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

Company Accounts for Year Ending 28th February (or 29th for a leap year)

If your year end is 28th February (or 29th for a leap year), the filing deadline for your company accounts is 30th November.

November Payroll and RTI

File your monthly RTI reports for November payroll by 5th December and pay HMRC by 19th December.

VAT for Quarter Ending 31st October

If your last VAT quarter ends on 31st October the filing deadline is 30th November and payment is due by 7th December.

Corporation Tax for Year Ending 28th February (or 29th for a leap year)

If your year end is 28th February (or 29th for a leap year) the deadline for payment of corporation tax is 1st December.

Company Accounts

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

Company Accounts

Payroll Bureau

The B20 Wessex Payroll Bureau offers a comprehensive range of services for your business at competitive rates. We offer our customers a comprehensive payroll service, supporting your business at the fraction of the cost of a full time member of staff.

Payroll Bureau

Self Assessment Tax Returns

If you are in business as a sole trader you are personally responsible for your business activities. Talk to us for more information about sole trader responsibilities and advice on becoming a sole trader.

Self Assessment Tax Returns

Management Accounts

As a chartered, certified accountant we are well qualified to help you prepare your management accounts on a regular basis, so that you can keep track of your business.

Management Accounts

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