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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