Property tax is an area that’s faced a considerable number of tax changes in the last few years so don’t risk getting it wrong. Whether you’ve just purchased your first rental property or have an existing portfolio, our tax experts can help.
At LJS we will ensure you are paying the most efficient amount of tax on owned property, whatever your property. We understand that most landlords have other occupations and commitments; we give you the freedom you need to balance everything yet increase profit margins.
Landlords should be aware that tax is required on any profit made from renting out property. Self-Assessment is required but can be a lengthy and confusing process. There are many different rules to follow, dependent on the type of letting taking place. For example, renting a room would be different to letting a furnished holiday home, or renting out a property in the UK whilst living abroad. Luckily, LJS are experts in this field, and can assist you no matter what the property type.
There are certain deductions that any individual or company may be eligible for. These include accountants’ fees, council tax, mortgage interest, cleaning costs, decorating costs and ground rents. We will do our up-most to reduce the amount of tax you owe. It is essential that deductions are made correctly and only for eligible expenses. So, don’t struggle with paperwork and deductions just to get them wrong, use our wealth of knowledge and experience to assure compliance and efficiency.
We are not limited to landlords; we can assist with any sort of property related taxation and assessment. There are many variables that determine how much property tax someone must pay. A lot of people do not realise they are not fully complaint. LJS will guarantee you are not on the wrong side of the legislation.