If you receive income from rental property which is more than your total expenses, allowances and reliefs, then you need to to pay tax on this income by filing a tax return. If your rental property generates a loss, you may want to disclose that by filing a return so that you can use that losses against future rental income to save tax.
Here are some the common areas which FTS can help you with your property matters:
If you have more than one properties, you can make an election to declare one of them as your residence for tax purposes. We can help you make a decision which gives you better tax saving. We can advise on the conditions you need to meet in order to make such election.
If sell a property, there can be Capital Gain Tax payable on that. We can help you with the calculations. We have experience to make sure that you pay minimum possible tax on such disposals. We make sure you claim all allowable expenses, allowances and reliefs.
If you rent out property you will pay income tax on your rental income. We can help you to make sure that you are claiming maximum tax allowable expenses and reliefs you are entitled to. As there are very detailed rules about claiming repair & maintenance and other expenses, you need professional advice to make right choices too optimise your tax position and fit your needs.
There are new rules for claiming finance cost on mortgages, we make sure you do the things right and at the same time get maximum benefit that you can get legally.
Hmrc have made many changes to the treatment of Furnished Holiday Lets. The conditions in order to qualify for such treatment are now more stricker and the benefits have been reduced. We can advise you on the new conditions and make sure you get maximum benefit out of them.
If you let rooms in your own house, you may not have to pay tax on your rental income as long as the amount is less than £4250 per year. However there are conditions for this exemption, we at FTS can make sure you are claiming the exemption you are entitled to and help you with the calculations.
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