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Accountants in Bristol for Landlords

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If you are a landlord looking for an accountant, Elite Financial Accounting can take care of your tax affairs with a proactive and extremely knowledgeable service!

If you hold properties as long-term investments, producing income in the form of rental profit and capital growth; you will be considered as a property investor by HMRC.

A property investment business must account for their rental profits under the specific rules applying to property income. The sale of properties are dealt with under capital gains tax:

  • Tax rates of no more than 28% at most.
  • Ability to claim Capital Gains Tax exemptions and reliefs.
  • No National Insurance on renal income or capital gains.

One of the first things you will want to do when you buy a property is to refurbish it to your desired standard. However, care must be taken to ensure the expenditure you incur is correctly classified as revenue expenditure (a repair) or capital expenditure (capital improvement).

Revenue expenditure is deductible against rental income (as long as the property is a rental property at the time) whereas capital improvements may be deductible for Capital Gains Tax purposes.

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Please contact us if you need further advice, have any questions about our services, would like a free consultation.