Landlords & Property Owners
Being a landlord is a great way to make a living or get an additional income alongside a day job. As you’re essentially running a business however, there are certain rules, regulations and tax implications that must be adhered to.
We understand this can be incredibly overwhelming if you’re a first-time property owner or if being a landlord isn’t your full-time job. This is why PKB Accountants has a team of experts on hand who can help with everything from rental income advice to minimising the taxes you have to pay as a landlord.
Why do I need an accountant?
The UK tax landscape is complicated and in recent years, the government has introduced a number of changes which has affected the way landlords run their businesses. Not only can this be difficult to get your head around, rules and regulations are forever changing so it’s important you’re keeping on top of any new legislation.
Can you save me money?
Business owners often worry about the additional cost of hiring an accountant. Thanks to our expert knowledge however, we can offset our cost and save you money in the long run. PKB can help landlords run a more profitable business by:
- Helping with the formation of Special Purpose Vehicles (SPV). This is a limited company with restricted trading and is a tax-efficient way for landlords to manage a portfolio of buy-to-let properties
- Making you aware of all the legal ways you can reduce your tax burden.
- Advising on how to deal with late payments
What if I’m just starting out as a landlord?
Our clients range from new property owners and those renting out holiday homes to landlords with large portfolios.
If you’re new to the world of being a landlord, we can help you start your business. We will go through everything in great detail with you so you can be rest assured that you’re making the right decision, that you’re doing everything by the book and that your business is going to be as profitable as it can possibly be.
What if I’m buying a commercial property?
If you own and run a limited company and you’re buying a commercial property for your business, you can choose to buy it personally and then act as the landlord to your limited company, charging rent.
You also have the option to rent out any spare office space to other companies. While this is a fantastic way to boost income, there are tax implications of doing this so please consider getting professional advice from an accountant.
Will landlords be affected by Making Tax Digital?
Self-employed businesses and landlords with a business turnover of more than £10,000 will need to follow rules for Making Tax Digital (MTD) for income tax from their next accounting period starting on or after 6 April 2023.
Some businesses are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop MTD. If you’re a self-employed business or landlord, you can voluntarily use software to keep business records digitally and send income tax updates to HMRC instead of filing a self-assessment tax return.
PKB can help you set up MTD if you’re a landlord or property owner.
What services do you offer landlords and property owners?
We understand that running a business can be incredibly difficult and time consuming. We can help ease the burden by taking on many of the everyday responsibilities of being a business owner including:
- Accountancy services
- Bookkeeping services
- Payroll services
- VAT services
- Tax planning services
- Company secretarial services
- Registered office services
- Tax investigation service
Why choose PKB?
Here at PKB, we pride ourselves on the fact that we do so much more than simply fill out your tax return. We can:
- Advise on any special tax reliefs available to landlords
- Explain how to buy properties in a tax-efficient manner
- Ensure you’re aware of all the accounting records you’re required to keep
- Obtain the best investment advice for you
- Help with all the other aspects of being a landlord including managing tax, VAT and dividends
- File your annual accounts, tax returns, VAT and PAYE so this is one less thing you have to worry about
- Offer great advice whenever you need it
- We also work with several software providers including Xero, ClearBooks, QuickBooks Online and SageOne to ensure your business is running as efficiently as possible
If you’re a landlord and would like advice on how to get the most out of your properties, please don’t hesitate to get in touch with PKB and we’ll be more than happy to help.
“We provide advice regarding all tax aspects of buying, selling and letting property. If you’re about to invest in, dispose of or let a property, give us a call to find out how we can help.”