If you are an landlord looking to reduce your tax bill then you have arrived at the right place! Our team of chartered accountants have helped hundreds of landlords across the UK.
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Tax Bite ā one of the leading accountants for Landlords in the UK.
We can help you with
Whether you are looking to start with just one property investment or have an existing portfolio with many property investments, we can help. Landlord accountants and the service they provide are crucial. Legislation and tax have become increasingly difficult and intimidating. Even if you have a measure of experience as a property owner or landlord, there are still many ways you can get caught thanks to the changes introduced in April 2020. These changes affect finance costs like rental income, tax relief and more.
Especially when starting, you may be under the impression that you will be able to save some money for your burgeoning business by avoiding hiring professional accountants. This, however, is flawed reasoning because any mistake you make, especially when it comes to the various taxes you are due to pay, and any other official aspect could cost you dearly in fines and charges.
It is a much better idea, therefore, to accept that you need to invest in the services of landlord accountants like the friendly team here at Tax Bite.
Tax Bite offers a comprehensive selection of accounting services designed with property owners and landlords in mind. If you are looking for help with any aspect of landlord accounting, we are the professional and friendly team you need to turn to. We believe in not offering a cookie-cutter approach to accounting because all landlords have different personal circumstances. That being said, some of the most popular and common services we can offer landlords and property owners are outlined below.
Do you own more than one property either that you intend to rent out or use personally? For tax purposes, you could choose to nominate which of your properties you want to be considered your main residence. Tax Bite property accountants could give you qualified advice about the tax implications if you chose to make such a choice, as well as the conditions that you need to meet. This will help you figure out whether it is best for your personal circumstances or not. You need to note, though, that there are rigid time constraints on making this decision, and when you make it, you need to submit it to HMRC. Therefore, seeking out professional advice is vital.
Speak To A Chartered AccountantWhen you have sold or given away property and need to pay Capital Gains Tax, you need to file and submit a tax return. The accountants here at Tax Bite can provide you with advice about the tax planning opportunities open to you. This could help you reduce the Capital Gains Tax liabilities you will be expected to pay. As part of our comprehensive service, we can also calculate the Capital Gains Tax liability and then file and submit your tax return.
When you rent the property out, you will need to pay income tax to cover the difference between the rent income you have received during the financial year, with any allowable charges and expenses subtracted. At Tax Bite, we can help by ensuring you are claiming the full amount of tax relief and expenses you are allowed to.
It can be tricky when you have a rental property to decide the repairs and maintenance work that can be deducted. This is because depending on your specific circumstances, there are various methods. The team here at Tax Bite can talk to you about the options you have and guide you towards the decision thatās best for you. We will help you to enhance your tax position and take into consideration your goals and needs. In addition, we can also ensure you are claiming the financial costs for mortgages and other loans on the properties. This is another complicated area and without the help of a professional accountancy firm like Tax Bite, you could miss out on crucial tax relief.
There have been major changes made to the laws about how Furnished Holiday Lets are treated when it comes to tax. There are more stringent conditions in place that you need to meet to qualify and the subsequent benefits you receive are reduced. Our team of accountants at Tax Bite can best advise you about those qualifying conditions and, crucially, the implications having the Furnished Holiday Lets status would entail for the properties in your portfolio.
Contact Our TeamDo you rent out rooms to tenants in your home? Perhaps you donāt just yet but are intending on doing so. If, and when, you intend on doing it, you may be eligible to avoid paying tax on the rents you charge if they are Ā£7,500 per financial year.
You need to understand, though, that there are special conditions you need to meet to qualify for this tax exemption. An accountant from the Tax Bite team can help you figure out if you are eligible and how you go about ensuring you are.
In addition, we can provide advice and assistance with all manner of accounting and tax needs when you are renting out rooms in your house.
Far from an exhaustive list, we have only included a small number of the most common and popular of our accounting services for landlords and property owners. If there is a service you are interested in, but it is not listed here, donāt hesitate to contact us.
We can discuss your needs and our highly trained and fully qualified chartered accountants may be able to help you. Tax Bite are ready and waiting to put our experience to effective use to help you with your property investments.
As there is a diverse range of accountancy firms running in the country these days, you may wonder, justifiably, why you should choose Tax Bite over the others. While we canāt speak for the experience, quality of service and certifications and qualifications of other companiesā teams, we can highlight what makes our organisation stand out.
Everything is moving to the digital sphere these days and if you would like to avoid having too much in the way of physical records and documentation, making tax digital can be an intimidating process. Unless you hire a team of professionals like Tax Bite.
We have access to and are fully certified in a choice of the most popular online accounting platforms. This includes:
If you already use one of the above or would like to use one, don’t hesitate to get in touch with Tax Bite today. We have more than 10 yearsā worth of experience and can keep your books, accounts and tax in order using the best in accountancy software.
