01252 975000 [email protected]

Property Management

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.

These include:-

  • 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.

 

 

 

 Making Tax Digital for Income Tax

As of April 2024, all Landlords with an annual (Combined) income of over £10,000 will have to file quarterly returns, recording all of their income and expenditure for their rental properties, via an online filing portal.
This means that now is the best time to get ready for the ‘MTD’ changes, making small changes to the way our clients record and keep their records, so that when the official changes happen, they will be ready.

 We Can Help you to catch up

One of the many issues we have dealt with over the years, is the Landlords who did not realise that they had to file Tax Returns, even when they did not have any profits. This could be very costly, if the HMRC find that a landlord has not been recording their past rental income and may make an assessment of earnings without paperwork.

There is also help from the HMRC- The Let Property Campaign

We also help our clients with the ‘Let Property Campaign’, where you can make a voluntary disclosure of rental earnings and costs to the HMRC, going back as far as 20 years!

 The benefits of the ‘Let Property Campaign’ are:-

  • Being able to bring your tax affairs up to date and be able to discuss late payment interest or fees, if there are any due.
  • Being able to negotiate a ‘time to pay’ agreement on any tax which may be due as a result of the income earnt.
  • You may decide not to come forward, however the potential penalties and assessed tax could be much higher.

If you wish to find out more about the ‘Let Property Campaign’, please click here:-
https://www.gov.uk/government/publications/let-property-campaign-your-guide-to-making-a-disclosure/let-property-campaign-your-guide-to-making-a-disclosure

 

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Terminal E2/3B, Farnborough Airport, Farnborough, Hampshire, GU14 6XA

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