Accounting
for landlords

Ideally, it is the duty of the landlord to pay the property tax except nothing is mentioned explicitly in the contract between the landlord and the tenant. In certain circumstances, tenants can pay property tax and get the amount adjusted from the monthly rent. It is a matter of a rent agreement or lease deed, which is signed between the tenant and the landlord to determine who is responsible for paying the tax. If proper tax planning is not put in place, a large part of your rental income could be lost in paying taxes.

There are many financial and administrative responsibilities that you need to perform as a landlord. A landlord accountant helps guide how to register for self-assessment and complete annual tax returns for the rental income received by the landlord. Similarly, if a limited company owns the property, you must submit annual accounts and tax returns.

Along with the countless other responsibilities you have as a landlord, the financial landscape can be complex and onerous to navigate, even for the most experienced landlords. Property specialist accountants can help relieve the burden, allowing you to concentrate on the other aspects of being a successful landlord.

Not everyone is aware of the proper way to report rental income on their taxes. By obtaining the services of a landlord accountant, you eliminate the possibility of making a careless error. Finally, it's your accountant who will be able to tell you how rental income is taxed, what deductions you may claim, and which receipts you must keep in your records. Thus, we recommend you hire an accountant with expertise in property taxation. A property specialist accountant can also assist you if you are unsure whether to own property in your personal name or through a limited corporation.

There is a checklist which HMRC provides to know allowable income tax expenses for landlords. To know what you are allowed to claim depends on the kind of property (letting a residential property, a furnished holiday let or a commercial property). Here is a checklist that residential landlords can claim including:

• Self-assessment & VAT return
• Account preparation & bookkeeping services
• Online accounting solutions
• Tax return
• Tax planning
• Tax investigations
• Pensions and auto enrolment
• Business plan & management accounts
• Payroll management
• Foreign earnings and overseas tax planning

If you seek advice from the correct property tax specialist, you will pay less income, inheritance, and capital gain tax. Property developers can consult an expert to get advice and set a proper structure for their property wealth. If you have a property in the UK, you should hire a specialist property tax accountant.

Yes, HMRC investigates landlords. HMRC has several ways to investigate who undeclared their rental income. The HMRC has the right to go back 20 years if someone has undeclared rental income. Undeclared rental income is a criminal offence and can result in higher tax bills and penalties. So always keep a record of your rent-out properties and declare them to the HMRC.

If you are a landlord renting out your property individually or as a limited company, the financial and administrative responsibilities are there to manage. Keeping track of your obligations, submitting accounts and returns, registering for self-assessment, and declaring your earnings in an annual tax return are essential.

The variety of taxes you need to pay. Some of them are irrelevant but essential to be aware of.

• Stamp duty
• land tax
• Capital gains tax
• Need to pay income tax and NIC

dns UK property accountants for landlords help with an efficient service to take care of your tax position and maximum tax relief. Managing the tasks as a landlord can be quite challenging, especially if you have multiple properties to manage and tenants to maintain. Landlords and property investors should hire a specialist property accountant to make it easiers.

Yes, you are subject to income tax for the tax year in the UK on UK rental property. But take care you do not also become liable to foreign tax where you work.

If you are a UK resident, you are subject to income tax on worldwide property income in the UK. But take care you are allowed to buy, and you do not also become liable to foreign tax wherever you are planning to buy

Suppose this is your first purchase or main residence. In that case, First Time Buyer relief may be available to reduce your stamp duty bill for properties which are less than a specific value, according to UK property accountants.

You may be entitled to SDLT relief for multiple dwellings if you purchase more than one property.

If you have a single buy-to-let property or you are a limited company owner who deals with property businesses, hiring property tax specialists can help you effectively. Many landlords and property investors nowadays prefer specialist accountants to save money before investing in marketing. Get free consultations from dns tax specialists and benefit from our best service.

These are the expenses you can claim as a landlord in the UK:

• Mortgage Interest, Legal Fees
• Advertising, Travel, Council Tax
• Repairs and Maintenance
• Accountancy Fees, Service Charge
• Gardening,Cleaning
• Building Insurance, Landlord Insurance
• Utility Bills like Water, Gas and Electricity
• Ground Rent, Estate Agent Fees

Dns offers property accounting services for BTL (Buy-to-let) landlords, which help UK & Non-UK landlords to manage taxes and accounts of their buy-to-let properties. We can serve better specialist landlord accounting services to landlords operating as a limited company, partnership or limited liability partnership, an individual.