This service assists UK landlords in fulfilling their tax obligations related to rental properties through the completion and submission of a self-assessment tax return.
Our service includes:
- If you earn rental income from letting out a property or properties in the UK, you are required to report it on your Self-Assessment tax return. This includes income from residential, commercial, or furnished holiday lettings.
- You can deduct allowable expenses from your rental income to reduce your taxable profit. These expenses may include mortgage interest, property maintenance and repairs, insurance, letting agent fees, and certain other costs associated with managing and maintaining the property.
- Your taxable profit from rental properties is calculated by deducting allowable expenses from your rental income. It's important to keep accurate records of your rental income and expenses to support the figures reported on your tax return.
- Familiarize yourself with tax allowances and reliefs that may be available to landlords. For example, you may be eligible for the property income allowance, or other specific reliefs that could reduce your tax liability.
- If you let out furnished holiday accommodation (such as Airbnb) in the UK or the European Economic Area (EEA), there are specific rules and tax considerations. These include meeting certain occupancy criteria and potentially qualifying for additional tax reliefs and benefits.
- It's crucial to maintain accurate and organized records of your rental income and expenses. This includes invoices, receipts, rental agreements, bank statements, and any other relevant documents. Good record-keeping ensures that you can support the figures reported on your tax return and respond to any HM Revenue and Customs (HMRC) inquiries if needed.
With our UK Landlord Property Self-Assessment service, you can ensure compliance with your tax requirements as a landlord. We provide expert guidance, helping you accurately report your rental income and claim applicable tax reliefs to optimize your tax position.