Many people dream of becoming a landlord, it’s often considered the ultimate form of passive income, but in reality, it’s far more involved than most people suspect. Not only do you have to deal with mortgages, leases, and renovations but also keep a close eye on your finances and file a myriad of paperwork with HMRC. This can result in you spending more time dealing with admin work than purchasing property or managing tenants, rather counterproductive if you ask us. Thankfully, LM Accountants are here to offer you a solution!
Our team of friendly, hard-working, chartered accountants have a plethora of experience aiding landlords big and small. Because of this, we have an in-depth understanding of the difficulties plaguing landlords. Regardless of whether you’re a first-time landlord or a real estate tycoon, our team can offer expert advice and help you get your business running smoother and more efficiently than ever before.
The bond between a landlord and tenant is reliant first and foremost on trust. As such, staying on the right side of the track is crucial to your success. The last thing anyone wants is HMRC looking into your affairs and questioning every transaction you’ve ever made. To prevent this, we can advise on the tax implications of letting out property/rooms, owning multiple buildings, and of course, selling your property. As a landlord, not only do you have to report income tax (for rental earnings) but also capital gains for any sales. Failure to do either can be catastrophic for any budding landlord. Therefore, getting help from professionals can pay dividends down the line.
If you want to get in touch for a chat about how we can help, you’ve got a few options. You can reach us by calling on 0800 861 1497, filling in our online enquiry form, or by heading over to our offices located in Kirkwall.
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