Property Owners
We can provide you with advice regarding all tax aspects of buying, selling and letting property and if you are about to invest in, dispose of, or let property do give us a call.
We offer comprehensive advice on all tenancy matters including Landlord Registration, Tenancy Deposit Scheme and Tenancy Agreements which comply with the current legislation in Northern Ireland.
Below are some common areas where Charles Rowan Accountants have developed expert knowledge.
Charles Rowan is a qualified member of the Chartered Institute of Housing CIHM(Honours).
If you rent out property you will pay income tax on the difference between rents you have charged in a tax year, less any allowable expenses and charges. We can help you to make sure that you are claiming all of the expenses and reliefs you are entitled to.
Knowing what maintenance and repairs can be deducted can be tricky, because there are a number of different methods that can be used depending on your circumstances. We can discuss your options with you and make sure that you make the right choice; to optimise your tax position and fit your needs. We can also make sure that you are claiming all of the finance costs for any loans or mortgages you have on your properties, as again, this can be a complicated area and taxpayers can miss out on valuable tax relief.
If you receive rental income that exceeds your total expenses, allowances and reliefs, then you are required to pay tax on this income by submitting a tax return. If your rental property generates a loss, you should voluntarily disclose it because it allows you to make use of the loss in the future should the property turn profitable.
If you have Capital Gains Tax to pay, for example because you’ve sold or given away a holiday home or second property, you will need to complete a tax return. We can advise you on any tax planning opportunities available, in order to minimise your Capital Gains Tax liability. We can also calculate your Capital Gains Tax liability and compete your tax return for you.
If you let rooms in your own house, you may not pay tax if the total rents are under £4250 per tax year. But there are conditions in order to apply this exemption, which we can discuss with you.