Whether you are a Buy To Let landlord – or if you rent a room or own a second property in the UK or elsewhere – you should contact Superior Accounting Solutions Limited. There are several ways to minimize, and in some cases remove, tax for:
Property Tax Mitigation is a specialty of Superior Accounting Solutions Limited. If you would like to discuss any of the concerns mentioned, please contact us at 07459 254 443 or use our contact form.
We provide a wide range of property tax advice, particularly for landlords and individuals with second homes. If your rental income exceeds your total costs, allowances, and reliefs, you must pay tax on this income by filing a tax return. If your rental property makes a loss, you should willingly declare it so that you can use the loss in the future if the property becomes profitable.
Property sale If you owe Capital Gains Tax, for example, because you sold or gave away a second house or vacation home, you must file a tax return. Superior Accounting Solutions Limited will advise you on any possible tax planning alternatives to reduce your Capital Gains Tax bill. We can also calculate your Capital Gains Tax due and file your tax return on your behalf.
Landlords If you rent out property, you must pay income tax on the difference between the rentals you charged during the tax year and any authorised expenditures and levies. We can assist you in obtaining all of the expenditures and reliefs to which you are eligible.
Knowing what maintenance and repairs can be deducted can be difficult because there are a variety of techniques available based on your situation. We can go over your options with you and make sure you make the best decision for your tax situation and needs. We can also ensure that you are claiming all of the finance charges for any loans or mortgages you have on your homes, since this can be a tricky area in which people might lose important tax relief.
Vacation Rentals with Furnished Accommodations In April 2012, significant modifications were made to the tax status of Furnished Holiday Lets (FHLs). The requirements for receiving such therapy have become increasingly strict, and the advantages have been lowered. However, we can advise you on the qualifying circumstances and the ramifications for your assets that such status involves.
Renting out rooms in your house If you rent out rooms in your own home, you may not have to pay tax if the total rent paid is less than £7500 every tax year. However, there are several requirements that must be met in order for this exemption to be valid.
We can advise you on the tax implications of purchasing, selling, and renting out property.
Operating from our office in Glasgow, Superior Accounting Solutions Limited has been providing accountancy and tax advice to businesses and individuals.
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