Rental Income

If you are a Landlord and receive rental income in the UK then you will need to complete a self assessment tax return each year to declare your income.

Whether you are a first time landlord or a seasoned investor the actual landlord tax return process is the same and so we can help you no matter how big or small your property empire may be. At UK Tax Return we will prepare your accounts and liaise with HMRC on your behalf so that your tax affairs are always kept up to date.​

Members of our team are currently property Landlords themselves and receive rental income. Due to this we are well placed to understand your specific tax concerns. Contact us today so that we can help you with your Buy to Let property portfolio – we offer free no obligation advice.

We will guide you through the process and let you know about all the legally allowable tax deductible expenses which will help to reduce any tax liability that you may otherwise have. There is often confusion as to at what stage certain expenses are allowable and so we can explain this to you clearly and concisely so that you are confident with your landlord tax return.

OUR RENTAL INCOME SERVICES

Our service provides basic book keeping when preparing your property tax return. We will collate your monthly rental statements and offer to liaise directly with your letting agent, if you have one. We offer a simple and clear fixed fee service of £225 per tax return, and if you own the property in joint names then the second persons’ tax return will be reduced to £112*.

*second persons’ tax return is offered at a reduced rate provided there is no other individual income other than one PAYE job. Additional income or more complex tax affairs may be charged at a slightly higher price. Please call us today for a fixed quote.

WHY USE A TAX AGENT?

As authorised partners of HMRC tax agents are specialist companies who are very familiar with the UK tax system – we understand what you can and can’t claim for a range of specific situations and our aim is to save you a lot of time and money.

At UK Tax Returns we have special agent dedicated phone lines direct to HMRC tax office which are not available to the general public. We are able to talk to HMRC about your claim very quickly at any point that we need to and we can access specialist guidance from technically advisers within HMRC.

Using a tax agent removes the general stress and hassle of trying to deal with a process that you may not 100% understand or be familiar with. Often dealing with the tax office directly can be daunting and confusing so we will act as an intermediary and explain everything to you jargon free.

WHAT MAJOR CHANGES HAVE BEEN MADE TO LANDLORDS TAX RECENTLY?​

There has been a major shake up to the Buy to Let property sector recently with the newly announced changes affecting many private landlords – it has been estimated by HMRC that 20% of all UK landlords will be affected.
The main change is that upper rate tax payers in the UK (those paying some tax at 40% and above) will no longer be able to claim all of their mortgage interest as a legitimate business cost. In the past both lower rate and upper rate tax payers could claim full tax relief on their mortgage costs – so either 20%, 40% or 45% depending upon which tax bracket you are in. In the future all landlords will have their tax relief capped at only 20% so these changes will greatly affect landlords who pay tax at 40% or 45% of their income. The changes will be phased in from April 2017 onwards and will take full effect from April 2020 onwards. ​