Landlord Tax Accountant

Industry News - 5th February 2018

Perrigo Consultants provide specific landlord tax accountancy services focused on property professionals throughout the West Midlands and the rest of the UK. We have a flexible team of accountants who provide tax-based and financial solutions to both property portfolio companies and individual landlords. Various members of our highly experienced team specialise in property and have a crucial awareness and understanding of the property sector in the UK and how landlords and firms specialising in property ownership do business.

What’s the difference between an ordinary accountant and a landlord accountant?

Landlord accountants have specific knowledge of the UK property sector, having specialised in this area for many years. This means they have full awareness of all the sector-specific challenges and issues that face landlords, and they are able to provide you with the following:

  • Full compliance with regard to your tax return
  • Compliance and tax claims planning for all your property income
  • The ability to optimise your tax liability year upon year
  • Advice on options and opportunities specifically aligned with your individual business and your personal affairs
  • Inclusion of employment and investment income and other additional sources
  • Ongoing advice of an unbeatably high quality for all your property tax affairs
  • Your own personal specialist landlord accountant who will be on hand to provide you with the highest quality advice at your convenience.

What are your responsibilities as a landlord?

It is essential that you tell HM Revenue & Customs of any income you generate from renting out any property or any rooms within any property. Failure to notify HMRC of this income could later result in penalties and an HMRC inquiry or investigation, perhaps when you eventually sell the property. This could ultimately result in paying the original sum, plus additional penalties and interest.

What expenses can landlords claim?

The thing to remember when it comes to expenses is that all items claimed must be “wholly and exclusively” used for the purposes of your property rental. Examples of typical expenses a landlord would usually incur would be:

  • Fees paid to letting agents
  • Certain property repairs, renewals, and overheads
  • Money spent travelling backwards and forwards to properties
  • Water rates
  • Utilities concerned with light and heat
  • Council tax
  • Mortgage interest
  • Accountancy fees.

This last one is particularly important as it means that any money you spend on your financial consultancy is mainly tax deductible.

It is our job at Perrigo Consultants to make sure that our landlord clients are claiming everything to which they are entitled. Everything we do is specifically aimed at helping you manage tax issues arising from your property rentals and we strive to keep the process as simple as possible. We can come to you to meet you in person or if it’s more convenient, we can gather all the information we need over the phone, skype or by email.

We provide a fixed-fee, competitively priced tax return service with an efficient turnaround.

If you’re a landlord looking for financial advice, call us at Perrigo Consultants today on 01299 488860 for zero-cost, zero-strings consultation.

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