Landlord Property Tax & Rental Accounts

Tax and Record-Keeping Support for UK Property Landlords

UK property tax can involve mortgage-interest restrictions under Section 24, repair-expense rules, and time-limited residential Capital Gains Tax reporting. Taxnex can help organise the relevant rental records and calculations.

Understanding Section 24 Mortgage Interest Rules

For individual residential landlords, mortgage interest and finance costs can no longer be deducted directly from rental income as an allowable expense. Instead, tax is calculated on gross rental profit (after non-finance costs), with relief for finance costs restricted to a basic rate (20%) tax credit. We calculate this precisely to prevent unexpected higher-rate tax liabilities.

Allowable Rental Property Expenses

• Repairs & Maintenance: Direct repairs restoring property to original condition (e.g. repainting, boiler repair, replacing damaged tiles).
• Management & Professional Fees: Letting agent commission, inventory fees, ground rent, service charges, and accountancy fees.
• Insurance: Landlord building, contents, and rent protection insurance policies.
• Safety Certifications: Gas Safety CP12 certificates, EICR electrical certificates, and EPC energy assessments.

60-Day Capital Gains Tax (CGT) on Residential Property Sales

If you sell or dispose of a UK residential property that is not your main residence and realize a taxable gain, you must calculate, report, and pay your Capital Gains Tax to HMRC within 60 days of completion. Taxnex prepares and submits your formal UK Property CGT return before the strict deadline.