Accountant for Landlord Tax and Property Income

When renting or letting a property, it’s crucial to be as tax efficient and compliant as possible. If you’re unsure of your tax obligations as a landlord, book a free, no-obligation consultation with Thobani Accountants. Our team of licensed and regulated Peterborough accountants can help you claim a variety of tax reliefs and keep your records and books up-to-date.

Do I Need to Complete a Tax Return for Rental Income?

Yes. If your rental income is more than £2,500 a year after allowable expenses, you’ll need to file a Self Assessment tax return. Should your rental income fall under £1,000, you do not have to pay income tax or file a Self Assessment tax return.

Please note that you may need to pay Income Tax, Stamp Duty Land Tax, Capital Gains Tax, National Insurance and declare any losses on your Self Assessment form depending on the circumstances surrounding your property income. If you need help maintaining accurate records of your rental income and expenses, contact us. We’ll help you compile your monthly statements so you know exactly what you need to pay in landlord tax to avoid heavy fines and penalties.

Deadline To File Self Assessment Tax Return as Landlord

If you’re filing a Self Assessment electronically, you must submit your form before January 31st.

If you’re filing a Self Assessment on paper, you must submit your form before October 31st.

What Can I Claim on Tax as a Landlord?

The Thobani Accountants team can help you claim a variety of tax reliefs, including but not limited to:

  • Rent a Room Scheme
  • Wear and Tear Allowance
  • Property Management Expenses
  • Advertising Costs
  • Accountancy Fees

Changes to Buy to Let Rules and Capital Gains Tax

See the following informative blog for more information:

At Thobani Accountants, we can help you decrease your tax liability and file an accurate, up-to-date Self Assessment before the due date. Explore our suite of accountancy services to see how we can help you and book a meeting with us today.

Book a Free, No-Obligation Consultation

Accounting and tax doesn’t need to be a headache. Contact us to speak with our friendly team of accounting specialists to learn more about our wide range of accountancy services. Call us for a free, no-obligation consultation today!