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Landlords are property owners who lease out their real estate to tenants. They manage rental agreements, maintenance, and financial responsibilities, ensuring the property is habitable and generating income from rent.
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 for properties include the following:
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. Consequently, you’ll be well-informed about the process and requirements.
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 to mitigate your tax liability, regardless of your situation. They also calculate your capital gain liability and prepare your tax return.
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 to. Regardless of your situation, this calculation remains essential. Stewart Accounting Services can assist so you are claiming the expenses, allowances, and reliefs you are eligible for.
If you let a room in your own house you may not pay tax on the rental income receives if it is less than £7,500 in the tax year. There are conditions to qualify for the exemption and Stewart Accounting Services can eventually advise on the conditions.
Using Stewart Accounting Services has proved really beneficial for us. The advice and support we’ve received has made managing our financial affairs much more straightforward which allows us to concentrate on growing as a business. It’s essential that we have a solid understanding of our financial position and working with Mark Stewart has increased our confidence in planning for the future.
AG Director communications Ltd Company