Rental income is taxable, and HMRC expects landlords to declare it accurately every year through a self-assessment tax return. Whether you own one property or a portfolio of ten, getting the numbers right matters. The rules around what you can and cannot claim against your rental income have changed significantly in recent years, and many landlords are either overpaying tax because they are not claiming everything they are entitled to or underpaying because they are claiming things they should not be. We help landlords across the UK keep their rental finances organised and make sure their tax position is correct.
Whether you have one rental property or several, we cover everything you need to stay on top of your finances and compliant with HMRC.
We keep a clear record of all the rent you receive across each property throughout the year so that when your tax return is due everything is already organised and nothing is missing.
We record all your allowable costs throughout the year repairs, letting agent fees, insurance, mortgage interest, and others and make sure they are all claimed correctly against your rental income.
We prepare and file your annual self-assessment, declaring your rental income alongside any other income you have, applying all available reliefs, and making sure your tax bill accurately reflects your actual position.
We make sure your mortgage interest is handled correctly under the current rules, applying the basic rate tax credit in the right way so your tax calculation is accurate, and you are not paying more than you should.
We give you a clear view of what each property is earning after all costs, including mortgage payments, maintenance and tax, so you can see which properties are genuinely profitable and make informed decisions about your portfolio.
We prepare a full set of property accounts at the end of each tax year showing your income, costs and net profit across all your properties, giving you a complete record of how your portfolio has performed.
We take the financial admin off your hands and make sure your rental income is always reported correctly.
A clear view of the real return each property is generating after tax and all costs
Accurate tax returns every year with every expense claimed and nothing overstated
Honest advice on how to structure your property ownership to minimise your tax bill
Someone to call when the rules change or you are considering adding to your portfolio
The biggest change in recent years is mortgage interest relief. Before 2017, landlords could deduct their full mortgage interest from their rental income before calculating the tax they owed. That relief has been phased out and replaced with a basic rate tax credit, which means higher rate taxpayers are now paying significantly more tax on their rental income than they were a few years ago. Many landlords are still not fully aware of how this works or how it affects their overall tax bill.
There are still plenty of costs you can legitimately claim against your rental income letting agent fees, repairs and maintenance, insurance, accountancy fees, and certain legal costs among others. The key is knowing which costs are allowable, which are not, and how to record them correctly so that your tax return is accurate and defensible if HMRC ever asks questions.
Something we regularly see landlords who have been completing their own tax returns and either missing allowable expenses entirely or incorrectly claiming improvement costs as repairs. Both errors are common and both can be costly one means you overpay tax unnecessarily, the other could trigger an HMRC enquiry.
A review of your last couple of years of returns can often identify savings or correct errors before they become a bigger issue.
This is one of the most common questions we get from landlords, particularly those with larger portfolios or those who are higher rate taxpayers. There is no single right answer it depends on your personal tax position, how many properties you own, whether you plan to expand your portfolio, and what you intend to do with the properties long term.
We can talk you through the pros and cons for your specific situation and help you understand the tax implications of each option before you make any decisions. If you are already considering transferring properties into a company, there are important tax and stamp duty considerations to understand first.
Expert Chartered Certified Accountants helping UK businesses protect and grow their income.
Friendly support from a local team that understands your business. Book your free consultation today and take the first step towards financial clarity and peace of mind.
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74 St James Road, Blackburn, BB1 8ET
We work with clients across the UK, so you can get support wherever you are
