You need to file a self assessment tax return if you have any of the following types of income:
• Self-employment income
• Income from renting out property
• Investment income
• Income from overseas
• Capital gains
You also need to file a self assessment tax return if you are a partner in a business partnership, or if you have a high income and need to pay the High Income Child Benefit Charge.

The deadline for filing a self assessment tax return is 31st January. If you file your tax return after the deadline, you may be charged a penalty.
Here are some additional tips for completing your self assessment tax return:
• Gather all of your relevant documents, such as your P60s, bank statements, and investment statements.
• Start early and give yourself plenty of time to complete your return.
• It is often a good idea to seek professional advice from a qualified and experienced accountant  or tax advisor to ensure your return is accurate and complete.
• File your return on time or before the deadline.
If you have any questions about your self assessment tax return, speak to your trusted accountant for expert advice.

there are many reasons why it may be beneficial to hire an accountant to prepare and file your self assessment.
• Accuracy: Accountants are trained to prepare tax returns accurately and in accordance with the latest tax laws. This can help to avoid costly mistakes that could lead to penalties from HMRC.
• Complexity: If you have a complex tax situation, such as self-employment income, rental income, or capital gains, it can be difficult to complete your tax return correctly. An accountant can help you to understand your tax obligations and ensure that you are paying the correct amount of tax.
• Time savings: Completing a self assessment tax return can be a time-consuming process. An accountant can save you time by preparing your tax return for you and ensuring that it is filed on time.
• Peace of mind: If you are unsure about how to complete your tax return or if you have any questions about your tax liability, an accountant can provide you with peace of mind by answering your questions and helping you to complete your return correctly.

Here are some specific situations where it may be helpful to hire an accountant to file your self assessment:
• You have self-employment income.
• You have rental income.
• You have capital gains.
• You have income from overseas.
• You are a partner in a business partnership.
• You have a high income and need to pay the High Income Child Benefit Charge.
• You have a complex tax situation.
• You are unsure about how to complete your tax return.
• You have any questions about your tax liability.
At Cornerstone Accountancy, we speak your language. We have the  experience, qualifications, and expertise to make it easy for you.

Choosing an account in North London, or anywhere is an important decision for you and your financial affairs. A good accountant can help you save money on taxes, manage your cash flow, and make sound financial decisions. But with so many accountants out there, how do you find the right one for your business?  When finding a good accountant, it is important to consider the following factors:

Qualifications: Look for an accountant who is certified or chartered and has experience in your industry.

Services: Make sure that the accountant offers the services that you need, such as tax preparation, bookkeeping, and financial accounting.

Fees: Get everything in writing, including the services that the accountant will provide and their fees.

Relationship: Make sure that you feel comfortable working with the accountant and that you can build a good relationship with them.

Here are a few more tips on helping you choose the best accountant for you:

• Ask for referrals. Talk to your friends, family, and other business owners to see if they have any recommendations for a good accountant. This is often the best way to find a qualified and experienced accountant who you can trust.
• Look for a certified or chartered accountant. Chartered accountants have completed a rigorous professional training program and are subject to a code of conduct. Certified accountants have also completed a professional qualification, but may not have the same level of experience as chartered accountants.
• Choose an accountant with relevant expertise. If you have a specific type of business, such as an e-commerce business or a medical practice, it is important to choose an accountant with experience in your industry. This will ensure that they are familiar with the specific tax and accounting requirements of your business.
• Interview several accountants. Once you have a few potential accountants in mind, schedule an interview with each one. This is an opportunity to learn more about their experience, qualifications, and fees. It is also a good time to ask questions about their approach to accounting and how they can help you meet your business goals.
• Ask about their services and fees. Be sure to ask about the specific services that the accountant offers and how much they charge for their services.

It is important to find an accountant who offers the services that you need and whose fees are within your budget.

To choose the right accounting software for your business, you should consider the following factors:

• Size and complexity of your business: If you have a small business with simple accounting needs, you may be able to get away with using free or low-cost accounting software. However, if you have a larger or more complex business, you will need to choose software that can handle your more advanced needs.
• Features: Make a list of the features that are important to you in accounting software. Some common features include invoicing, bill pay, expense tracking, payroll, and reporting.
• Ease of use: Choose accounting software that is easy to use for you and your staff. If you are not comfortable with computers, you may want to choose software that is more user-friendly.
• Price: Accounting software can range in price from free to hundreds of pounds per month. Choose software that fits your budget.
• Support: Make sure that the accounting software you choose offers good customer support. This will be important if you have any problems with the software or need help getting started.
• Your Accountant: check if your accountant has a specific accounting software solution with which they are affiliated.  Using the same software as your accountant recommends ensures they can support your queries and questions more efficiently (saving on their time and fees) and many accountants will have preferential fees for their preferred software solution, providing further savings for you.

