RMH Associates
Business & Accountancy Services

Rental Property Accounts

HMRC has recently announced that it has launched a campaign targeted at people who have income from property and have not declared it on their tax returns.

The income includes:

  • income from renting a room
  • buy to let income
  • income from UK furnished holiday lettings
  • income from letting holiday apartments abroad
  • income from inherited property

This HMRC campaign is targeted at those who have income from property that has not been declared in their tax return. They will issue a letter with a help sheet and declaration form requesting details of property income from 2001/02 to date.

We can help you

  • Produce a Rent Account for submission with your annual Tax Return from either your records, or those we have prepared on your behalf
  • Claim the expenses allowable against your rental income
  • Track the costs of property improvements and the costs of buying and selling
  • Calculate and track losses to ensure that relief is claimed against profits
  • Plan the future whether you have one property or several
  • Calculate and plan for the capital gains tax due on disposal