A Taxing Time of Year for Landlords
For many people the end of January can mean a frantic rush to get their tax returns completed and sent off to HMRC.
Just last week I was reminded of how some landlords are less prepared than others when it comes to filing their returns.
A friend of mine told me about a colleague who had owned a buy to let flat since last Summer but had only now just realised they need to be paying tax on the income they get from the property.
The good news is there is a lot of information available and help is at hand from a number of sources.
I like to think I’m an expert on property management and lettings, however, I’m certainly not one when it comes to the subject of taxation.
That’s why I work with, and recommend my own accountant called Tony Tesciuba. He’s been my accountant for ten years and I can vouch for his expertise.
Tony’s website is a good source of tax information for landlords and people involved in the property business. Visit: www.tesciuba.com for more details.
One of my aims is to make our landlords’ lives easier, less stressful and hence more enjoyable.
That’s why I do not charge for the Income Expenditure Reports which I provide to my clients’ (and/or their accountants) come tax return time to help keep their financial houses in good, legal, working order.
As taxation is such a complex and frequently changing part of being a landlord many people do not know exactly what they are entitled to, or what their obligations are.
One such area is the Non Resident Landlord Scheme which is something that a lot of expatriate landlords are unaware of. They could be missing out on some valuable information.
To find out more please email me.
Another useful source of advice is the HMRC’s own YouTube channel.
Finally I saw an advert recently which said ‘Tax doesn’t have to be taxing’.
Although I think they should have added: ‘Especially if you employ the right people to advise you.’
Thanks for reading,