Clever Landlord Accountants in London

Have you recently bought a buy-to-let property, or are you considering letting out the property you currently live in? Or perhaps you’re a seasoned landlord with a portfolio of properties? Whatever your situation, at ACCOTAX – Chartered Accountants for Landlords in London, our professional and dedicated team is here to assist you with the following:

  • Registration with HMRC for personal taxes (if not already registered)
  • Assistance in obtaining a UTR (Unique Tax Reference Number)
  • Preparation of personal tax returns
  • Filing of personal tax returns
  • Bookkeeping services
  • Advice on property taxation – strategies to minimise taxes
  • Capital Gains Tax (CGT) planning
  • Transferring properties to a limited company
 
Landlord accountants

Things to Do - Being a First Time Landlord.

Being a landlord can be overwhelming, especially with the numerous responsibilities involved when buying a property for the first time. See below the steps you need to take as a first-time buyer:

  1. Register with HMRC and obtain a UTR (Unique Taxpayer Reference) number.
  2. Submit your tax return each year.
  3. Pay any relevant taxes to HMRC by the due dates.

At ACCOTAX – Experienced Landlord Accountants, we can assist you with everything you need, from registering with HMRC to the preparation and submission of personal tax returns. Over the past decade, we have helped numerous individuals, whether they were first-time landlords or had multiple properties. We’ve supported hundreds of landlords in reducing their tax liabilities. As Accountants for Landlords, our team will work closely with you to help minimise your tax liability and ensure that all tax returns are submitted on time, taking the stress off your shoulders.

What Expenses Can You Claim as a Landlord?

There are several expenses that can help you minimise your tax liability. It is crucial to understand and distinguish between capital and revenue expenditures. We will assist in identifying whether your expenses are of a revenue or capital nature. See below for an extended list of items that can be claimed as expenses for landlords.

  1. Window Replacements: Costs for replacing damaged or vandalized windows are claimable.
  2. Roof and Guttering Repairs: Weather-related repairs to roofs, slates, tiles, and guttering are deductible.
  3. Bathroom Replacements: “Like-for-like” replacements of sanitary ware are fully deductible.
  4. Boiler Repairs or Replacements: Costs for repairing or replacing broken boilers are claimable, provided there’s no upgrade.
  5. Water or Gas Leak Repairs: Expenses to fix leaks or address electrical faults within the property are deductible.
  6. Brickwork Repointing: Repair and repointing expenses, including stone-cleaning, are allowable.
  7. Damp Treatment: Costs for addressing damp issues in the property can be claimed.
  8. Redecorating: Maintenance costs, like painting, to preserve the property’s condition are deductible.
  9. Ground Rent and Service Charges: Annual costs for ground rent and service charges are deductible against rental income.
  10. Insurance Premiums: Landlord insurance premiums, including for building, contents, and liability coverage, are allowable.
  11. Utilities: Gas, electricity, and water costs are claimable when the property is vacant.
  12. Council Tax: Council tax paid during property vacancies is deductible.
  13. Gardening and Cleaning: Routine garden maintenance and end-of-tenancy cleaning expenses are deductible.
  14. Letting Agent Fees: Costs for tenant-finding and property management services are claimable.
  15. Legal Fees: Certain legal expenses, such as those related to short-term lets, lease renewals under 50 years, and tenant evictions, are allowable.
  16. Accountancy Fees: Professional fees for tax advice and preparation of returns are deductible.
  17. Phone Calls: Communication expenses related to managing your rental properties are claimable.
  18. Landlord Association Subscriptions: Membership fees for landlord associations are deductible.
  19. Advertising for Tenants: Marketing expenses for finding new tenants are allowable.
  20. Vehicle and Fuel Costs: Proportional travel expenses related to property management are deductible.
  21. Disposal Costs: Expenses for removing unwanted items from the property can be claimed.

Please ensure all the expenses you are claiming are wholly & exclusively for the business purposes and you have kept receipts and payment records. 

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