Even if you think you are making a loss, remember only the interest element of your mortgage payments is deductible for tax purposes, so you could possibly be making a significant taxable profit without realising it. Landlords with rented property must register for self-assessment and submit a tax return each tax year. In order to calculate your tax liability correctly, it is important to ensure you are claiming all relevant expenses and not including disallowed items of expenditure – e.g. capital improvements. If you don’t know where to start with this subject, talk to us today and we’ll put you on the right track to ensure all your responsibilities are covered.
All you need to do is send your paperwork to us and we will take care of the rest.