The Landlord Hub
Are you a landlord? We offer a variety of help for you in sorting out your property related tax affairs.
You must pay tax on rental income by submitting a tax return if you receive rental income that exceeds your total expenses and reliefs.
If your rental property generates a loss, you may want to disclose it anyway. This allows you to make use of the loss in the future should the property turn profitable.
Renting residential property
You must make sure that you are claiming all allowable expenses and reliefs and we can help you with that.
Please see our free Landlord Checklist for more information.
Understanding what maintenance and repairs to deduct each year can be tricky. There are different methods to use depending on your circumstances. We can discuss your options with you and make sure that you make the right choice.
We can also make sure that you are claiming all the finance costs for any loans or mortgages you have on your properties. Again, this can be a complicated area and taxpayers can miss out on valuable tax relief.
Furnished holiday let rental
HMRC have made significant changes to the tax treatment of Furnished Holiday Lets. The conditions to qualify for such treatment are now more stringent and the benefits reduced. We will advise you on the qualifying conditions and the implications that such status entails for your properties.
This also includes Airbnb income – see our Airbnb blog article – as HMRC now knows about hosts income.
Letting your spare rooms
If you let rooms in your own house, you will not normally pay tax if the total rents charged are under £7,500 per tax year.
There are conditions to apply this exemption, which we can discuss with you.
Selling, or even giving away a second property can mean that you will need to complete a tax return and declare any Capital Gain.
This is the difference between what you sold it for minus what you paid for it.
We will take into account expenses on both transactions, along with any other unclaimed expenses.
You must now pay any Capital Gains Tax within 30 days of the completion of sale along with filing a Self Assessment.
Easy Accountants will advise you on any tax planning opportunities available to minimise your Capital Gains Tax. We can also calculate your Capital Gains Tax liability and complete your tax return for you.
What is your main residence?
Do own and personally use more than one property in the UK? If so you can make an election to nominate which property should be treated as your main residence for tax purposes.
We can advise on the implications and qualifying conditions of making such an election.
An election can be beneficial for you depending on your personal circumstances.
There are strict time limits for making this election and you must file it with HM Revenue & Customs, so you should seek advice urgently.