Landlord accountants in Hull

Residential and commercial landlords in Hull: accidental landlords renting a former home, buy-to-let investors with one to several mortgaged properties, portfolio landlords, joint owners and couples, owners of furnished holiday lets and serviced accommodation, overseas landlords with UK rentals, and anyone who has let a property for years without declaring it and wants to put it right.

• Rental income and expenses for each property reconciled to agent statements and bank records
• Allowable expenses claimed in full: repairs, insurance, agent fees, ground rent, service charges, replacement of domestic items
• Mortgage interest handled correctly as a 20% tax credit, not a deduction, with the restriction carried forward where it cannot be used
• Joint ownership splits, Form 17 elections and the property allowance applied where they help
• Furnished holiday lets, serviced accommodation and rent-a-room treated under the rules now in force
• UK property pages of the Self Assessment completed and filed, with Making Tax Digital readiness assessed

1. Tell us your situation

   A short message or call about what you do and what needs filing. We ask the questions that determine the right package and nothing more.

2. Fixed fee in writing

   You receive one price for the work, confirmed by email before anything starts. It does not change if the job takes longer than we expected.

3. Send records, review the draft

   Records come by WhatsApp or email. We prepare the draft, explain the figures in plain English and answer your questions.

4. We file, you get the receipts

   Once you approve and the fee is settled, we submit electronically and forward the HMRC or Companies House acknowledgement the same day.

Hull is in Yorkshire, in the HU8 postcode district, England. Income tax in England follows the UK rates: 20% basic to £50,270, 40% higher to £125,140 and 45% additional, with the personal allowance of £12,570 tapered away above £100,000. National Insurance, VAT and Corporation Tax are UK-wide, and Stamp Duty Land Tax applies to property purchases.

Record keeping

Record keeping is a legal obligation with a penalty of up to £3,000 for failure, but its real value is in making every other filing cheaper and more defensible. Keep invoices, receipts, bank statements, mileage logs and any HMRC correspondence, digitally if you like, for five years after the relevant filing deadline for individuals and six years for companies and VAT.

Allowable expenses

Expense claims are where a return is won or lost in an enquiry. The test is wholly and exclusively for the trade; where a cost is mixed, the business proportion can be claimed if it can be identified. Capital items such as equipment and vans are relieved through capital allowances rather than as expenses, except under the cash basis where they are simply deducted when paid.

Crypto records and reporting

Crypto tax splits into capital gains on disposals and income on rewards, with different rates and different reporting. The £3,000 annual exempt amount and the 18% and 24% rates apply to gains; staking, mining and airdrop income is taxed at marginal income tax rates. HMRC's nudge letters to holders have increased sharply, and a voluntary disclosure before one arrives is treated far more leniently.

The 60-day property CGT return

The 60-day Capital Gains Tax return on residential property is the deadline landlords most often miss, because it falls outside the Self Assessment cycle and runs from completion, not exchange. Private residence relief for periods you lived in the property, plus the final nine months, reduces the gain. Penalties for a late return mirror Self Assessment, starting at £100.

Dormant companies

A dormant company is one with no significant accounting transactions in the year, where the only permitted entries are the payment for shares on incorporation, Companies House fees and penalties. It still files a confirmation statement and simplified dormant accounts every year. A bank charge or an accountant's fee paid from the company ends dormancy and requires full accounts.

The trading and property allowances

The first £1,000 of trading income and, separately, the first £1,000 of property income each year is tax free under the trading and property allowances. Below those figures no return is needed for that income. Above them you can deduct the £1,000 allowance instead of actual expenses if that is better, which suits side businesses and single-room lets with few costs.

Employer National Insurance

The cost of an employee is more than the salary. Employer National Insurance at 15% above £5,000 a year, the 3% minimum pension contribution, holiday pay, equipment and management time all come on top. The Employment Allowance of £10,500 reduces the National Insurance for most employers with more than one person on the payroll.