To keep your accounting records up to date, you should follow these steps:

1. Record all transactions as soon as possible. Don’t wait until the end of the day or week to record your transactions. This will make it easier to keep track of your finances and avoid any mistakes.
2. Use a consistent accounting system. This could be a manual system, such as a ledger book, or a computerized system, such as accounting software. Choose a system that works for you and stick to it.
3. Reconcile your bank statements regularly. This means comparing your bank statements to your accounting records to make sure that everything matches.
4. Review your financial reports regularly. This will help you to identify any trends or potential problems.

Whether or not you need an accountant as a landlord depends on a number of factors, including the size and complexity of your portfolio, your level of accounting knowledge, and your tax situation.

If you only have one or two rental properties and are comfortable with basic accounting tasks, such as tracking income and expenses, you may be able to manage your finances on your own. However, if you have a larger portfolio, or if your financial situation is complex, it is generally advisable to hire an accountant.

An accountant can help you with a variety of tasks, including:

• Preparing your tax return
• Ensuring that you are compliant with all tax laws and regulations
• Minimizing your tax liability
• Advising you on tax-efficient investment strategies
• Helping you to track your income and expenses
• Preparing financial statements
• Budgeting and forecasting
• Providing financial advice

Accountants can also be a valuable resource for landlords who are new to the business. They can provide guidance on everything from setting up your rental business to managing your tenants.

If you are unsure whether or not you need an accountant, it is a good idea to consult with an accountant. They can assess your individual situation and help you to make the best decision for your needs.

Here are some additional benefits of having an accountant as a landlord:

• Peace of mind: Knowing that your taxes are being prepared correctly and that you are compliant with all tax laws can give you peace of mind.
• Save time: Accountants can save you time by taking care of your accounting and tax needs for you.
• Save money: Accountants can help you to minimize your tax liability and identify tax-efficient investment opportunities.
• Get expert advice: Accountants can provide you with expert advice on all aspects of your rental business, from setting up your business to managing your tenants.

If you have any specific questions about whether or not you need an accountant, please do not hesitate to contact me.

There are a number of tax implications to consider when starting a new business in the UK. The main taxes that you will need to be aware of are:

• Income Tax: You will need to pay Income Tax on any profits that you make from your business. The amount of Income Tax that you pay will depend on your taxable income and your personal tax allowance.
• National Insurance: You will need to pay National Insurance contributions on your business profits. The amount of National Insurance that you pay will depend on your taxable income and your National Insurance class.
• Corporation Tax: If your business is a limited company, you will need to pay Corporation Tax on your profits. Corporation Tax is set at a flat rate of 19%.
• VAT: If your business turnover is over £85,000, you will need to register for VAT. VAT is a tax on the goods and services that you sell. You will need to charge VAT to your customers and then pay it over to HMRC.

In addition to the above taxes, there may be other taxes that you need to pay depending on the type of business that you run. For example, if you sell alcohol or tobacco, you will need to pay excise duty. If you employ staff, you will need to pay employer’s National Insurance contributions.

It is important to note that the tax implications of starting a new business can be complex. It is advisable to seek professional advice from an accountant to ensure that you are meeting all of your tax obligations.

Here are some additional things to keep in mind about the tax implications of starting a new business in the UK:

• You will need to choose the right business structure for your tax needs. There are a number of different business structures available, such as sole trader, partnership, and limited company. Each business structure has its own tax advantages and disadvantages.
• You will need to keep accurate records of your business income and expenses. This will help you to calculate your taxable income and to file your tax returns correctly.
• You will need to file your tax returns on time. HMRC has strict deadlines for filing tax returns. If you miss a deadline, you may be charged a penalty.

As a landlord in the UK, you are required to pay tax on the profits you make from renting out your property. This includes income from rent, as well as any other income you receive from the property, such as insurance claims or late payment fees.

To calculate your profit, you can deduct certain expenses, such as mortgage interest, insurance, repairs and maintenance, and letting agent fees. You can also claim capital allowances on the cost of your property and any improvements you make to it.

As an individual landlord, the amount of tax you pay will depend on your income tax band and the amount of profit you make from your rental property.

If you are a landlord, you must report your rental income and expenses to HMRC on your annual tax return. You must also pay any tax that you owe to HMRC by the deadline.

If you have any questions about your tax obligations as a landlord, you should speak to an accountant. A good accountant can help you calculate your profit, claim all of the allowable expenses, and pay the correct amount of tax.

Here are some additional tips for landlords:

• Keep good records of your rental income and expenses. This will make it easier to complete your tax return and prove your expenses to HMRC.
• Register with the Rent a Room scheme if you rent out a furnished room in your own home. This allows you to earn up to £7,500 per year from rent tax-free.
• Consider setting up a limited company to own your rental property. This can be a tax-efficient way to own and manage your property portfolio.

