If you receive rental income for your house, residential property, commercial property, holiday let, student let etc, this needs to be disclosed to HMRC.
If you own more than one property you should make an election as to which is your Principal Private Residence.
Separate Accounts
Proper books and records should be maintained together with a separate business bank account.
Interest Relief
Mortgage/loan interest relief is now a complex area. We can discuss the issues and tax consequences of such loans.
Tax Distinction
A clear distinction should be made between capital expenditure (not allowable against income tax) and revenue expenditure, which is allowable against income tax.
Capital Gains Tax
Capital gains tax needs to be considered.
Type of Letting Property
You need to understand what type of letting property you own. The tax treatment of a holiday let and a residential let can be very different.
Operation Options
Should you operate through a Limited Company or as a Sole Trader or partnership.
Our Promise
We will always discuss with you the various options, advantages and disadvantages. Our objective is to be a part of your team. We will assist when required, offer advice when we see a need and provide friendly support.
