Landlords Tax Edinburgh
Ensure you pay the correct income tax required from payments received for your rental property with our Landlord Tax advice service
Generally speaking, landlords are those who rent out a home that they own. More broadly, landlords can be focused on short-term contracts, long-term contracts, or even work as part of an agency. Whichever the area of focus, all landlords have responsibilities to uphold that are legally required to be a part of any rental contract. They also have a number of costs and outgoings that will depend largely on the circumstances of the rental situation and contractual obligations.
The mandatory costs of being a landlord can be quite complicated, and failing to keep on top of all aspects of accounting can have a negative impact on business and finances. It’s important, therefore, that anyone considering becoming a landlord is completely versed on what they will need to factor into their account planning. Keeping on top of monthly bills and arrangements will reduce the stress factor that can often be part and parcel of managing a property portfolio, large or small.
Planning for essential and circumstantial costs
Some of the costs to be considered are EPC (Energy Performance Certificate), Gas Safety Certificate, and Smoke/Carbon Monoxide Detectors. All of these are essential costs. There are also a number of circumstantial costs, for example, mortgage interest, and landlord insurance. Beyond this, landlords also need to factor in the costs of utility bills and whether this is covered in the rental figure, along with the cost of home repairs and appliance maintenance.
Accounting solutions and management systems tailored to landlord needs
With so many strings to the bow, it’s crucial to have access to accounting solutions and management systems that meet all legal requirements. If you’re not familiar with accounting, these must be simple to navigate. Managing your own business and finances should be a fluid part of the process and not one that causes you stress. Thanks to the digital age, landlords are increasingly making use of cloud-based accounting packages, which often include expert support from industry professionals. That provides the flexibility to access and manage accounts information from any location. An added bonus is the option to have a bespoke solution that is tailored to a landlord’s specific process and business size, from sole proprietor to agency-based.
Being able to work with accounts professionals that you can trust is essential if you decide to get support with the management of your financial responsibilities. If you want to know more about what is involved in being a landlord and what responsibilities a landlord has, get in touch with Allsquare today 0131 343 1510.