At AATBS Accountants we offer a great range of property tax advice specifically for landlords or those with second properties
Receiving rental income that exceeds your total expenses can give rise to rental property income on which you are required to pay tax and 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. We can help you to make sure that you are claiming all of the expenses you are entitled to relating to your investment property , including depreciation which is one of the major deductions.
Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs. We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.