Landlord Tax Return & Tax Consultants Services In London
If you’re a landlord receiving rent from one or more properties, Birchtree Sullivan Accountants can manage your rental accounts and Self-Assessment Tax Returns.
More than just landlord tax return
Birchtree Sullivan does more than just fill out and submit your tax returns. We make sure you’re getting the most out of your properties by:
- Advising you on special tax reliefs available to landlords.
- Advising you on how to purchase properties with tax-efficiency in mind.
- Advising you on the accounting records you need to keep.
- Advising you on how to invest your rental income.
- And more…
Being a buy-to-let landlord
While purchasing a buy-to-let property can be a great way to invest any money that would otherwise be sitting in a bank with a low-interest rate, making a low return on investment, you still need to run your buy-to-let properties as a business, keeping records of financial information, profits and losses, and incomes. You’ll then need to use this information to fill out a tax return each year so that HMRC knows how much tax you owe. This is why it is recommended that you get the advice of a specialist accountant for landlords such as Birchtree Sullivan.
An alternative for landlords: holiday lettings
Landlords should also consider purchasing a property to use as a Furnished Holiday Letting (FHL), which means that, instead of renting it out long-term, you rent them out on a shorter-term basis to people on holiday. These require higher maintenance and investment costs because agencies are usually more expensive, and you will need to spend more money on the upkeep, including regular cleaning, but you can use them for your own holidays as there will be no long-term tenants.
Property Tax is where being a landlord can be most confusing, since the rates of tax depending on how you buy the property – you can purchase a property as an individual, as a company, or as a partnership. Birchtree Sullivan Accountants’ specialist landlord accountants can advise you on the most tax-efficient way to purchase a buy-to-let property.