Landlord Accounting

Hayes Accountants > Landlord Accounting

Landlord Accounting – Tax implications

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.

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

  •     Registering for self-assessment
  •     Income from property
  •     Income from employment
  •     Interest income, dividend income, pensions & benefits
  •     File your self-assessment tax return
  •     Provide you with a list of allowable expenses
  •     Act as an agent on your behalf
  •     Email and telephone support throughout the year
  •    Hayes- Bookkeeping software and property rental sheet
  •     Tax planning

Get in touch with us through quick contact, and we will get back to you or give us a ring on 0208 648 0800.

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We offer a range of quality services such as bookkeeping, accounting, handle your tax affairs and help you in business planning to make a better decision to help your business succeed.

1

Timely Preparation

We continually monitor and guarantee that everything is reported accurately and timely to prevent mistakes and prepare your financial statements to make you ready for tax time, so you can focus on your business and plan your future well.

2

Professional Team

Our professional and dedicated team provide you with high-level support and best advice to reduce your business cost, minimize risk and generate profit.

3

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We assure you the competent, regulatory and trusted accounting services that meets your requirements at a cost-effective price with no hidden charges.

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We offer face to face meetings, unlimited telephone calls, or you can contact us via email if you have any query or needs our expert advice. Our dedicated accountant will resolve your problems and provide you an unlimited support.

6

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We provide our customers with the most reliable accounting solutions for their business to increase revenue and grow faster. We embrace or use up to date technology to eliminate the risk of errors and interpret data adequately.

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