Becoming a landlord may seem like a great idea thanks to rumours of high rental yields and minimal work… The reality, however, can be very different.
As a commercial or residential landlord you’ll have a lot to consider, particularly around the subject of costs management. Not only will you have to keep income tax and all your landlord-related outgoings in mind, you’ll also need to make sure you’re not paying too much tax. Whilst there are a number of allowances you can deduct, many landlords overlook these or even subtract the wrong costs resulting in expensive errors.
Why choose Phil Owen & Co.?
Under UK law any individual or company renting out all or part of a property may be liable to pay income tax on the profits. To minimise that liability, however, our team of tax specialists will advise as to the allowances that you could deduct to lessen your tax bill such as…
- Council tax
- Mortgage interest
- Ground rents
- Cleaning and decorating costs
- Accountants’ fees
Overlooking a possible deduction or deducting the wrong thing could prove to be a costly mistake. With our help, however, you’ll get the most out of your investment and could even begin to build a property portfolio. When you’re ready to take that step we can also advise on ways of raising the necessary capital.
A leading firm of accountants working with landlords throughout Merseyside and Wirral, we’re ideally placed to provide the professional advice and support you deserve. To arrange a free, no obligation consultation get in touch with our friendly team today.