Cornerstone Accountancy are specialists in accountancy for Landlords and we are happy to have a no obligation call to discuss your needs.

There are four main types of rental income in the UK:

• Residential rental income: This is the income you receive from renting out a residential property, such as a house or flat, to tenants.
• Commercial rental income: This is the income you receive from renting out a commercial property, such as an office, shop, or warehouse, to businesses.
• Furnished holiday lettings (FHL) income: This is the income you receive from renting out a property to holidaymakers on a short-term basis. To qualify as an FHL, the property must be furnished and available for letting for at least 105 days a year, and must actually be let for at least 70 days a year.
• Other rental income: This includes any other type of rental income, such as income from renting out land, parking spaces, or storage units.

It is important to note that the tax treatment of different types of rental income can vary. For example, residential rental income is taxed as income, while FHL income is taxed as capital gains.

If you are a landlord, it is important to understand the different types of rental income and the tax implications of each type. You should also speak to your accountant to get advice on how to structure your rental property portfolio in the most tax-efficient way.

Here are some additional tips for landlords:

• Keep accurate records of your rental income and expenses. This will help you to calculate your taxable profit correctly and to claim all of the allowable expenses.
• Register with HMRC as a landlord if you have a rental income of over £1,000 per year. You will need to do this even if you are not liable to pay any tax.
• File a self-assessment tax return each year to declare your rental income and expenses.
• Pay your taxes on time to avoid penalties.

If you have any questions about the tax treatment of rental income, call us at Cornerstone Accountancy for a no obligation conversation.

There are a number of different types of rental expenses that landlords can claim in the UK. These include:

• Mortgage interest
• Property taxes
• Insurance
• Repairs and maintenance
• Utilities
• Property management fees
• Legal and accounting fees
• Travel expenses
• Other expenses

Landlords can only claim for expenses that are incurred wholly and exclusively for the purposes of letting the property. This means that any personal expenses or expenses that are not directly related to the letting of the property cannot be claimed.

Here is a more detailed breakdown of some of the different types of rental expenses:

• Mortgage interest: Landlords can claim for the interest on their mortgage up to a certain limit. This limit is currently 25% of the landlord’s rental income.
• Property taxes: Landlords can claim for the council tax and any other property taxes that they have to pay.
• Insurance: Landlords can claim for the cost of landlord insurance, which covers them against a range of risks, such as damage to the property and tenant default.
• Repairs and maintenance: Landlords can claim for the cost of repairs and maintenance to the property, such as fixing a broken boiler or repairing a leaky roof.
• Utilities: Landlords can claim for the cost of utilities, such as water, gas, and electricity, if they are responsible for paying for these bills.
• Property management fees: Landlords can claim for the fees they pay to a property management company to manage their rental property.
• Legal and accounting fees: Landlords can claim for the fees they pay to a lawyer or accountant for help with their rental property.
• Travel expenses: Landlords can claim for the cost of travel expenses incurred for the purposes of letting the property, such as the cost of traveling to view the property or to meet with tenants.
• Other expenses: Landlords can also claim for other expenses incurred for the purposes of letting the property, such as the cost of advertising the property or the cost of providing furniture or appliances.

If you are a landlord, it is important to keep good records of all of your rental expenses. This will help you to claim the maximum amount of tax relief when you file your tax return. Speak to Cornerstone Accountancy to get help with understanding your tax obligations and claiming the correct amount of tax relief.

If you are an individual landlord, to report your rental income and expenses to HMRC, you will need to complete a Self Assessment tax return.

If you are a new landlord, you will need to register for Self Assessment. You can do this on the HMRC website.

Once you have registered for Self Assessment, you will need to complete a tax return each year for the tax year that has just ended. The tax year runs from 6 April to 5 April.

On your tax return, you will need to declare all of your rental income and expenses.

Rental income: This includes all of the rent that you receive from your tenants, as well as any other income that you receive from your rental property, such as insurance claims or rent refunds.

Rental expenses: This includes all of the costs that you incur in running your rental property, such as mortgage interest, insurance premiums, repairs and maintenance costs, and letting agent fees.

You can only deduct allowable expenses from your rental income to arrive at your taxable profits. Allowable expenses are those that are incurred wholly and exclusively for the purposes of your rental business.

If you make a profit from your rental business, you will need to pay income tax on this profit. The amount of income tax that you pay will depend on your income tax band.

Here are some additional tips for reporting your rental income and expenses to HMRC:

• Keep good records of all of your rental income and expenses. This will make it easier to complete your tax return.
• Make sure that you claim all of the allowable expenses that you are entitled to. This will help to reduce your taxable profits.
• If you are unsure about anything, you can seek advice from a qualified accountant or tax professional.

It is important to note that this is just a general overview of how to report your rental income and expenses to HMRC. Your specific situation may vary, so it is always best to seek professional advice from an experienced accounting firm like Cornerstone Accountancy.