Property portfolio planning
We act as accountants for many landlords in the Sunderland Tyne & Wear area and many of these have property portfolios.
When a landlord obtains a property portfolio it is important that all relevant costs and capital expenditure are maintained on file to ensure the landlord knows any potential capital gains tax which may be falling due on the sale of any particular property. We are also able to make principal private residence elections with HM Revenue & Customs to maximise the tax savings available when an individual has a number of properties.
With all properties it is important to establish whether the property is let furnished or unfurnished to establish whether any wear or tear allowance can be claimed. Many accountants simply claim wear and tear allowance when the property is not fully furnished which can often lead to higher tax liabilities if they were ever investigated.
For all property clients we ensure that all the relevant cost information, capital expenditure elections such as principal private residence elections, lettings relief etc are all claimed to maximise the tax saving for the individual. We can also advise on holiday property lettings both in the UK and overseas.