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 31st October

If your year end is 31st October, the filing deadline for your company accounts is 31st July.

VAT for Quarter Ending 30th June

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

Corporation Tax for Year Ending 31st October

If your year end is 31st October the deadline for payment of corporation tax is 1st August.

July Payroll and RTI

File your monthly RTI reports for July payroll by 5th August and pay HMRC by 19th August.

VAT for Quarter Ending 31st May

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

Payment on Account for Self Assessment

The second payment on account is due to HMRC by 31st Jul.  Can you claim to reduce it?

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

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.

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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

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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