Company details

Web: www.nicholsonsca.co.uk

Telephone number: 01522 815100

Email: Richard.grayson@nicholsonca.co.uk

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Checklists: Buy to let tax

This is quite simple; Nicholsons has done a great job of looking after our company accounts for years. They offer us a great service which is friendly, quick and efficient at a fair price. We can’t be more honest than that!

On top of this, they are also very quick to help us answer questions which range from simple enquiries to much more complex property tax issues, which would be impossible to resolve without their expert help.

What do they do

The dynamics of the property market have changed dramatically in recent years.  The staff at Nicholsons have decades of experience in working with clients in the property sector.

With their specialist teams, they help and offer advice to a diverse range of clients.  Whether you are a private individual with one or numerous property investments, a landlord managing a rental property portfolio, an architect, an estate agent or a large property development group, there is always someone who can support your requirements. 

As property tax isn’t calculated in isolation from the rest of your income and assets, Nicholsons offers specialist Buy to Let advice that takes all of your circumstances in to consideration.

From the beginning

Nicholsons have been established since 1923 and have offices in Lincoln and Market Rasen.  Founder John Nicholson was born into a farming family and, having lost a finger in the First World War, began offering his services to local farmers in Lincolnshire – visiting their farms on his pushbike.

Now, with more than 45 staff, Nicholsons is one of the larger firms of accountants in Lincolnshire and has a large number of locally and nationally based clients.   The firm believes in its traditional values, developing a highly skilled, enthusiastic team and offering excellence in customer service. 

How much does it cost?

A simple tax return with up to three properties costs £250 plus VAT, or £300 plus VAT for two tax returns if the properties are jointly held with a spouse. Other fees for more complex cases or which involve tax planning can be quoted for separately, but are often less than you might think!

Top three tips

1. Consider how it is best for the rental property to be owned, such as in own name, jointly, in a limited company or in a trust, taking account of the tax and SDLT rules
2. Keep all property-related invoices and paperwork in respect of annual costs so that these can be claimed against the rental income for tax purposes. This includes loan interest statements, if applicable
3. Retain details of all capital costs in respect of property acquisition, including SDLT, legal fees etc for a later date when the property is sold.