Being a landlord is difficult enough, never mind dealing with tax.
We’ve helped many landlords who have misunderstood their obligations in relation to tax, for example inheriting a property and not realising the need to declare the income if they rent it out. In those circumstances, we can help with a HMRC disclosure and ensure that all expenses that can be claimed are considered. HMRC has been sending ‘nudge letters’ for a long time now to those it has identified as owning a second property which has made many people suddenly realise that they have past errors to rectify. Our team can help you with this.
There can also be issues with capital gains tax, especially if you’ve lived in a property before renting it out, the relief rules can be difficult to navigate and misunderstood. We’ve helped many clients correct past mistakes in this area.
Sometimes HMRC opens enquiries into property income, in the belief that something has been missed or has gone wrong. In those circumstances, we’ve helped clients to defend the enquiry and bring the matter to a conclusion.
Recently, there have been a number of property incorporation arrangements that have come under scrutiny. These arrangements typically look to avoid section 24 interest relief restrictions. Some of these arrangements may work, others may have caused unforeseen issues, or been ineffective. We’ve helped clients in those circumstances to assess whether they have a problem and if so, we help to put it right.
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