Landlord Accounting - Tax implications

Landlords

If you are an individual and own property in the UK that you have rented out, you are liable to file self-assessment tax return of yourself.


You have to register yourself for self-assessment at any time during or after the period in which you earn property income. The income tax for Landlord is same as for other self-employer or sole trader businesses i.e. 6th April to 5th April. This is the period for which you have to disclose your property income to HMRC through self-assessment return.


You have to submit an application for registering for HMRC taxes (self-assessment) and upon acceptance of the application HMRC will allocate you a unique tax reference (UTR) number. This number remains same throughout your life and will even be same if later you start self-employment. On the other hand if you are a self-employed already you have to tell HMRC about your property income through your self-assessment return, while you will use the same UTR number that you have been given for your self-employment.


You will be allowed to deduct related expenses from your income, and pay tax on the net income derived after deducting the expenses, if you are not working as self-employed you will not need to pay any national insurance contribution on your net income. Normal income tax rates and rules will apply to the income you earned during a tax year; please follow the link to tax rates.


We only charge a fix fee based on the number of properties you receive rent from, and our fee will include;

  •      Registering for self-assessment
  •      Income from property
  •      Income from employment
  •      Interest income, dividend income, pensions & benefits
  •      File your self-assessment tax return
  •      Provide you a list of allowable expenses
  •      Act as an agent on your behalf
  •      Email and telephone support throughout the year
  •      BNW- Bookkeeping software and property rental sheet
  •      Tax planning


Simple get in touch with us through quick contact and we will get back to you or give us a ring on 0208 648 0800.

Testimonials

We appointed BNW in 2013 as our accountants & tax advisor. One of the initial key reasons for our decision was that Senior partner was an allumni of PWC and Deloitte and was able to provide worldwi...

Excel Export UK LTD
Jul 15, 2014

Quick Contact

Contact Us

Address Bnw Office BNW, 141 Access House, Morden Road, Mitcham, CR4 4DG

Email Bnw This email address is being protected from spambots. You need JavaScript enabled to view it.

Call Bnw Tel: 0208 648 0800

Skype: bnwaccountants

  Bnw Accountants Gmail Bnw Accountants Bnw Accountants Bnw Accountants

Live Support