Accounting for Landlords

Accountants for Landlords

Tax Surgeons are the go-to destination for expert guidance on rental property tax matters. Here how we stand out and deliver the best for our landlords customers:

  • Specialised Expertise: Our team comprises seasoned professionals well-versed in rental property taxation, ensuring you receive accurate and reliable advice.

  • Comprehensive Services: From calculating rental income to preparing tax returns, we cover all aspects of rental property taxation, ensuring we cover all possible allowances and calculate your tax with precision, providing a seamless experience.

  • Tailored Solutions: We understand that every rental property situation is unique. That's why we offer personalised solutions tailored to your specific circumstances and requirements.

  • Maximising Tax Efficiency: Our goal is to help you minimise tax liabilities while maximising your returns from rental properties. We employ various strategies and tax reliefs to achieve optimal results.

  • HMRC Representation: Let us handle interactions with HMRC on your behalf, ensuring compliance and alleviating any tax-related stress.

Our experts provide property tax, bookkeeping and accounting services for landlords and those with second properties, that may be holiday lets. We will give you confidence that your tax position is fully optimised, and your tax and accounts requirements are met. Whether you're a seasoned landlord or new to the rental property market, Tax Surgeons are here to navigate you through the intricacies of rental property taxation with expertise and professionalism.

Property Tax Planning

Tax planning is crucial for minimising your tax liability. Our team of ACCA Qualified Accountants specialises in advising on allowable expenses and developing strategies to optimise your tax position while ensuring compliance with HMRC regulations.

Whether you're aiming to expand your property portfolio or manage your business as a landlord, we offer essential advice and support every step of the way. You'll be paired with a dedicated property accountant specialist who will provide tailored business advice whenever you need it.

With our expertise and personalised approach, you can confidently navigate the complexities of property taxation and legislation while maximizing your property growth potential. Trust Tax Surgeons to help you achieve your financial goals while remaining compliant with HMRC requirements.

Need expert help with rental accounts and tax?

Speak to one of our qualified accountants to see how we can help you.

Choosing Tax Surgeons

Our tailored landlord solutions are designed to meet your individual needs. Our team of friendly advisors are committed to understanding your situation thoroughly, ensuring that your property accounts and tax affairs are managed effectively. We offer bespoke advice and tax planning opportunities at every step of the way.

Why choose Tax Surgeons landlord service?

  1. HMRC Registration: We handle the process of registering you with HMRC, ensuring compliance from the start.

  2. Main Residence Election: If you own and use multiple properties in the UK, we can guide you through making an election to nominate your main residence for tax purposes, including advice on implications, qualifying conditions, and deadlines.

  3. Accounts Preparation: Our experts will prepare comprehensive accounts detailing your turnover, expenses, and profits for the year. We ensure that you claim all entitled expenses and reliefs.

  4. Tax Return Preparation: If your rental income exceeds expenses, allowances, and reliefs, we'll prepare your tax return accurately, ensuring compliance with tax regulations.

  5. Furnished Holiday Lets (FHL): We provide guidance on the complex tax treatment of Furnished Holiday Lets, including qualification conditions and implications.

  6. Letting Out a Room: If you let rooms in your own house and qualify for the exemption on rental income under £7,500, we'll discuss the conditions with you and ensure compliance.

  7. Property Sales: For properties subject to Capital Gains Tax (CGT) upon sale, we calculate your CGT liability and complete your tax return promptly, ensuring compliance with the 60-day deadline.

With our comprehensive landlord services, you can have confidence that your property affairs are in capable hands. Reach out to us today to discuss how we can assist you in maximising your property investment while remaining compliant with tax regulations.

Register for Self Assessment

Registering for self assessment is a fairly simple process, but can get tricky if you are unfamiliar with the process. Follow our guide below to help you navigate the process and be ready to file your next tax return.

Step 1: Create a Government Gateway account

You’ll need a Government Gateway account to sign up and use most online tax services. Head to HMRC online services: sign in or set up an account. Sign up with your full name, email and password, and your user ID will be sent to the email address you provided.

Step 2: Add a Tax

Once you’ve logged into your Government Gateway account, you’ll see the options across the top, select “business tax account”. From this page, you will be able to select “get online access to a tax, duty or scheme.”. Now you can select and register for self assessment.

Step 3: Select Self Assessment for Individual/Sole Trader

From the list you can select and register for self assessment for individual or sole trader. It’s important you select this one as there are different rules for setting up other types of businesses. Once registered your Unique Tax Reference (UTR) will be sent out to you.

What happens next?

HMRC will send out 2 letters, one containing your new UTR, and one with an activation code for your newly added tax, you will require this code to activate your account online.

You can then sign into your Personal Tax Account, which is where you’ll find information like what your tax code is, how much tax you owe, when your next Self Assessment is due and what tax you’ve paid in previous years.

Deadlines

Make sure you tell HMRC about your sole trader status by 5th October in your second tax year. For example, if you start your business in November 2023:

  • Your first tax year runs 6th April 2023 to 5th April 2024

  • Your second tax year runs 6th April 2024 to 5th April 2025

The deadline to register using this example is 5th October 2024. The online tax return filing deadline for this example would be 31st January 2024.

Tax Surgeons Services

At Tax Surgeons, we offer a wide range of comprehensive tax and accounting services to meet all your financial needs.

TAX

  • Corporation Tax

  • Self Assessment

  • VAT

  • Capital Gains Tax

  • Inheritance Tax

ACCOUNTS

  • Statutory accounts

  • Management accounts

  • Bookkeeping

  • Business planning

  • Accounting software

OTHER

  • Payroll

  • HMRC investigations

  • Tax advisory and planning

  • Wills and estate planning

  • Islamic inheritance

Contact us today to see how we can assist you in achieving your financial goals.