of allowable expenses

Hayes- Bookkeeping software and property rental sheet

Why Outsource to Hayes Accountants?

Hayes Accountants are Certified Chartered Accountants. Hayes Accountants are specialized UK based Accounting service providers & a part of the group BNW Accountants & Tax Consultants. We provide our services, across London, everywhere UK and Europe.

We offer top quality accounting and taxation services supported what exactly our clients need with great entrepreneurial aspirations. Our core essence lies in our highly professional staff with diversified experience from the large 4, with a robust background our vision is to bring the very best quality of services at the door step of small & medium sized businesses, self-employed businesses, family owned businesses and therefore the sole traders by ensuring value for money for our clients to assist them progress and achieve their milestones.

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