Are you a landlord? Or thinking of becoming one?
Special rules apply to accounting for the income from lettings. Do you want to know what they are?
Individuals are required by tax law to prepare letting accounts for the tax year from 6th April to the following 5th April showing the rental income and allowable deductions to determine the net income on which tax will be due. Do you know what deductions are allowable?
Before venturing into this form of investment you should take advice so that you can decide whether or not the investment is worthwhile. If you already rent properties you need to declare their income, (and if you have made a loss, claim relief for it as efficiently as possible).
We can prepare your property accounts in the format required and advise you of the tax consequences of any decisions you may be considering.
Colin Wilks & Co Limited
Suite 2, Douglas House
32-34 Simpson Road
If you have any queries or wish to make an appointment please contact us:
Tel: 01908 805080
Alternatively, please use our contact form.