Are you a UK based landlord who rents out property?
To make sure your books balance correctly and that you are not doing anything that could land you in trouble, it is essential that all of your accountancy is being completed with care and precision. What is more, landlords have quite a lot of different factors to take into account when it comes to their finances, so it pays to be thorough. There is also the issue of expenses which landlords can legally claim, which include:
- Estate Agent fees
- Legal fees
- Mortgage interest
- Services charges
- Building Insurance
- Repairs and Maintenance and Advertising
With Yorkshire Accountancy working by your side, we can make sure you are aware of the full list of expenses that you can claim, and help you to do so. It is good to fully understand what can and can not rightly be claimed as an expense whilst you are carrying out your landlord duties. You do not want to miss out on any expenses that can be fairly claimed, but you also do not want to put down anything that can not be rightfully claimed as an expense.
As you are also likely aware, it is also crucial that you make sure you have declared all of your earnings to HMRC. You should also record how much money you have spent to earn your money from the properties. Further to this, each year a landlord should be submitting a self-assessment tax return. Remember, you have until the 31st January after the end of the tax year to submit your return to HMRC. The tax return does need to show all of your other sources of income for the year, and this rule applies even if you have already been taxed. We are able to help make sure your tax returns are correct and on time, every time.
Like other areas of business, landlords have a range of software options to help them out with their accounting needs. Some may prefer to use software which can then have the completed pages sent over to HMRC, others may prefer online options that take the data and submit them straight over, others still will prefer a clever app that can submit in an even more direct manner.
Further to this, landlords even have the option of packages that have been created especially for them. Some accountancy firms will be able to provide these options. A different road to explore is through your specific landlord’s organisation, if you have one, as they sometimes do offer software programs free, although usually as part of a membership. But check their limitations, as they will often only be suitable for landlords with up to three tenancies.
A couple of key things to look for when choosing an accounting service include finding one with a simple and clear accounting process, one that offers Integrated daily task reminders and one-touch portfolio reports, as well as offering plenty of storage space for each property detail, and lastly, tax, equity and cash flow reports.
An ideal option that we can provide you with, is through our company, Yorkshire Accountancy, who are fully equipped to help all landlords, no matter the number of tenants and properties you have. We can point you in the right direction, which will go some way into making your life easier as a landlord! We are able to make sure you are submitting what you need to when you need to, helping you avoid any penalties later down the line. And remember, whether you are a seasoned landlord, or you are landlord newbie, Yorkshire Accountancy can offer you a full range of bespoke solutions.