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.
Connect With Us
For further discussions or inquiries regarding the South East rental market, please don't hesitate to reach out to us. Additionally, if you're considering venturing into property investment, book a free valuation with your local Avocado partner today. Let's navigate the rental market landscape together and unlock lucrative opportunities in the dynamic South East region.
Share this with
Email
Facebook
Messenger
Twitter
Pinterest
LinkedIn
Copy this link