Best Accountants for Landlord
Personal Tax Return Services for UK Residents and Non Resident Landlords.
Landlord Accountants
Our Landlord Accountants London will also advise you on accounting records that you need to keep a hold on and guide you on how to invest your rental gains. You or your company must
pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’
Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:
- letting agents’ fees
- legal fees for lets of a year or less, or for renewing a lease for less than 50 years
- Accountants’ fees
- Buildings and contents insurance
- Interest on property loans
- Maintenance and repairs to the property (but not improvements)
- Utility bills, like gas, water, and electricity
- Rent, ground rent, service charges
- Council Tax
- Services you pay for, like cleaning or gardening
- Other direct costs of letting the property, like phone calls, stationery, and advertising
Non Resident Landlords
How you pay tax
You can get your rent either:
- In full and pay tax through Self Assessment – if HMRC (HM Revenue and Customs) allows you to do this
- With tax already deducted by your letting agent or tenant
Get your rent in full
If you want to pay tax on your rental income through Self Assessment, fill inform NRL1i and send it back to HMRC (HM Revenue and Customs).pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’
If your application is approved, HMRC (HM Revenue and Customs) will tell your letting agent or tenant not to deduct tax from your rent and you’ll need to declare your income in your Self Assessment tax return.
HMRC (HM Revenue and Customs) will not approve your application if your taxes aren’t up to date, eg you’re late with your tax returns or payments.
Get your rent with tax deducted
Your letting agent or tenant will:
- deduct basic rate tax from your rent (after allowing for any expenses they’ve paid)
- give you a certificate at the end of the tax year saying how much tax they’ve deducted
If you don’t have a letting agent and your tenant pays you more than £100 a week in rent, they’ll deduct the tax from their rent payments to you.
Courtesy: HMRC
Please get in touch with us on 02034411258 or drop us an email at [email protected].
NRL - Registration
Accotax Accountants for landlords work with a number of nonresident
landlords who own properties in the United Kingdom while living abroad. There is a separate process for nonresidents to register with HM Revenue & Customs. The first step is to register as s nonresident landlord by completing a form and then a UTR ( unique tax reference number) is issued by HM Revenue & Customs. Rental income can include money received for a wide variety of things such as:
- letting furnished, unfurnished, commercial and domestic premises or land
- Use of the furniture in a rented property
- Allowing others to use the property – for example, where a film crew pays to film inside a person’s house
- Grants to help with allowable expenses, such as repairs
- Enterprise investment schemes
- Caravans or houseboats that are not moved around
- Insurance policies for non-payment of rent
- Service charges
