Individual Tax

Landlords

Do you rent out property you own personally?

You must report property income over £1000 to HMRC and file an annual self assessment tax return.

We deal with residential properties, furnished holiday lets, commercial properties & rent a room scheme.

Let us help with your tax return to ensure you are:

  1.  Reporting all income correctly to HMRC
  2. Claiming for all allowable expenses
  3. Complying with the restrictions on repairs, enhancements & financial expenses.
  4. Ready for MTD from April 2024

Capital Gains Tax

CGT is a tax on the profit when you sell or dispose of an asset.

Some assets are tax free and you get an annual tax free allowance for CGT.

CGT is paid on the gain you make when you sell:

  • most personal possessions worth more than £6000 (apart from your car)
  • property that is not your main home
  • shares (not ISAs or PEPs)
  • business assets

CGT on UK property must be reported to HMRC within 60 days.

High Earner

If your income is over £100,000 you are required to send a self assessment tax return to HMRC. This is because your personal allowance goes down by £1 for every £2 that your adjusted net income is over £100,000.

 If your income (or your partner’s) was over £50,000 and you receive child benefit you may need to send a return and pay the High Income Child Benefit Charge.