Where rental income exceeds the related expenses, a profit will occur that is subject to income tax. At Hopes & Co. Accounting, we have a team of specialists who can advise on many Tax Planning courses of action which would minimise any tax due on income from your rental properties.
Due consideration should be given to who owns the property and the tax advantages of joint ownership where this is appropriate. Obtaining tax relief on all the allowable expenditure for the property, along with claiming relief on any loan interest incurred, would result in reducing the tax liability. Hopes & Co. Accounting has the capabilities to deal with all these matters and more besides.
Upon the disposal of such properties, we can offer tax planning advice to mitigate any capital gains tax. If the nature of your rental income falls into the “furnished holiday lettings” category, special tax rules apply that can help you.
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If you would like more information or would like to speak to us direct then call us on 01343 357112. Or if you would prefer, ask us a question online.