We are Accountants for Landlords based in Staines-Upon-Thames.
Our director also worked for several years in a busy estate agent in Richmond-Upon-Thames, and now SAS is based in Staines-Upon-Thames.
If you own a rented property, it is essential to remember that it must be declared to HMRC as income through a self-assessment declaration. This is whether you are making a profit from your property business or not. If this is your first time, you can register for self-assessment with HMRC here or just go ahead and join using our quick and easy Sign-Up Form.
Owning a property with another party
If you have bought a property with another person, or you are thinking of buying one, you will both need to complete a self-assessment tax return. Occasionally, people who complete their own tax return incorrectly assume that one party can complete the return declaring all the income, and the other person doesn't need to. Both parties are liable for taxation unless they have made a declaration of beneficial interests with HMRC.
It can be time-consuming to gather the information together for Landlords because often it needs to be sent from third parties like Banks and Estate Agents. Please leave enough time to file your return and start the process early in the year. Whether you have one one-bedroom apartment or a whole portfolio of property, all landlords are welcome.
Let Property Campaign
The Government have been sending out letters to Landlords who may have undeclared income. This information is gained through the Tenancy Deposit Scheme and comes under the 'Let Property Campaign' banner. If you receive one of these letters, it is important to respond to it immediately and make an intention to declare to avoid further penalties. Please feel free to contact us if you have received one in the post. We can help with all your property portfolio of rentals throughout England.
Interest Relief for Residential Landlords
The intention of reducing loan interest is well underway. This will undoubtedly affect people who are highly leveraged or are higher rate taxpayers. A clear understanding of the impact this will have on your financial health will allow you to make the right decision today.
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Do you need help? Benefit from our experience and call Short and Sons today or go ahead sign up here!