Services
We provide a free initial consultation where we aim to answer queries regarding your tax responsibilities. Pricing for our services will vary based upon your specific requirements. However prices will be determined and fixed prior to the start of service and will be agreed in a signed letter of engagement to eliminate any surprise invoices!
The initial consultation will determine which mix of services from our menu will best meet your needs as a Residential Landlord, Our menu of services includes the following:
i) Registration with HM Revenue & Customs
Landlord Tax Accountants will register the client with HMRC for self assessment purposes. If you are moving abroad then we will complete and file the necessary returns with HMRC to ensure that your letting agent or tenant do not have to deduct basic rate tax at source (please see our tax guidance for a full explanation of this requirement) We will also answer any queries arising from HMRC on your behalf. This will ensure that all rents received will be gross without 20% being deducted by either the Letting Agent or the Tenant
ii) Advice on how to legally minimise your annual income tax liability
During the rental period Landlord Tax Accountants will prepare financial accounts and send you quarterly reports of year to date profit & loss performance plus financial projections of income tax liability at the end of the tax year. Each January Landlord Tax Assist will conduct a taxation health check and make recommendations about suggested expenditure on routine maintenance that can be undertaken before year end in order to legally reduce income tax liability for the year
iii) Capital Gains Tax Records
Build and maintain a complete financial and use history for the property or portfolio of properties to enable fast and efficient production of capital gains tax calculations when required.
iv) Completion and filing of annual self-assessment returns with HMRC
After the end of the tax year Landlord Tax Accountants will produce a set of accounts on which self assessment income tax liability can be calculated, Property schedules can be prepared and returns filed with HMRC. We will then coordinate your income tax payment or repayment and answer enquiries received from the HMRC on your behalf.
v) Preparation of business plans to achieve 'holiday let' status
In order for a property to achieve 'holiday let' status it must be 'let out on a commercial basis with a view to the realisation of a profit'. To this end we will prepare a credible business plan and furthermore undertake annual business plan reviews.
vi) Advice on Value Added Tax
If your property letting business is required to register for VAT then we will undertake the registration process plus prepare and file ongoing quarterly VAT returns.
vii) Advice on Business Incorporation
Advice on and undertaking the incorporation of the property business into a limited company. Appointment of Directors & Company Secretary. Issuance of subscriber shares plus registration for corporation tax/VAT with HMRC. On-going services - completion of minutes and resolutions, registered office facilities, plus the maintenance of statutory registers and documents.
viii) Advice on how to minimise capital gains tax liability plus completion of and filing of returns with HMRC
In many situations after a property has been rented and the owner then decides to sell the property there will be a potential capital gains tax liability. Landlord Tax Assessment will prepare returns to ensure that all capital gains tax relief is claimed in order to minimise the capital gains tax liability owed to HMRC.
ix) Assistance in raising additional finance
Assistance in preparation of credible business plans required to raise additional finance and negotiation with the lender.
Landlord Refer a Friend Scheme
Scheme Structure Link
We provide a free initial consultation where we aim to answer queries regarding your tax responsibilities. Pricing for our services will vary based upon your specific requirements. However prices will be determined and fixed prior to the start of service and will be agreed in a signed letter of engagement to eliminate any surprise invoices!
The initial consultation will determine which mix of services from our menu will best meet your needs as a Residential Landlord, Our menu of services includes the following:
i) Registration with HM Revenue & Customs
Landlord Tax Accountants will register the client with HMRC for self assessment purposes. If you are moving abroad then we will complete and file the necessary returns with HMRC to ensure that your letting agent or tenant do not have to deduct basic rate tax at source (please see our tax guidance for a full explanation of this requirement) We will also answer any queries arising from HMRC on your behalf. This will ensure that all rents received will be gross without 20% being deducted by either the Letting Agent or the Tenant
ii) Advice on how to legally minimise your annual income tax liability
During the rental period Landlord Tax Accountants will prepare financial accounts and send you quarterly reports of year to date profit & loss performance plus financial projections of income tax liability at the end of the tax year. Each January Landlord Tax Assist will conduct a taxation health check and make recommendations about suggested expenditure on routine maintenance that can be undertaken before year end in order to legally reduce income tax liability for the year
iii) Capital Gains Tax Records
Build and maintain a complete financial and use history for the property or portfolio of properties to enable fast and efficient production of capital gains tax calculations when required.
iv) Completion and filing of annual self-assessment returns with HMRC
After the end of the tax year Landlord Tax Accountants will produce a set of accounts on which self assessment income tax liability can be calculated, Property schedules can be prepared and returns filed with HMRC. We will then coordinate your income tax payment or repayment and answer enquiries received from the HMRC on your behalf.
v) Preparation of business plans to achieve 'holiday let' status
In order for a property to achieve 'holiday let' status it must be 'let out on a commercial basis with a view to the realisation of a profit'. To this end we will prepare a credible business plan and furthermore undertake annual business plan reviews.
vi) Advice on Value Added Tax
If your property letting business is required to register for VAT then we will undertake the registration process plus prepare and file ongoing quarterly VAT returns.
vii) Advice on Business Incorporation
Advice on and undertaking the incorporation of the property business into a limited company. Appointment of Directors & Company Secretary. Issuance of subscriber shares plus registration for corporation tax/VAT with HMRC. On-going services - completion of minutes and resolutions, registered office facilities, plus the maintenance of statutory registers and documents.
viii) Advice on how to minimise capital gains tax liability plus completion of and filing of returns with HMRC
In many situations after a property has been rented and the owner then decides to sell the property there will be a potential capital gains tax liability. Landlord Tax Assessment will prepare returns to ensure that all capital gains tax relief is claimed in order to minimise the capital gains tax liability owed to HMRC.
ix) Assistance in raising additional finance
Assistance in preparation of credible business plans required to raise additional finance and negotiation with the lender.
Landlord Refer a Friend Scheme
Scheme Structure Link
