Accounting advice for landlords in Harrow and throughout the UK
If you’re a landlord and you need accounting advice, contact Aria Accountants Ltd. We provide reliable accounting advice for landlords in Harrow and throughout the UK.
Simple understanding of tax
UK Inheritance Tax and Capital Gain Tax are much more complicated than income and corporation tax. As we’re a member of the Federation of Tax Advisors (FTA), we can advise you on any tax planning opportunities available, in order to minimise your Inheritance Tax (IHT) and Capital Gains Tax liability.
If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by filling a tax return. If your rented property generate a loss, you may want to disclose it to HMRC on a voluntarily basis, because this allows you to make use of the loss in the future if the property turn profitable. In contrast, if you let room(s) in your own house, you may not pay tax if the total rental charged per tax year is under £4250. We are here to help you in order to claim all the allowable expenses and reliefs that you are entitled to.
Advice for multiple property owners
If you own more than one property in the UK, we advice you to make an appointment with us in order to elect which of your property should be treated as your main residence for tax purposes. We can advise on the implications of making such an election, the qualifying conditions that must be met and help to decide if it would be beneficial for you depending on your personal circumstances.
We can provide you with advice regarding all tax aspects of buying, selling and letting property. We have only included a few areas for you to consider on this web page. If you are about to invest in, dispose off, or let property do give us a call.