Being a landlord can be financially rewarding – your rental income can be used to make mortgage repayments on the property, or give you spare cash if you already own it outright. It can also be an interesting and enjoyable experience since you are essentially running a business. However, being a landlord also brings with it certain responsibilities such as paying tax on rental income and abiding by rules and regulations regarding tenants and health and safety.
Rent a Room Relief
It is important to understand the tax implications, both Income Taxes and Capital Gain taxes when you come sell the property, that affect you clearly and plan accordingly.
Rules are changing almost every year so it is important to be aware and make any changes necessary to ensure that you are making the most of your money.
Fusion Accountants provide specialist advice for Landlords for both Rental Income and Capital Gains tax planning. We have partnered with Xero, an award winning online accounting software, to help
you manage your property accounts with real time information for each of your property.
You can use the software to upload you expense invoices and receipts easily using a mobile app so you never have to worry about losing them again.
Rental Income Taxes & Capital Gains
Rules and calculation of Income tax for rental properties differs in particular cases, such as:
Income from renting a room in your home
Letting a residential property
Letting a property as Furnished Holiday Letting
The residential status of the Landlord is also another factor that plays a role in the calculation of the above.
More than just Tax Returns
Fusion does more than just fill out and submit your tax returns. We make sure you’re getting the most out of your properties by:
Advising you on special tax reliefs available to landlords
Advising you on how to purchase properties with tax-efficiency in mind
Advising you on the accounting records you need to keep