Brooks Accountants

Property Investors

Being a landlord is an incredibly rewarding endeavour. However, it can be time consuming and stressful when it comes to arranging your accounts and tax affairs.

Why do landlords need an accountant?

If you have personal rental income you are required to register for self-assessment and complete annual tax returns. If you have a property portfolio it is similar to running a Limited Company and this might be a more tax efficient structure for you rather than owning properties personally.

You may need help managing your various rental accounts, filing expenses and completing tax returns and registrations.

What can we help you with?

Being a landlord is a big responsibility, but we can help relieve some of your obligations, such as:

Making Tax Digital for Landlords

MTD for Income Tax & Self-Assessment (MTD for ITSA) is part of the UK government’s long-running plans to digitalise tax.

Doing so makes life easier for individuals and businesses who, because their records are digital, get improved visibility into their finances. This empowers better decision-making, the ability to spot problems before they arise and assists growth.

The next phase of the project begins in April 2024, when many individuals and the self-employed, currently using Self-Assessment, will be required to switch to using MTD for Income Tax for their income tax accounting and reporting.

This includes landlords, but only those whose rental income (not profit) from their property or properties exceeds £10,000 per year.

If a landlord is also a sole trader, then the income from the sole trader business(es) they own, plus the income from properties, is added together for the purpose of determining if that individual is required to register for MTD for Income Tax.

Download our FREE Making Tax Digital for Landlords Guide!

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