Being a property owner or landlord comes with plenty to think about. Between looking after your property, dealing with tenants, and keeping on top of the paperwork, it is easy for the financial side to become another job in itself. Whether you own one rental property or several, Stewart Accounting Services Limited is here to make things simpler. We’ll help you stay organised, understand your tax responsibilities, and give you practical advice whenever you need it.
Stewart Accounting Services can assist with property advice if you are a landlord or own two or more properties. Landlords are property owners who lease their properties to tenants. They manage rental agreements, maintenance, and financial responsibilities, ensuring the property is habitable while generating rental income.
If you receive rental income that exceeds your expenses, you are obliged to declare this income on your Self Assessment tax return. Areas to consider for your 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 this 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 when selling a second property, you will need to complete a tax return to declare this. Stewart Accounting Services can assist with tax planning to help mitigate your tax liability. We can also calculate your Capital Gains Tax 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 claim. Stewart Accounting Services can assist in ensuring you claim the expenses, allowances, and reliefs you are eligible for.
If you let a room in your own house, you may not have to pay tax on the rental income you receive if it is less than £7,500 in the tax year. There are conditions that must be met to qualify for this exemption, and Stewart Accounting Services can advise you on those 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.”
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