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Stewart Accounting Services can assist with property advice if you are a landlord or have two or more properties.

If you receive rental income that exceeds your expenses then you are obliged to declare this income on your self assessment tax return.Areas to consider with respect to properties include the following:

Main Residence

If you own and use more than one property in the UK it is possible to elect which property is your main residence for tax purposes.  Stewart Accounting Services can advise on the implications of making the election and the conditions you need to meet.

Selling Your Property

If you have capital gains tax to pay on selling a second property then you will need to complete a tax return to declare this.  Stewart Accounting Services can assist with tax planning in order to mitigate your tax liability as well as calculating your capital gain liability and preparing your tax return.

Landlords

If you rent out a property you will pay income tax on the difference between your rental income and the expenses, allowances and reliefs you are entitled too.  Stewart Accounting Services can assist so you are claiming the expenses, allowances and reliefs you are entitled too.

Letting a Room in your House

If you let a room in your own house you may not pay tax on the rental income received if it is less than £4,250 in the tax year.  There are conditions in order to qualify for the exemption and Stewart Accounting Services can advise on the conditions.

Contact Stewart Accounting to discuss how we can help with your landlord business.

 

I am pleased to recommend Stewart Accounting to any Landlords and will be using Mark’s services in future as I hopefully grow my property portfolio.

SS - Property Landlord