Rental Income Taxes


Rental properties are a popular investment choice in the UK. Whether you own one or several rental properties, you must declare this to HMRC through your personal tax return.

If you make a profit on your property, you may be liable to pay tax on the income, but this will be evaluated against your entire personal income and annual personal allowance. Conversely, if you make a loss, this can be accrued and offset against future rental profits.

It is valuable to note that there are a number of expenses you can claim which can be offset against your rental income. There are many legitimate expenses, which include the following:

  • Letting agent fees
  • Landlord building and contents insurance
  • Ground rent and maintenance charges
  • Repairs and maintenance of the property
  • Third party services such as cleaning or gardening
  • Loan interest (although now limited)

Announcements

Companies House

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Company Accounts for Year Ending 30th September

If your year end is 30th September, the filing deadline for your company accounts is 30th June.

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If your last VAT quarter ends on 31st May the filing deadline is 30th June and payment is due by 7th July.
 

Corporation Tax for Year Ending 30th September

If your year end is 30th September the deadline for payment of corporation tax is 1st July.

P11Ds

Have you issued P11Ds to your employees? The filing deadline is 6th July and the payment deadline is 19th July.

At B20 Wessex we are Chartered Certified Accountants with years of experience in advising businesses on how to maximise their company tax savings.

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