Rental accounts and Self Assessment
Landlord tax return accountant in Cardiff
We prepare rental accounts and property pages for individual landlords, joint owners and non-residents with single properties, HMOs or growing portfolios.
Rental reporting
When a landlord needs to report property income
The correct route depends on gross rent, allowable expenses, the property allowance, other income and whether HMRC has issued a notice to file.
Gross rental income matters
The filing and notification tests are not based only on the final profit. Gross receipts and the detailed HMRC thresholds must be checked.
Ownership decides the taxpayer
Legal and beneficial ownership, joint ownership rules and any valid declaration determine who reports the income.
All UK rentals form one business
Most personally owned UK lettings are combined into one UK property business, with losses carried under the property rules.
Overseas property is separate
Foreign rental income uses the foreign pages and may involve overseas tax, currency conversion and treaty considerations.
Companies use company returns
A property held by a limited company belongs in the company accounts and Corporation Tax return, not the shareholder’s property pages.
Earlier omissions need disclosure
Undeclared rental income should be calculated year by year before the appropriate correction or disclosure route is chosen.
See HMRC’s property income reporting guidance.
Annual landlord service
What our landlord tax return service includes
We reconcile rent to agent statements and bank records, classify the property costs and identify the correct treatment for repairs, replacement items, finance and capital expenditure.
The rental result is then included with your other income in the full Self Assessment calculation. You review the property schedule, return and payment position before filing.
Included in the work
- property and ownership review;
- rental-income reconciliation;
- allowable-expense analysis;
- residential finance cost calculation;
- property pages and tax calculation;
- approval and online filing.
Rental profit
Allowable landlord expenses, repairs and mortgage interest
An invoice connected to a property is not automatically deductible. The purpose, timing and nature of the cost decide where it belongs.
Day-to-day running costs
Agent fees, insurance, service charges, utilities paid by the landlord and qualifying professional costs may be deductible when incurred wholly for the letting business.
Repairs and replacement items
Restoring an asset to its existing condition can differ from improving or replacing the whole asset. The work and condition before it began must be understood.
Capital improvements
Extensions, upgrades and acquisition costs are not ordinary rental expenses, although qualifying expenditure may be relevant when the property is sold.
Residential finance costs for individuals
Interest and related finance costs are generally dealt with through a basic-rate tax reduction rather than deducted in full from rental profit. The restriction differs for companies and some non-residential property businesses.
Making Tax Digital
Qualifying landlords now need a digital record and reporting cycle
Making Tax Digital for Income Tax applies in stages by gross qualifying income from property and self-employment combined. Those above £50,000 entered from April 2026; later phases bring in qualifying income above £30,000 from April 2027 and above £20,000 from April 2028.
The work includes digital records, quarterly updates and the year-end return. Jointly owned property, multiple businesses and low-income sources need to be mapped correctly in the software.
Gross income, not rental profit
The entry test uses qualifying income before expenses. A highly mortgaged property can therefore fall within MTD even when the taxable profit is modest.
Read the official MTD guidance →Cardiff rental property
Student lets, HMOs and professional rentals need records that match how they operate
Cardiff landlords may receive one agent statement for several units, collect rent room by room or pay utilities and services that a conventional tenancy leaves to the tenant. The rental schedule should follow those actual arrangements.
For properties around Cardiff, Penarth, Barry, Caerphilly, Pontypridd and Newport, the same UK tax rules apply, but ownership, licensing-related costs, mixed use and local operating patterns can affect the records required.
Keep for each property
- tenancy and ownership information;
- rent and agent statements;
- mortgage interest certificates;
- repairs and replacement invoices;
- service charges, insurance and utilities;
- purchase and improvement records.
Connected tax work
Related services and calculations
These subjects remain separate pieces of work, but the underlying figures may need to agree.
Self Assessment tax returns
Combine property profit with other personal income.
Open this page →Capital Gains Tax on property
Calculate and report a sale or other disposal.
Open this page →Rental profit tax calculator
Estimate rental profit and its income tax effect.
Open this page →Undeclared rental income
Correct omitted property income from earlier years.
Open this page →Clear starting fee
Scope and price are agreed before work begins
A landlord return for one property starts at £300 plus VAT; two properties £400 and three properties £500. Four or more properties, company ownership, poor records and disclosure work require a separate quote.
Common questions
Questions about landlord tax return preparation
The answer can change with the period, records and connected transactions. These are the usual starting points.
Can I claim the whole mortgage payment?
No. Capital repayment is not a rental expense. Interest and related finance costs are identified separately and, for individual residential landlords, are generally relieved through the finance cost tax reduction.
How is jointly owned rental income divided?
The answer follows beneficial ownership and the rules applying to the relationship between the owners. Married couples and civil partners may need additional consideration and evidence.
Can a rental loss reduce my salary tax?
Ordinary property business losses are generally carried forward against future profit of the same property business rather than set against employment income. Limited exceptions require specific review.
Do former furnished holiday lets still receive special treatment?
The furnished holiday lettings regime ended from April 2025. Historic periods, transitional points and any pooled capital allowances still need to be considered under the relevant year’s rules.
Does your landlord service include a property sale?
The annual rental pages and a Capital Gains Tax disposal are separately scoped. We can handle both while keeping the ownership, costs and reports consistent.