Residential Property Rental

Residential Property

Whether you are an individual landlord or a large organisation renting residential properties, we have specialist tax advisers.

Our Landlord Accounting Services

We provide a comprehensive service to all our landlords including:

  • Monthly / Yearly Property Accounts
  • Tax Planning and Advice
  • Personal Tax Returns
  • Help to ensure all allowable expenses are claimed

Benefit from reliefs available such as:

  • Property Business Losses
  • Replacement Domestic Items Relief
  • Rent a Room Relief

Premiums on leases

Premiums leases are also taxed as property income. A lease is a right to occupy land for specified period of time. When a lease is granted in return for payment of cash, some of this is treated as Rental Income and some is subject to Capital Gains tax.

 

Allowable Expenses

 As a general rule, expenses are deductible from rent only if those expenses are incurred “wholly and exclusively” for the purposes of the rental business. Examples of these are agents fees and genuine repair expenses. It is important to review these with your accountant to ensure that all allowable expenses are claimed to minimise your tax bill.

In addition to the above your accountant will also review with you other allowances such as Capital Allowance available or any reliefs available such as Property Business Loss reliefs.

Property Income UK & Overseas

Income generated from renting a UK property business such rents from houses or flats is treated as rental income and is subject UK tax. Property Income also covers House in Multiple Locations (HMOs) and income from such sources as shooting and fishing rights. For example, if a taxpayer owns some land which is let to a gun club for clay pigeon shooting, or if a taxpayer owns part of a river and sells fishing permits to anglers, such income is taxed as property income.

 

Accrual Basis

Taxable property income is calculated on Accrual Basis, which means, that we do not simply take the cash received less cash spent to give the cash profit, but rather we need to calculate the rent ‘receivable’ (i.e. the amount that is to be paid for the tax period) and expenses ‘payable’.

We also help you determine and deduct allowable expenses payable. Against payable related to expenses relating to the tax year rather than actual expense spent.

    Specialist Landlord Accountants

    Residential Property Rental Accountants

    At Fusion Accountants your dedicated Specialist Landlord Accountant will review these with you on an annual basis to help with your tax planning.

    What you can expect:

    • Dedicated Accountants to help with assessment and planning
    • Monthly / Yearly Accounts
    • Tax Planning and Advice
    • Personal Tax Returns

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