Is renting a property your business?
Whether you have a large portfolio of Investment properties, or just one rental property that you once lived in, you are now a property investor and running your own business!
Likewise it does not matter whether you have a Limited company or partnership to hold your property in, or whether you own it personally and the income barely covers the costs of the mortgage or loans on it. You still have to declare the income and pay any tax due if there is any.
Helping you to navigate the tax
Whatever the size and shape of your portfolio, we at Aviatrix have years of experience in property management, for all sizes of businesses, from large groups and estate agents, to the single privately owned flat.
Navigating the various Tax and Accounting requirements for recording the income and costs, and calculating the various taxes involved is what we do, and we help our clients with all kinds of issues around their investments and the income it brings in. This is why rental income is just like any other business.
- Stamp Duty Land Tax – on exchanging, transferring or purchasing the property.
- Capital gains Tax – on selling or transferring the property, even at no gain, no loss scenarios.
- Corporation Tax – on properties held within Limited Companies.
- Accountants Certificates – we help verify past income and expenditure to assist with funding.
- Self Assessment Returns – where your rental income is included with any other income or gains. It is ironic that rental income is often called ‘passive’ because these days the costs involved with rental properties, and the work required to be up to date on certification can be quite time consuming.
Whatever your rental property issues are, we are here to help
We help our clients with all aspects of rental property management, from filing their returns, helping to decide if the property should be placed into a limited company or partnership, or even talking to the HMRC on their behalf.
You can discuss your options with us before making any decisions about your Property Investment and Lettings business, please let us know and we can talk through your options with you.
Here’s our latest blog post Making Tax Digital For Landlords!