With HMRC targeting ‘property tax evaders’, issuing heaving fines in many cases, and with the ever-changing tax issues faced by property investors, it is essential that landlords seek advice from a specialist taxation and accountancy advisor. The tax system is extremely complex, and it is imperative that landlords comply with their reporting obligations, whilst at the same time ensure they are paying the minimum amount of tax on their rental profits.
At Ace Accountants & Tax Consultants, our team has decades’ experience in helping owners of rental properties. Our advice and guidance can help you to minimise your income tax and capital gains tax liabilities, and to ensure a business strategy which best suits your individual needs.
There are, of course, many factors that can affect the returns in both capital and income. But, on the basis that the investment appears to make commercial sense, landlords need to be aware of the tax issues facing them – not only as property investors but also as individuals with other businesses, careers and investments.
Areas where we can help include:
- Preparation of rental income statements;
- Advice on tax allowable expenses;
- Capital gains tax advice;
- Advice on using tax losses;
- Preparing and filing of self-assessment returns; and
- An estimation of your tax liability well in advance (provided that records and details are provided to us in a timely manner).
As well as providing accounting and income tax advice, we can also guide you in the following areas:
- Incorporation of your business and issues surrounding a limited company; and
- Inheritance tax avoidance strategies.
