Landlord Services
At Cheylesmore Chartered Accountants we can advise you and help with your properties such as helping you to nominate your main residence, advise on secondary properties, rental properties, rooms in your property that are to let and furnished holiday homes.
How we can help you
Main Residence
In the UK if you own more than one property personally then you would have to nominate which property you would want as your main residence and at Cheylesmore Accountants we can advise you on which property you should choose as your main residence for tax reasons and we can tell you which would be more beneficial regarding your personal circumstances. HM Revenue & Customs have a strict time span in which this information has to be given to them therefore it would be better for you to seek our advice swiftly so we meet this deadline.
Rental Properties
When renting out a property, income tax will be incurred on the difference of the rents that get charged in a tax year after deducting any expenses and charges that are allowable. At Cheylesmore Accountants we will ensure that we will claim any reliefs or expenses that you qualify for. Due to there being a variety of different ways of finding which repairs etc can be deducted we would talk with you and base our recommendations via your needs and tax position and ensure that you are claiming any finance costs that have been incurred on your properties via loans and mortgages.
Selling Properties
We can also give our advice when it comes to selling property in regards to reducing your Capital Gains Tax liability. If you are planning on selling your second property such as a holiday home then it would mean that you would have to pay Capital Gains Tax hence completing a tax return.
Rooms to Let
If rooms in your house are being let out then you may not have to pay tax if the total rents charged are below £7500 per tax year. Due to there being conditions to this we can discuss how to apply this exemption.
Holiday Homes
In April 2012 there had been a notable change in the treatment of Furnished Holiday Lets for tax purposes meaning that it’s harder to get the treatment now and the benefits of this have been reduced. However we will try our best to ensure we get any treatments that you are entitled to and any implications this may have on your properties.