Buy to Let

/ Landlords

With the UK economy now recovering, house prices rising and pension changes resulting in unexpected cash lump sums being available, we are seeing the return of the Buy to Let investor.

Our basic compliance service includes the completion of your tax return (including partnership tax returns), advising you of your tax liability and the due payment dates (including any payments on account) and any ad hoc advice throughout the year.

In order to prepare your tax return we will also prepare a set of rental accounts to calculate your taxable profit in the year.

 

Principal Private Residence Relief

 

By the use of clever nomination of which house is an individual’s ‘Principal Private Residence’, multiple house owners might be able to substantially reduce any capital gains tax liability. We have prepared hundreds of Principal Private Residence Elections to HM Revenue & Customs and can advise on implementing this entirely legal yet often overlooked tax strategy.

 

Furnished Holiday Lets

 

We consider ourselves one of the top UK experts in this field and have carved out a niche in advising on the tax consequences of operating and owning a Furnished Holiday Let. Furnished Holiday Lets have recently undergone a huge amount of changes, with the new rules on whether a property qualifies as a Furnished Holiday Let now extremely complex. We have clients with Furnished Holiday Lets in the UK and abroad (which now have different rules) who we have advised for many years and throughout these changes.

We are experts in identifying expenses you can claim to offset against your property income, thus reducing your tax liability. Allowable rental expenses include but are not limited to:

  • Accountancy Fees (Think Tax Fees!)
  • Water rates, council tax, gas and electricity
  • Maintenance and repairs to the property (but not          improvements Insurance
  • Mortgage interest (but not repayment element)
  • Costs of services, including the wages of gardeners and cleaners
  • Letting agents fees
  • Ground rents and service charges
  • Use of your home as an office
  • Paper, postage and other office consumables
  • Telephone calls and internet costs used for business
  • Wear & Tear Allowance (this can be discussed further with clients)

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