Fair View Accountants is one of the most sought out accounting firms in the UK. Our strength lies in our experience and expertise; thus, landlords can learn a lot about tax returns through our consultation and property tax advice.
According to the UK law, you are bound to pay taxes if your rental income is more than your expenses, allowances, and reliefs. Fair View Accountants can help the landlords in dealing with varying property affairs including:
Choosing Your Main Residence
If you have more than one property in the UK, you would need to select the one which must be regarded as your residence. This is essential for tax purposes and you need to follow a strict time limit for making the choice. In case of a delay, there are strict implications by HM Revenue & Customs so you better promptly seek the right advice.
After renting out your property, you become liable to pay income tax on the earned amount in a year. Obviously, there are exemptions for expenses and charges but in order to get complete details on that, you need to get the services of a skilled accountant. FVA can guide you through all the liabilities and reliefs and make the tax calculation process much easier.
After selling your second property or a holiday home, you are bound to pay the Capitals Gain Tax. To minimise this tax liability, you ought to take help from a professional and FVA can assist you greatly in this. We will complete the tax return for you and calculate your Capital Gains liability.
Allow Fair View Accountants to take charge and enable you to pay minimum returns on your Capital Gains. Call us for more information!