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Offering a unique service for preparing rental accounts and self assesment tax returns for Landlords. HM Revenue & Customs are tightening controls on investment properties and it is the taxpayers responsibility to notify the tax authority of this. Failure to do so could lead to penalties. How you are taxed on the rent you receive from your single or portfolio of properties depends on the type of letting. Even if you are letting out part of your own home, you may have a tax to pay. If you are letting out property abroad but are resident in the UK for tax, you may have tax to pay. If you own rental property jointly with a partner, you will both be responsible for reporting the income to HM Revenue & Customs. If you let property furnished however, we can offset the tax amount against costs from your wear and tear allowance. Lets Account For It make sure you comply with all the tax laws but make sure that you are maximising all your tax benefits and allowances. If you have any type of rental income including: â– Renting a room or rooms in your own residence. â– Furnished Holiday Letting based in the UK â– Residential Lettings â– Property Lettings outside of the UK Lets Account For It are here to help you to complete your rental accounts and Tax Return.