Landlord Accounting Services

We understand the needs of landlords, and our expert landlord accountants are here to help and support you every step of the way. Whether you are a landlord operating as a limited company, individual, partnership or limited liability partnership, we have the landlord accountant and landlord accounting services for you from as little as £12.50 per month

Landlord accounting

Included in the Landlord Accounting Package

Why use Accounting Wise for your Landlord Accounting?

At Accounting Wise we take care of all your Landlord accounting and taxation requirements for a competitive monthly fee. We can offer many Landlord accounting services including help with registering the landlord business and offer ongoing support and assistance going forward. We also regularly review your landlord business to see whether it is operating in the most tax efficient way.

Unlimited Support

Landlords tend to be small businesses and so need as much help as possible from their accountant. This is why our Landlord accounting service offers unlimited help and advice throughout the year, included within the monthly payment.

Regular Monitoring

We monitor our Landlord clients on a regular basis to ensure that they are operating as tax efficiently as legally possible. With every piece of work that we do we look to make recommendations to improve your business. These recommendations could include tax efficiency suggestions, advice on how to better keep records or even suggestions of an insurance company that would be able to give you a better quote.

Support in Tax Inspections

Although tax inspections are rare, it is possible that you could be investigated at random. In the event of a HMRC investigation we would represent you at no extra cost. This would be included in your monthly fee. We would fight your corner and ensure that HMRC receive only the money they are due and not a penny more.

What is a Landlord?

Landlords accountingA Landlord is an individual who rents out a property they own under a lease or a licence that is shorter than seven years.

If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable.

Common Areas Accounting Wise Landlord Accounting can help with

Deciding on your main residence

If you do own and personally use more than one property in the UK, it is possible to make an election to nominate which 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.

There are strict time limits for making this election, which has to be filed with HM Revenue & Customs, so it is important that advice is sought promptly.

Selling property

If you have Capital Gains Tax to pay, for example because you’ve sold or given away a holiday home or second property, you will need to complete a tax return.

Accounting Wise can advise you on any tax planning opportunities available, in order to minimise your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and complete your tax return for you.

Renting Property – Landlord Accounting

If you rent out property you will pay income tax on the difference between the rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.

Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs.

We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.

Furnished holiday Lets – Landlord Accounting

Significant changes were made to the treatment of Furnished Holiday Lets (FHLs) for tax purposes in April 2012. The conditions in order to qualify for such treatment are now more stringent and the benefits have been reduced.

We can advise you on the qualifying conditions and the implications that such status entails for your properties.

Letting rooms in your home

If you let rooms in your own house, you may not pay tax if the total rents charged are under £4,250 per tax year. But there are conditions in order to apply this exemption, which your Accounting Wise accountant can discuss with you.

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 of, or let property do give us a call.

Our Accreditations

You can feel safe in the knowledge that we are experts in our field.

Our online accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.