RMH Associates
Business & Accountancy Services
Rental Property Accounts
HMRC has recently announced that it has launched a campaign targeted at people who have income from property and have not declared it on their tax returns.
The income includes:
- income from renting a room
- buy to let income
- income from UK furnished holiday lettings
- income from letting holiday apartments abroad
- income from inherited property
This HMRC campaign is targeted at those who have income from property that has not been declared in their tax return. They will issue a letter with a help sheet and declaration form requesting details of property income from 2001/02 to date.
We can help you
- Produce a Rent Account for submission with your annual Tax Return from either your records, or those we have prepared on your behalf
- Claim the expenses allowable against your rental income
- Track the costs of property improvements and the costs of buying and selling
- Calculate and track losses to ensure that relief is claimed against profits
- Plan the future whether you have one property or several
- Calculate and plan for the capital gains tax due on disposal