It’s important to establish a solid strategy for handling real estate taxes.

When rental income exceeds expenses, it leads to a taxable profit. At Certax Accounting, our team of experts can provide tailored tax planning strategies to help minimize the tax on your rental income. From day-to-day management to the eventual sale of your property, we can guide you in ensuring that you are maximizing tax reliefs and deductions available to property owners.

It’s important to assess property ownership carefully, as joint ownership can offer significant tax benefits in certain situations. By claiming tax relief on eligible expenses and loan interest, you can effectively reduce your tax burden. 

Expenses such as maintenance, repairs, and property management fees are typically deductible, which means you can offset these costs against your rental income. Your local Certax Accountant is well-equipped to assist with these facts and more.

In addition to everyday tax planning, we provide in-depth advice on what to do when selling a property. The sale of rental property may be subject to Capital Gains Tax (CGT), but there are several strategies to reduce this liability. 

We can help you determine whether any exemptions, such as Private Residence Relief or Letting Relief, apply to your situation. Furthermore, if your rental property qualifies as “furnished holiday lets,” we can advise on the specific tax rules that may allow you to benefit from more favorable treatment, including deductions for capital allowances on furniture and fixtures.

For property owners considering expanding their portfolio, we can also assist with tax-efficient ownership structures, such as limited companies, which may offer certain tax advantages. 

Whether you’re purchasing, selling, or renting property, the tax implications can be complex, but Certax Accounting is here to provide clear, professional advice and solutions that help you reduce your liabilities while complying with the latest tax regulations.

Let us take the stress out of property taxes and help you achieve the best possible outcome. Reach out to your local Certax Accountant today for tailored guidance and expert support.