No Obligation QuoteAlthough many accountancy firms operating today claim to offer a superior service, we believe we offer something different. While some of these agencies will just have a choice of accountants that deal with all their clients, at Tax Bite we believe in giving clients like you more dedicated service. That means when you contact us for anything, you will always receive a call or appointment with the same personal accountant who was first assigned to your account when you started using our services.
This allows us to give a more direct, personalised and dedicated accountancy service. You will not have to waste a lot of time providing background information to bring the accountant up to speed, as they will already know your business and investment property portfolio inside out. As well as making things easier, it will also increase the speed at which we can respond to and handle any issues or requests you may have.
The investment property business can be a complicated one to navigate through and there will be many times when you need guidance or advice. When you hire Tax Bite and have access to your dedicated chartered accountant, this means you can contact us whenever you need.
Our team are not only experienced, and qualified, but has a real passion for accounting and the investment property market. Therefore, you know when you contact us that you are getting completely impartial tax advice and guidance with your rental property and landlord accounting as the focus.
You find many landlord accountants out there that operate businesses with the clear goal of extrapolating as much of your hard-earned cash as they can. Be very wary of any company that is not completely clear about how much their services will cost. These are the types of organisations that are likely to add surcharges and hidden fees at the end after youāve signed contracts.
Dedicated AccountantsAt Tax Bite, we do not conduct business like that. Instead, you only pay for the services you use and all prices are detailed when request a quote. The only time you will be expected to pay more than the agreed-upon price is if you take advantage of more of our services.
It can be hard to stay on top of the various responsibilities you have when you own property that you are either selling or renting to make money. Not least of all when you need to be aware of the deadlines for tax returns and other documentation and bills. Thatās why you need the help of our team here at Tax Bite. We can set up automated deadline reminders so that you never miss a tax return submission date or tax bill payment deadline again.
I approached Tax Bite, because I needed to work with chartered accountants who has experience with property portfolios and who had helped many landlords in the past. What I discovered was that the accounting service they offered left nothing to chance. From the initial free consultation to how they helped me plan and manage my landlord tax efficiently., I can’t complain about their service. No matter how many properties you have, they can help. and ensure you are running your property investor business in the most tax efficient way possible.
I was concerned as a property investor about getting billed for too much property tax. That is why I turned to Tax Bite. I wanted their help with tax problems, and also generating enough rental income. Given their glowing reputation from working with experienced landlords, I was sure I had struck gold. And over the course of time, as they helped with my rental accounts, helped me to become more tax efficient by reducing the property tax and landlord tax I needed to pay. Their accounting service, in-depth knowledge of HMRC rules, HM Revenue in general and owning a second property or more are essentials for any buy to let landlords!
It is in your best interest to be as well-informed as possible and to understand everything involved in accountancy when you are working as a landlord. Rather than just hiring a general accountant, a fully qualified accountant with expertise and knowledge of the residential property market and landlords, will better help you.
When you are a landlord, you have various administrative and financial responsibilities. If you have income from rent you need to register yourself as self-employed and for self-assessment. This means you will need to file and submit tax returns. If you have expanded your business and incorporated it as a limited company, you need to submit annual accounts and corporation tax returns to HMRC and Companies House.
At TaxBite, we can help take the stress out of your landlord accounting.
The Stamp Duty Land Tax or SDLT minimum threshold was Ā£125,000 until July 2020. As a result of the coronavirus pandemic, the UK government increased the SDLT minimum threshold to Ā£500.000. However, it is important to note that this change only remained the standard until March 2021. If you are intending on being the landlord of a buy-to-let residential property rather than living there yourself, the SDLT will be a higher rate. The new rates for SDLT in England for buy-to-let properties are:
If you are a landlord with a buy-to-let property, rental income is considered taxable income. you are legally required to pay income tax on this. You need to declare all income on your tax return and this amount of income payable will depend on your banding (you may be expected to pay 20%, 40%, or 45%).
To find out more about the tax liability you have on rental income, and about expenses that can be deducted from the income you make from your rent, and anything else related to income tax and buy-to-let properties, contact TaxBite today.
The short way to answer this question is that no, there is no way you can avoid paying capital gains tax on a buy-to-let property. There are specific expenses, however, that can be subtracted that will reduce payments needed, such as expenditure, estate agent fees, and stamp duty on capital items. Dealing with the complex issue of capital gains tax and buy-to-let properties is one of the reasons why you should hire professional accountants for landlords like Tax Bite to make sure you always get the most capital gain.
It is the tenant in a rented property that would pay the Council Tax. However, there are some exceptions where the responsibility falls to the landlord. This includes Houses in Multiple Occupations or HMO and flat shares, as well as if the buy-to-let property has sat vacant for some time. Rental properties for students are also exempt.
Whether you are interested in following in the success of other buy-to-let landlords we have worked with or are interested in buying and selling property; please consider Tax Bite. Our chartered accountants will offer advice in a timely manner and offer a comprehensive accounting service that covers everything from managing your tax position to mortgage interest, tax returns, tax efficiency and everything else in between. Please contact Tax Bite today to start the ball rolling.
