Landlords
Landlords
As a residential property landlord, you are liable for tax on your rental property income. If you decide to sell your investment property, the profit you make from the sale becomes subject to capital gains tax.
Our Tax advisers have four decades of combined experience advising landlords on minimising their tax liability while taking care of their compliance obligations.
Your cash flow and tax position are likely to be affected by current changes to the way in which mortgage interest can be claimed by individual (as opposed to corporate) investors. For many landlords this will mean a reduction in the relief they receive and potentially higher tax bills. The changes are being phased in between 2017 and 2020.
It’s important to review your position as soon as possible as the changes will have an affect on your tax position. There may be planning that could be put in place to adapt to the changes.
Specialist residential landlord advice from H&K Consultants
We can:-
- Ensure you claim all possible allowable expenses against your rental income
- Advise you of changes that will impact on your cashflow, tax position or accounting practices
- Assess whether you are holding your property in the most tax efficient way, including reviewing the pros and cons of incorporation in your particular situation
- Prepare and submit your landlord accounts and personal tax return accurately and on time
- Advise and remind you of any interim and final payments through the year
- Plan your acquisitions and disposals of properties with you to ensure you maximise reliefs.
Capital gains tax and residential property
Capital gains tax becomes due when you dispose of your investment property. Your tax-free allowance and any other reliefs available will be used by our tax experts to reduce the overall level of your gain and deliver tax savings.
If the property was your main residence at some point, we will complete the complex calculations that will make additional reliefs available to you. You may also be eligible for a lettings relief which reduces the gain by up to £40,000.
Non-UK resident landlords letting UK properties
Landlords who hold non UK resident status are generally liable to pay taxes when their rent is paid, which can impact on their cashflow.
Our Team can help non-resident landlords by:-
- Ensuring you receive rent gross of tax
- Assisting you with your compliance obligations by registering you with HMRC
- Improving your cash flow by ensuring tax is not deducted by your lettings agent
- Preparing and submitting your non-resident landlord accounts and both your personal tax return and business tax return accurately and on time
- Establishing your tax liability while claiming maximum available deductions
- Advising and reminding you of any interim and final payments
- Guiding and advising on your UK position when you sell or acquire properties in the UK.
Get in touch with our Team
to find out more about how we can help you.
