Navigating the property market as a landlord can be as rewarding as it is challenging. With the landscape of property investment continuously evolving, staying abreast of legislative changes and tax implications is crucial. At Dead Simple Accounting, we specialise in providing expert accounting and tax advice tailored specifically for landlords, property investors, and those with second homes in the UK.
Why Use Dead Simple Accounting?
Being a landlord extends beyond purchasing property and collecting rent; it involves intricate financial planning, adherence to stringent regulations, and strategic tax planning. Our dedicated team of accountants for landlords offers bespoke services designed to optimise your property investment returns while ensuring full compliance with UK tax laws.
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Our Pricing
At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.
If you’re interested in other services, such as setting up a company or payroll, head over to our quote page for a free and instant estimate.
Expert Guidance on Property Taxation
- Rental Income Taxation: We’ll help you navigate the tax responsibilities on rental income, ensuring you claim all allowable expenses and reliefs to minimise your tax liability.
- Capital Gains Tax (CGT): Selling a property? We offer expert advice on CGT implications, reliefs such as Private Residence Relief, and reporting requirements to HMRC.
- Inheritance Tax Planning: Safeguard your property investments for future generations with our inheritance tax planning services.
Maximising Your Tax Efficiency
- Special Purpose Vehicles (SPVs): Guidance on using SPVs for property investment to enhance tax efficiency.
- Furnished Holiday Lettings (FHLs): Advice on qualifying conditions and tax benefits of FHLs.
- Stamp Duty Land Tax (SDLT): Navigate the complexities of SDLT on property purchases, including additional property surcharges.
Comprehensive Landlord Accounting Services
- Buy-to-Let Accounting: Tailored accounting solutions for buy-to-let landlords, from handling day-to-day financial transactions to strategic investment advice.
- Making Tax Digital (MTD): Seamless transition to digital record-keeping and compliance with MTD requirements for landlords with income over £10,000.
Support Beyond Accounting
- Legislative Compliance: Stay up to date with the latest property regulations, including energy efficiency standards and safety requirements.
- Dealing with Rental Losses: Advice on declaring rental losses to utilise in future profitable years.
What Expenses Can I Claim as a Landlord?
Understanding what expenses you can claim is crucial for reducing your tax bill and enhancing the profitability of your property portfolio. Here are 21 allowable expenses that could significantly lower your taxable income:
- Replacing Windows: Costs incurred from window replacements due to damage or vandalism are claimable.
- Roof, Slates/Tiles, and Guttering: Repairs from weather damage can be deducted.
- New Bathroom Installations: “Like for like” replacements for sanitary ware are fully allowable.
- Broken Boiler: Repair or replacement costs for boilers are claimable, provided they are not an upgrade.
- Water or Gas Leaks: Expenses for fixing leaks and electrical faults within your property are deductible.
- Repointing Brickwork: Costs for repairing and repointing brickwork, including stone-cleaning, are allowable.
- Treating Damp: Expenses for addressing damp issues in your property can be claimed.
- Redecorating: Costs for maintaining the property’s condition, such as painting, are considered allowable expenses.
- Ground Rents and Service Charges: These annual costs are deductible against rental income.
- Insurance: Landlord insurance premiums, including building, content, and liability, are allowable expenses.
- Utilities: Costs for gas, electricity, and water are claimable when the property is vacant.
- Council Tax: Similar to utility bills, council tax paid during vacancy periods is deductible.
- Gardening and Cleaning: Regular maintenance and end-of-tenancy cleaning costs are allowable.
- Letting Agent Fees: Fees for tenant-finding and property management services can be deducted.
- Legal Fees: Certain legal expenses related to short-term lets, lease renewals under 50 years, and tenant eviction are allowable.
- Accountancy Fees: Professional fees for tax advice and return preparation are deductible.
- Phone Calls: Costs related to managing your rental properties are claimable.
- Subscriptions to Landlord Associations: Membership fees for landlord associations are deductible.
- Advertising for New Tenants: Costs incurred in marketing your property for rent are allowable.
- Vehicle and Fuel Costs: Proportionate costs related to property management travel are deductible.
- Disposal Costs: Expenses for removing unwanted items from your property can be claimed.
As with anything tax related, it’s vital that you keep hold of paperwork related to any of the above expenses.
Additional Guidance for Landlords
- Replacement Domestic Items Relief: Claim this relief for replacing furnishings in a rented property. Remember, the replacement must be like-for-like in terms of quality and price.
- Capital Allowances: While you cannot claim the initial cost of furnishings or equipment, ongoing expenses for replacing these items in a furnished rental property may be covered under the Replacement Domestic Items Relief.
Need Some Further Help?
If you have any further questions or would us to help with your tax needs, get in touch with us today.
Useful Resources
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