03. Property Income
Whether you are a professional buy-to-let landlord or renting out a second property, we have the expertise and knowledge to be able to assist you to navigate the difficult and onerous tax compliance requirements associated with the running of a rental business. We will prepare your rental accounts, tax return and claim any specific tax relief you may be entitled to. We can help relieve that burden, allowing you to concentrate on the other aspects of being a successful landlord.
UK Property Owners and Landlords
Peria & Co are specialists in advising UK and expat landlords who own properties in UK and overseas. If you own a rental property you are obliged to declare any income or profit you make from it. Whether you are a landlord, own a property overseas, a second home here in the UK, or you rent out rooms in your house, talk to us to find out about your tax implications. Even if you’re not a landlord, if you decide to sell your investment property, the profit you make from the sale becomes subject to capital gains tax.
We can :
prepare rental accounts for all landlords, whether you have one let property or a portfolio of hundreds
provide property letting accounts
prepare individual annual self-assessment tax returns or corporate tax returns
advise on tax deductions for rental properties
advise on maintenance and repair claims
recommend when to use a limited company
prepare capital gains tax submissions
prepare capital gains rollover and holdover elections
Your tax position will be affected by changes to the way mortgage interest can be claimed by individual investors (not companies). It’s important to review your position as the changes will have an impact on your tax position. Peria & Co advise landlords on minimising their tax liability while taking care of their compliance obligations.
If you Live Overseas
Landlords living outside the UK for any period over 6 months, (even if still regarded as tax resident in the UK) can suffer a basic rate tax withholding. In order to avoid this tax withholding it is necessary to register with HMRC under the Non Resident Landlords’ Scheme; we can assist you in registering.
Capital Gains Tax Regime
Since April 2015 owners of UK residential property, who are not resident in UK, have a new capital gains tax regime. Special rules apply and any gain must be reported within 30 days of completion. We can assist and advise with this regime.
We can prepare the declaration and advise you on all tax aspects of your property letting business, including capital gains tax liabilities.
Requirement to Correct
HMRC have launched new rules known as Requirement to Correct; for those with offshore income (including property rents). It is aimed at those who have, up to now, not declared that income. The new rules require UK taxpayers to disclose all income, including overseas rental income. HRMC are encouraging disclosure now. Failure to declare can result in penalties of 100% of the tax due and seizure of assets.
Peria & Co are able to assist with your declarations and ensure that you are fully compliant and negotiate on your behalf regarding penalties
What We Do
25 Years of Accumulated Practice
Request Your Free Initial Consultation
We have experience of working with an expansive and diverse clientele comprising sole traders, partnerships, limited companies, property landlords and private individuals.
We encourage our clients to contact us for a free, initial consultation to discuss their requirements. We will gladly assist, without obligation on how to approach your particular challenge. It’s our role to understand your particular service requirements. We will be your business partner, providing insight and advice, delivering the highest standard of service.