If you are a Landlord receiving rental income you will be required to provide accurate annual accounts. Rental income is the rent you get from your tenants. You must pay tax on any profit you make from renting out property. Your profit is the amount left once you have added together your rental income and taken away the expenses or allowances you can claim.
If you rent out more than one property, the profits and losses from those properties are added together to arrive at one figure of profit or loss for your property business. However, profits and losses from overseas properties must be kept separate from properties in the UK.
There are different rules if you are:
- renting a room in your home
- letting a property on AST or as a furnished holiday letting
- renting out foreign property
- letting a property in the UK while you live abroad
Our team of experts and qualified accountants are at your service, to assist you in providing you with reliable data and professional insight to manage your personal & business tax affairs and to file your Tax returns through our secure online HMRC link.
We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.
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