We have a lot of experience working with landlords helping them to keep in control of their tax obligations if they own one or more rental properties.
One of our clients was employed and therefore receiving an income via PAYE, also, he was receiving rental income. He asked us to help him get a better understanding of his tax obligations as a landlord and help him structure his finances more effectively.
We spent time with him to understand his family structure and explored whether there would be a benefit in some of the properties being owned in joint names or tenants in common to reduce future potential tax liabilities.
We explained the changes to tax relief that are coming into play concerning interest relief. This will change from 40% to 20% over time, which would have a big impact on his taxable income.
We also explained how capital gains tax works so that if at some stage, he decided to sell a property he would have a better understanding of how to structure future sales in terms of tax due.
There are many changes coming up for landlords, and we make sure that all our clients that own rental properties are kept up to date. We also communicate with the HMRC as required on behalf of our clients so that all tax matters are dealt with quickly.
If you own a rental property and you would like some advice on tax mitigation strategy or need to register with the HMRC for the first time then contact us by calling 01623 490 120 or email