Mike's advice on Landlords and Tax

Everyone hates the 'T' word. But if you're thinking of becoming a landlord we strongly advise you do your research on how you'll pay tax (sole, joint, or through a company) as each one has it's pros and cons.

In this video, Mike, draws from his expertise as both a letting agent and landlord, to offer valuable insights into landlord taxation:

Ownership Structure: consider the ownership structure. Whether buying individually or jointly, each option has its tax implications. For instance, joint ownership allows for income splitting, potentially reducing tax liabilities.

Self-Assessment Tax Returns: Landlords are required to file self-assessment tax returns.

Deductible Expenses: Various expenses incurred in managing rental properties are tax-deductible. These include mortgage interest, management fees, insurance, maintenance costs, and more.

Consulting an Accountant: important to consult an accountant for personalised advice. Accountants can offer tailored guidance on tax planning, deductions, and compliance with tax laws.

If you have any questions, get in contact on the details below:

Call us on 01344 249 500 or email us at hello@avocadopropertyagents.co.uk

Or fill out this form, and we'll get in touch with you https://avocadopropertyagents.co.uk/contact-us