Accounting for Landlords
Knowledgeable in both residential and commercial property, our team can help you actualise your ambitions, so you can achieve that rapid, continuous growth you’ve always wanted.
Enjoy a stress-free, tailored service incorporating comprehensive compliance reporting; a complete bookkeeping service; tax-planning advisory; capital allowance claims support; and management meetings.
Providing references, usual SA302s and tax year overviews, we can support you in making mortgage applications.
We also offer support and representation in the event of a HMRC tax investigation.
Taking the time to understand your wants, as well as your needs, your accounts manager will help you establish your goals, keeping you on path by tracking how close you are to reaching them.
Tax Service for Landlords
Tax Returns
Regardless of whether you’re generating a profit or a loss, we can submit tax returns on your behalf, freeing up time for you to focus on your property endeavours.
Did you know that it is highly advantageous to document losses to HMRC?
Although it may feel counterintuitive, not reporting your losses is in itself a loss, since doing so allows you to offset losses against future profits.
Rental Properties
When it comes to rentals, we’ll make sure you’re not paying more on tax than you need to. Offering expert insights to make sure that you’re claiming all the expenses and reliefs available, reducing the income tax you pay on your rental properties.
Determining the validity of these deductions on your own can prove difficult, especially considering the are a range of routes that can be taken according to your individual circumstances.
Your accounts manager will discuss your options with you, keeping you firmly in the driver’s seat with assured directions.
Tax Planning for Capital Gains Liability
You’re legally required to pay Capital Gains Tax for various reasons, such as selling or giving away a second property.
This requires you to submit a tax return, which Gow and Partners can calculate and take care of, so that you don’t have to.
In the lead up to this, we’ll also offer expert advice regarding tax planning, in order to minimize prospective Capital Gains Tax liability
Determining Your Main Residence
Did you know that you can enlist a singular property with HMRC as your main residence for tax purposes, if you own multiple in the UK?
We can analyse your personal situation and weigh up whether this would be favourable for you, offering clear their expertise regarding implications and qualifying criteria.
Cloud Accounting for Landlords
With Making Tax Digital (MTD) coming into effect for the sector in 2024, it’s vital that Landlord’s embrace the change in good time.
At Gow and Partners, we are experts in accounting technology, ensuring that all of our clients have access to the best software available.
Benefiting from cloud accounting software, such as Xero, you can rest assured that your business will be fully HMRC compliant. You’ll also receive any training necessary to get your head around how to operate the systems.
Tailored app advisory— your accounts manager can also advice you on the best apps to integrate within your cloud accounting system.
An example— Hammock, one of our numerous app partners, is the go-to property finance platform for UK landlords. It boasts brilliant features relating to banking, bookkeeping, property tax and insights.
Other Advisory
When starting out, many landlords are unsure as to whether they should set up as an individual, partnership or limited company.
This is especially true with section 24— recent legislation removing a landlord's right to deduct the majority of their finance costs from their rental income before calculating tax liability, meaning tax is now paid on gross income.
Do not be discouraged! Gow and Partners have over a decade of experience working with landlords across Lancashire. We can assess your situation and determine which structure is most suitable for you.
Maybe you’re wondering how to deal with VAT on a development property. Perhaps you are unsure whether you ought to get landlord insurance.
Whatever your query, Gow and Partners can give you the insights needed to make confident decisions.
We will also keep you updated on any financial changes within your sector, ensuring that you’re a claiming for all relevant relief, such as interest rate relief or mortgage tax relief.
Let us Help You
Book your 30 minute discovery call today— enjoy a relaxed, no-obligation chat with one of our qualified accounting advisors. We can assess your situation and determine how to best serve and add value to your business.
Alternatively, you can send us a message with any queries (big or small), and one of our team members will get back to you promptly.
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