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Here at GRC, we find we are increasingly dealing with rental accounts. Many people are increasingly choosing to invest in rental properties. But in today's financial climate, when many people move house, they rent out their original property rather than reduce its resale price. Others who cannot afford to live in their home, choose to move out permanently / temporarily until their financial situation improves.
What many people do not realise is that if you decide to rent out a property, then it is imperative that you declare this rental income to HMRC via your personal tax return - whether you make a profit or not.
And if your rental property is currently in a loss situation, e.g. your rental income is less than the interest element of your mortgage, then it is still important to declare and record this loss, as it can be offset against future rental profits for the property.
Here at GRC Accountants we can help guide you through this, and ensure that you fulfil all the criteria HMRC require.
Or please do not hesitate to contact us using the contact details below.