Individuals and Landlords
We can help you to complete your Tax Returns on time, accurately, correctly and with confidence that you are paying the correct amount of tax. We can advise you on claiming the correct allowances and reliefs and what income needs to be declared.
Correctly completing their Tax Return can be a time consuming and often confusing business for many people.
Many taxpayers struggle to fully appreciate what is required to complete their tax return correctly or understand what is required of them under the ‘Self Assessment ‘system.
The constant stream of changes to tax legislation means that even those who feel confident may fail to recognise that the goalposts have moved. Hence, without professional help the tax payer is at greater risk of incurring penalties through failing to complete their returns on time or correctly. The risk of paying the wrong amount of tax is a very real one.
We can help you
- Pay the right amount of tax – not too much and not too little
- Calculate your tax liability and let you know how much to pay and when
- Calculate any tax refund due to you and make the appropriate claims on your behalf
- Complete and submit all relevant Tax Returns.
- Consider the tax implications of your plans
- Take legitimate action to minimise your tax burden and be prepared for what is due.
- We can deal with HMRC on your behalf including all correspondence and checking statements of accounts, notice of codings, assessments etc.
- Avoid penalties for late or incorrect returns
- We can provide advice about a one-off problem or as continuous support
Property Income & Capital Gains
We can help you plan, record, report and maximise your property income and capital gains.
In recent years, many people have become "accidental landlords" when they moved house, inherited property or were unable to sell their previous home. Fewer than 500,000 taxpayers are registered with HM Revenue & Customs (HMRC) as owning a second property, yet HMRC believes that the true number of British landlords may be as high as 1.4 million and it concludes that some individuals are not declaring their property income and gains.
- income from renting a room
- buy to let income
- income from UK furnished holiday lettings
- income from Foreign furnished holiday lettings
- income from inherited property
- Sales or gifting of Property
We can help you
- Produce a Rent Account for submission with your annual Tax Return from either your records, or those we have prepared on your behalf
- Claim the expenses allowable against your rental income
- Track the costs of property improvements and the costs of buying and selling
- Calculate and track losses to ensure that relief is claimed against profits
- Plan the future whether you have one property or several
- Calculate and plan for the capital gains tax due on disposal
The Taxman is on the campaign trail
HMRC has been running an ongoing programme across a range of sectors, trades and professions to encourage disclosure.
Recently they have run The Property Sales campaign and are currently running The Let Property campaign and more than ever the onus is on landlords and property owners to bring their tax affairs up to date quickly.
To take advantage of The Property Sales campaign you needed to send HMRC your disclosure and pay what you owed by 6 September 2013. Now the deadline has passed, HMRC is using the information it holds to target those who should have made a disclosure and failed to do so.
If you think you should have made a disclosure under this campaign but have missed the deadline call HMRC's Campaigns Voluntary Disclosure Helpline now. It will still be beneficial to tell HMRC as the penalties you will pay may be lower than if HMRC approach you first.
The Let Property campaign is an ongoing campaign as at 25 March 2014.
HMRC has a number of tools at its disposal. Firstly, it uses data about taxpayers' declared income and other assets to identify segments of the population likely to own properties in addition to the homes they live in. HMRC will then cross-check taxpayers' records with Land Registry data and, if it wishes to, can go on to request data from third parties such as lettings agents and mortgage lenders.
Since 2007, when tenancy deposit protection rules came into force, all rental deposits have had to be protected by an authorised deposit scheme. The measure was designed to protect tenants but it is also of use to HMRC. The schemes have to collate data about both landlords and properties – again accessible to HMRC.
Those not coming forward and who may not be declaring rental income can expect higher penalties and even criminal prosecution if HMRC chooses to launch an investigation. We would therefore encourage any residential landlord to act now.