Recent changes to the tax system have also forced many property investors to struggle to structure their businesses correctly in order to both save tax and avoid any potentially costly mistakes in the future.
At Cottons, we understand that Landlords are finding it increasingly difficult to understand their tax and accounting requirements. Many landlords struggle to keep up with the ever-changing set of legislation from the government.
In order to help landlords operate in the most efficient way possible (and save on their tax bill), we are able to offer a range of tax planning solutions alongside any bookkeeping, annual property accounts or landlord tax returns which may be required.
Our specialist tax team’s wealth of knowledge ensures that understand the best way to reduce your tax liability. Whether it is the first time you will be renting out a property, or you have a growing rental business, we work with you to provide a range of support.
We offer a free, no-obligation discussion with a member of our team who will be able to outline the best way to move forward for you and your business and answer any questions you may have. To request a consultation please click here.
Rental Expenses - Are you able to claim?
It is important to ensure that as a landlord you are claiming all allowable expenditure for your rental property to reduce your taxable profit or to create a loss that can be carried forward into following tax years to minimise your tax liability.
The list below highlights just a few rental expenses for Residential Property to be considered as a landlord:
- Mortgage interest and other finance costs under certain circumstances.
- Replacements and repairs of non-capital expenditure.
- An accurate proportion of your accountancy fees.
- Travel costs related to the property.
- Services such as cleaning or gardening.
- Letting agent fees.
- In certain circumstances expenses incurred prior to letting.