Sole Trader Rental Accounting
As a sole trader in the rental property market, you're operating in an increasingly complex environment:
New challenges can always pop up such as:
- Legislative changes.
- Bills for repairing property damage.
- Late rental payments from problematic tentants.
Here's How Our Property Accountants Aid Sole Traders:
A Tailored Package With A Fixed One-Time Fee – We take the time to understand your business and its goals, creating a bespoke accounting package for you. Our package comes with a fixed fee so you don’t have to worry about surprise bills.
We Reclaim VAT-related Property Expenses – Do you meet the VAT threshold as a sole trader? Our experts know how to legally claim on expenses reducing your VAT liablities.
Property Tax Specialists Reduce Your Tax Liabilities – The rental property market is subject to regular changes. Keeping up can be difficult. Our accountants utilise clever strategies to reduce income tax on rental income. You can spend the extra funds elsewhere.
We Do Your Capital Gains Tax For You – We calculate the CGT on property for sole traders planning to sell property. We claim every relief/exemption possible reducing your liability. Our specialists file the tax for you too.
Our Service Is The Complete Package – From managing rental income to tax planning to capital allowances to we take care of it all. Sit back and focus on growing your businesses. Our self employed accountants take care of the bore that is accounting.
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What Is Included In Our Sole Trader Rental Accounting Service?
- Managing Rental Income & Expenses – tracking rental income and accurately recording allowable expenses.
- Tax Planning & Compliance –
- Calculation of rental income tax
- Self-assessment tax for sole traders
- Utilising tax allowances/reliefs
- Personal allowance
- Marriage allowance
- Mortgage interest
- Capital Allowances & Depreciation – we assist with capital allowance claims, depreciation of assets accounting & calculation of balancing charges.
- Reporting And Preparing Financial Statements – Profit And Loss Statements, Cash Flow Management & Balance Sheet.
- Capital Gains Tax : CGT calculation:
- Record-keeping And Documentation: Organising documentation in case of HMRC audits/investigations.
- Rental Property Tax Strategies: Maximising deductions; accounting for prepaid expenses & advice tax efficient ownership structures.
- Dealing with Multiple Properties or Rental Properties: Portfolio management & tax optimisation by adjusting mix of properties in terms of rent received and associated expenses.
- VAT Considerations: VAT on property & exempt vs taxable property.