company profile

	If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you may want to voluntarily disclose it because this allows you to make use of the loss in the future should the property turn profitable. Below are some common areas that house of Accountants can help you with your property affairs:

	Deciding on your main residence

	If you do own and personally use more than one property in the UK, it is possible to make an election to nominate which property should be treated as your main residence for tax purposes. We can advise on the implications of making such an election, the qualifying conditions that must be met and help to decide if it would be beneficial for you depending on your personal circumstances. There are strict time limits for making this election, which has to be filed with HM Revenue & Customs, so it is important that advice is sought promptly.

	Selling property

	If you have Capital Gains Tax to pay, for example because you've sold or given away a holiday home or second property, you will need to complete a tax return. House of Accountants can advise you on any tax planning opportunities available, in order to minimise your Capital Gains

Use Full Links