VW Taxation Ltd
Accountants for Landlords
Welcome to VW Taxation, Accountants for Landlords
We’re here to help landlords remain compliant and maximise rental income while minimising their admin burden.
Portsmouth, with its diverse range of properties, young population and thriving local economy, presents a fantastic opportunity for property investors, second property owners and buy-to-let landlords. But with this opportunity comes a whole host of legal and financial responsibilities.
At VW Taxation, we understand the unique challenges faced by multiple property owners when it comes to accounting. Our specialised landlord accounting services are tailored to simplify your financial management, help you understand your tax position, and ensure compliance – all while maximising your profit.
With our landlord accounting service, you can have peace of mind knowing that the financial side of your business is being handled efficiently and accurately, giving you the freedom to focus on what you do best – being a successful landlord.
What Does a Landlord Accountant Do?
At VW Taxation, we understand that, as a landlord, your time and energy should be focused on managing your properties and providing excellent service to your tenants. So why not let us take care of the day-to-day accounting tasks, including bookkeeping, expense tracking, and financial record-keeping, so that you can fully dedicate yourself to your business?
But that’s not all. We are a proactive and commercially minded team that can help you to identify cost savings and make smarter, more informed business decisions.
What taxes must landlords pay?
Some of the most asked questions from our landlord clients involve how and when to pay taxes and how to become more tax efficient. The good news is that we have got your back on all things tax related.
As your dedicated landlord accountants, we can provide specific property tax advice, including:
Income tax
All sole traders and partnership landlords are responsible for reporting their taxable income to HMRC and must pay income tax on their earnings. Likewise, limited company owners must declare their personal income when it exceeds their annual personal allowance.
We assist landlords in accurately calculating and reporting their rental income and expenses via their Self-Assessment tax returns. By capturing all allowable expenses and deductions, we can help you manage personal tax efficiently and make valuable savings.
Capital Gains Tax
When it comes to selling property, it’s likely you will have a Capital Gains Tax liability. Our specialist accountants can guide you through the complex calculations, exemptions, and reliefs to ensure you meet your obligations while maximising your tax savings.
Stamp Land Duty Tax
When it comes to making a new property investment, Stamp Duty Land Tax (SDLT) may apply. Our team will carefully analyse the property’s value and advise you on the applicable SDLT, ensuring accurate reporting and compliance.
VAT
Property owners and landlords may need to add VAT to rent, e.g. for commercial property rentals and furnished holiday lettings. They may also need to add VAT to certain property-related services provided to tenants.
For landlords running VAT-registered businesses, understanding and managing your obligations can be a headache. Our experienced accountants can help you navigate VAT regulations, ensuring proper registration and timely submissions.
Our Specialist Accounting Services for Landlords
At VW Taxation, we offer a comprehensive range of services tailored specifically for landlords. Our dedicated team understands the nuances of the rental property market and can help to streamline your financial processes and ensure compliance with tax regulations. From bookkeeping and expense tracking to tax planning and Self-Assessment Tax Returns, our experienced team at VW Taxation is here to support you every step of the way.
Bookkeeping
Efficient bookkeeping is essential for tracking the income that your rental property generates, as well as your expenses. Accurate financial reporting will enable you to make informed decisions that optimise cash flow and ensure financial stability. We’ll assist you in maintaining meticulous records, organising receipts, and staying on top of your financial transactions, using the latest accounting software.
Tax Planning and Compliance
Our specialist accountants are bang up-to-date with the latest tax regulations and legislation, and will we ensure you meet your tax obligations with ease. Not only that, we can provide guidance on tax planning opportunities to find valuable tax relief to minimise your liability.
Annual Accounts Preparation
If you are a landlord or property investor operating as a limited company, we can help to prepare your annual accounts, ensuring accuracy and compliance with the relevant accounting standards. We can also submit them to HMRC and Companies House on your behalf, saving you valuable time and hassle.
Self-Assessment Tax Returns
Completing Self-Assessment Tax Returns can be a complex and time-consuming task for landlords. Our experienced team is well-versed in the intricacies of Self-Assessment and will ensure that your tax returns are prepared accurately and submitted on time. We’ll work closely with you to gather the necessary information, claim all eligible deductions, and ensure compliance with the ever-changing tax laws.
Frequently Asked Questions
How long does a landlord need to keep records?
As per HMRC guidelines, landlords are required to keep financial records, including rental income, expenses, and supporting documents, for at least six years. Our team can assist you in setting up an efficient record-keeping system to ensure compliance.
What are the penalties for not declaring rental income?
If you receive rental income and fail to declare it, it can lead to penalties and potential legal consequences. Penalties can range from financial fines to criminal charges. Our team can help you to calculate your taxable income and expenses to ensure you stay on the right side of the law.
Do I need a business bank account for rental income in the UK?
While not mandatory, maintaining a separate business bank account for rental revenue is highly recommended. It helps in separating your personal and business finances, simplifies record-keeping, and enhances financial transparency.
Contact VW Taxation, Accountants for Landlords
At VW Taxation, we are experienced landlord accountants serving many property investors in Portsmouth. Our team of friendly and approachable accountants can take on all of your landlord accounting needs, allowing you to enjoy complete peace of mind as you grow your property portfolio.
Our team understands the complexities of buy-to-let property management and the specific challenges faced by property owners. Don’t let complex tax regulations and financial obligations overwhelm you! We believe in simplifying the landlord accounting process. Allow us to be your trusted partner, and we can help you to streamline your financial affairs, maximise your tax savings, and always remain compliant.
Please make a free enquiry today to find out more about our hassle-free landlord accounting services.
