Rental Accounts
- Preparation of annual rental accounts
- Preparation and review of service charge accounts
- Furnished Holiday Lets
- Letting rooms in your home
Preparation of annual rental accounts
We will prepare a statement of rental income and expenditure for each let property and a combined total for inclusion on the self-assessment tax return.
Preparation and review of service charge accounts
We will prepare a statement of service charges for the relevant year in order that charges can be collected from tenants, lessees or leaseholders
Furnished Holiday Lets
We will advise you on the qualifying conditions required for furnished holiday lets status to apply to your property and the tax implications of that status.
Letting rooms in your home
We will advise you regarding the tax position on letting rooms in your home and the conditions that are required to be met for exemptions to apply.
Rental accounts FAQ's
We will prepare rental accounts for the property and a separate schedule with income and expenditure according to the ownership split.
We will review the expenditure details provided and advise if there are any additional allowable expenses or charges that should be considered.
The rules for tax relief on finance costs have changed significantly over the last few years. For the tax year ended 5 April 2020 – 25% of finance costs will be allowable as a deduction directly against rental income, the other 75% will be given as a basic rate tax reducer.