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Make your landlord experience smooth and rewarding.
Whether you have one or more rental property, residential or commercial property, we can completely take away your hassle of keeping records and dealing with HMRC.
This is how we can save you paying tax on rental income:-
Maximum deduction of expenses
We will take into A/C, all possible expenses you may have incurred including expenses like phone calls, stationary and travelling between different properties. Some examples of deductible expense are:-
Interest element in mortgage payment
Ground rent, service charges
Maintenance and repairs
Letting agents’ fees
Tax efficient utilisation of basic rate tax band
Maximum deduction of expenses
If you and your partner own the property as Joint Tenants and there is an income gap in the income of both of you, then more rental income can be allocated to the partner with lower income so that none of you cross into the higher rate tax band.
Tax efficient ownership of buy to let property
The summer budget of 2015 announced significant changes to the tax structure of rental income from buy to let properties. It may be more attractive to own the properties by way of incorporation. There is still possibility to reap good returns on your buy to let investments. We will advise you about the most tax efficient way for you to own the property. There are several ownership structures possible. Most common are:-
Joint ownership as Joint Tenants.
Joint ownership as Tenants in Common.
Limited Liability Partnership(LLP)
Using a Self-Invested Pension Plan (SIPP).
The ultimate decision about the ownership generally depends upon your consideration to hold the property for capital growth over a long term or profit making in a short term.
Landlord’s Energy Savings Allowance (LESA)
We can help you to file a claim for the Landlord’s Energy Saving Allowance. This allows you to claim against money spent on the following energy efficiency measures:
Cavity wall insulation
Solid wall insulation
Hot water system insulation (tank and pipe lagging)
The maximum allowance is £1,500 per dwelling. This means that where a single building contains two or more dwellings, you can claim up to £1,500 on each dwelling.
What else, can we do for you as a landlord?
Let Property Campaign
If you are a landlord and you haven’t declared past rental profits, then this is an opportunity to disclose taxable income to HMRC on better terms than those available in an HMRC enquiry. We have experience in negotiating the most favourable terms for landlords like you.
Liasioning with HMRC
As your agent, we can represent your case; argue if any wrong tax code has been applied or if there is an error in the calculations done by HMRC.
Filing Tax return
As a landlord, you are required to file a tax return, if rental income is more than £2,500.00 after taking into A/C all allowable expenses. We certainly can do this for you.
What else, you need to know as a landlord?
Living outside the U.K.
If you live outside U.K., your managing agent will be required to deduct tax @20% on rent. Where there is no managing agent the obligation to deduct and pay tax to HMRC falls on the tenant. You can avoid this tax deduction, if you file form NRL 1 with HMRC. You still need to file a tax return at the end of the year to pay/claim any balance/excess tax due on rental income.
If you let out furnished accommodation in your main home, you can earn up to £4,250.00 Tax Free. This sum rises to £7,500 in 2016 or £3,250 if you are letting jointly.
Period for keeping records
You are required to keep copies of invoices, proof of payments for a period of six years after the tax year they are for. The reason is if HMRC decides to raise an enquiry they would like to see written proofs.
To find out, how we can support you as a landlord, why not contact us on 0208 914 8887 for a Free, No Obligation Consultation. Your financial strength is our success.