Landlord specialist accountants

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Frequently Asked Questions

We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.

What financial responsibilities do I have as a landlord?

As a landlord, you’ll have a lot of administrative and financial responsibilities that can be time-consuming. In order to file annual tax returns and pay the correct tax on personal rental income, you must first register for self-assessment. You must also submit annual accounts and tax reports if your property is held by a limited company.
Being a landlord is a demanding job at the best of times, but the financial aspects can be especially challenging for even the most seasoned landlords. Our team’s expert assistance will allow you to focus on other aspects of being a successful landlord. 

What are the Stamp Duty Land Tax rates for buy-to-let properties?

Buy-to-let, second homeowners, and limited companies are required to pay a 3% surcharge on top of the residential Stamp Duty Land Tax. For more information on the current rates, please visit the website here.

What expenses can I claim as a landlord?

When filing your income tax return as a landlord, it can be difficult to know which costs qualify as an expense. Below is a summarised list of claimable expenses published by HMRC. You can read a more detailed list on the dedicated government website page.
You can claim:
– General maintenance and repairs
– Utility bills
– Insurance
– Fees for services
– Travel costs
– Fees for some professionals
– Direct running costs
You’re not able to claim for:
– Capital expenditure
– Clothing
– Personal expenses that don’t relate to your rental property

What UK tax rate does HMRC charge on rental properties?

The Income Tax rates and thresholds for your rental income are the same as those for your personal income. When added to other sources of income, however, net rental income might increase your taxable income and potentially put you in a higher tax bracket than you would otherwise be in.
The income tax rates can be found via the website here. 

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