Buy To Let
Tax Advice
The Personal Tax Centre is a small, friendly, owner managed firm of chartered
certified accountants
serving small businesses and private individuals dealing with
Buy to Let Tax and all other tax issues.
For a free telephone consultation, a quote or to have accounts prepared for Buy To Let Tax, please phone Stephen Maslin on 01202 399111 NOW!
BUY TO LET TAX ISSUES
Buy to let has
become very popular over recent years but do have implications on your
taxes.
Having a buy to let property will affect your income tax and capital gains
tax position.
INCOME TAX
The income that you receive from your property will need to be included on your tax return.
You are allowed a deduction from income for certain expenses.
Special rule if you are abroad and your rented property is in the UK - your agent will deduct tax from the rent until the Revenue are satisfied that your tax affairs are up to date.
Make sure you’re your affairs are in order – you don’t want a Revenue enquiry.
What about the mortgage?
Interest
on a mortgage on the property is normally tax relievable but at a rate that
does not exceed the purchase price of the property. Unsure of your
situation?... please call.
Capital Gains Tax
Any
profit made on the disposal of your property is a CGT event and needs to be
calculated and included on your tax return.
Certain deductions are allowable.
Make sure you are not paying too much.
What we are able to offer:
· Preparation of Income Tax returns.
· Property rental statements.
· Capital Gains calculations.
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