Property income in Bromley
We offer a professional and competitive rental accounts and property income tax service for landlords. Whether you own just a property as a retirement investment, or you own several properties, we will prepare your rental accounts and tax return in a timely and efficient way.
Usually you will be required to provide the:
- records of your rental income and expenses
- bank transactions
- mortgage certificates
- service charges statements
- service agent statements or other relevant documents
We offer a professional and competitive rental accounts and property income tax service for landlords in Bromley, London, Kent and nationwide. We will charge a little more, if we need to carry out your bookkeeping, to prepare your accounts or if you have other sources of income. For each additional property, we will usually charge £50 extra. Capital gains computations are charged very competitively too. Tax planning is included in the property income tax service at no extra cost. We will help you claim all the available tax reliefs and to pay the minimum amount of tax required by law. We can advise you in all areas of taxation, such as Income tax, Property income tax, Inheritance tax, Capital Gains, Business tax and many more.
Factors you need to consider
- think of your investment as medium to long-term
- do your sums properly
- research the market
- consider decorating to a high standard to attract tenants quickly
- purchase anything with serious maintenance problems
- think that friends and relatives can look after the letting for you. You’re probably better off with a full management service
- save with tenancy agreements and other legal documentation
Important changes to property income
In the near future, the amount of income tax relief landlords can get on residential property finance costs will be restricted to the basic rate of income tax. These finance costs include mortgage interest, interest on loans to buy furnishings, and finance fees incurred when taking out or repaying mortgages or loans.
With the new rules, landlords will not be allowed to deduct their full financial costs from their property income. Instead they will receive a basic rate tax reduction from their income tax liability for their finance costs. The new rules of the property income will be introduced gradually over four years from April 2017.
From April 2016, the wear and tear allowance which was available to landlords of fully furnished properties has been abolished.
From April 2016, all landlords of residential dwelling houses are allowed to deduct the costs they actually incur on replacing furnishings, appliances and kitchenware in the property. This new relief is allowed to furnished and unfurnished properties.