Rental Accounts & Private Landlords
As a landlord, you will need to prepare rental accounts showing the income received from your rental properties and the net profit derived after taking account of 'relevant' expenses. Over recent years, HMRC has changed the tax rules for private landlords, making the rental accounts process overwhelming for many private landlords. At Sherlock & Co, we can help you make the best of these new rules, ensuring that you pay the correct amount of tax in line with your profits.
Our experienced team has worked with many private landlords who own single or multiple properties. Regardless of the number of properties you own, we understand the accounting requirements for landlords and are well placed to help you.
How can we help?
In addition to routine compliance matters affecting landlords, Sherlock & Co can also advise on:
- Any VAT implications on property;
- Capital Gains Tax issues;
- Stamp Duty Land Tax; and
- General tax advice to ensure effective tax minimisation.
Additionally, if you are looking for a landlord tax return accountant, Sherlock & Co can prepare and file your tax returns. Legal tax documentation is complex and must be filled out carefully. Our landlord accountants will ensure this is done efficiently and accurately.
Rental Income Tax
As a landlord, you must pay tax on any rental profit that you make. This is profit made from rents charged to your tenants less relevant expenses e.g. cleaning and replacing furniture etc. The amount of tax you must pay will depend on the amount of profit you make.
For landlords who own multiple properties, the amount of tax you will have to pay will be calculated from the total sum of profits and losses made. This does not directly apply to renting a room in your home, or letting holiday homes or property abroad. Our landlord tax accountants can assess your unique situation and break down exactly how much tax you will be expected to pay.
Why choose Sherlock & Co to handle your rental accounts?
Based in Greater Manchester, Sherlock & Co has been assisting business owners with their tax matters for more than 40 years. We take care to look after our clients and provide a friendly and reliable service throughout the process.
Our expert landlord accountants are experienced in property finance and tax matters, giving you peace of mind when it comes to managing your rental accounts. We will take care to handle the fine details so you can focus on running your business.
As always, you can count on Sherlock & Co to offer a flexible service, including calls out of normal office hours. If it is ever the case that we are not free, we will call you right back.
Visit our team page to find out more about our expert advisers.