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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 £7,500 in the tax year. There are conditions in order to qualify for the exemption and Stewart Accounting Services can 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.
