Then i first opened up as a limited company i was clueless, but Pearls Accountant kindly assisted me the best way so i felt at ease and understood how the operation works.
Everything was explained clearly in detail and i could ask as many open questions and they where happy to help.
How bigger team is on board so its quicker response turnaround. Naila Mughal
Specialist Landlord Accountants London
A Landlord can reap both financial and personal rewards by essentially running a business from home. Any money that you make can be used to offset mortgage repayments and any extra income made can be used to improve your property. However, just like any business there are certain rules and regulations and responsibilities that must be adhered to. A landlord must also ensure that all health and safety rules regarding tenants are followed.
When you join Pearl you will benefit from rental income advice and best accounting practice to minimise your taxes as a landlord.
More than Just Tax Returns
Pearl does more than just fill out and submit your tax returns. We make sure you’re getting the most out of your properties by:
- Advising you on special tax reliefs available to landlords
- Advising you on how to purchase properties with tax-efficiency in mind
- Advising you on the accounting records you need to keep
- Advising you on how to invest your rental income
- And more…
Rent a Room Tax Relief
Renting a Room has certain tax relief benefits. Pearl Accountants are specialist Landlord accountants that will help you comply with all the Income Tax and Capital Gain Tax requirements when selling a property. A clear and concise strategy will be discussed so that you can plan for any implications that this may have on your financial standing. It is important that you remain at the forefront of Landlord rules and regulations which are changing on a yearly basis. Our expert team of Landlord accountants will keep you regularly updated and account for any new rules that affect you as a Landlord.
Accounting Software for Landlords
Our partnership with Quickbooks, the renowned award winning online accounting software, ensures that you can manage your Landlord accounts for each of your properties in real time 24/7 from any device and from any location. This software allows you to instantly upload invoices from expenses and receipts using your Smartphone and the latest App ensuring that you never again misplace or lose them.
Rental Income and
Capital Gains Taxes
The Specific Rules and Income Tax Calculations for rental properties vary according to the following circumstances:
- Letting a residential property
- Renting a room in your home
- Letting a Furnished Holiday Letting
Note that an important consideration in the calculation of the above is the residential status of the Landlord.
Being a Buy-to-Let Landlord
While purchasing a buy-to-let property can be a great way to invest any money that would otherwise be sitting in a bank with a low interest rate, making a low return on investment, you still need to run your buy-to-let properties as a business, keeping records of financial information, profits and losses, and incomes. You’ll then need to use this information to fill out a tax return each year so that HMRC knows how much tax you owe. This is why it is recommended that you get the advice of a specialist accountant for landlords such as Pearl
Whether you are a first-time buyer or you are a seasoned buy-to-let landlord, each time you buy a new property, you need to think of it as a business investment. Making the right property investments means taking a different perspective – you need to think of what the local market wants rather than buying a house that you would be happy living in. As accountants, while we don’t go to property viewings with you, we can help you make the right property investments in terms of how much money you are purchasing a house for compared to how much rent you could receive.
Buying Commercial Property
If you own and run a limited company and you decide to buy commercial property for your business, you can choose to buy it personally and then act as the landlord to your limited company, charging rent. You could also rent out spare office space to other companies. If you do buy commercial property you will be a landlord and should consider getting the advice of a specialist landlord accountant.
Property Tax is where being a landlord can be most confusing, since the rates of tax depend on how you buy the property – you can purchase a property as an individual, as a company, or as a partnership. Pearl Accountants’ specialist landlord accountants can advise you on the most tax-efficient way to purchase a buy-to-let property.
An alternative for Landlords
Landlords should also consider purchasing a property to use as a Furnished Holiday Letting (FHL), which means that, instead of renting it out long-term, you rent them out on a shorter-term basis to people on holiday. These require higher maintenance and investment costs because agencies are usually more expensive, and you will need to spend more money on the upkeep, including regular cleaning, but you can use them for your own holidays as there will be no long-term tenants.
With Pearl, you’ll get a personal Landlord Accountant who will:
- Manage tax, VAT, dividend and salary planning.
- File your annual accounts, corporation tax returns, VAT, and PAYE.
- Give you great advice whenever you need it.
- And more…
- Perfect choice for Landlords with one property.
Bread & Breakfast
- Ideal for Landlords who manage Bread & Breakfast.
LEARN MORE …
FREE BROCHURE DOWNLOAD
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FREE Brochure Download
Download our FREE Brochure for Landlords
Included in our Brochure:
- File with HMRC
- Save Tax
- Advantages and Disadvantages
- Obligations & Responsibilities
- Much more..
020 8582 0076
Central London Office
90 Long Acre
East London Office
One Canada Square
Accountants East London
125-135 Staines Road
Kingsmill Business Park
Chapel Mill Road
Park Royal office
North Circular Road