Property accountants in London

Expert Property accountants in London, UK, S and B Accountants, for Property tax advice and accounting services for landlords. Expert property advisor for capital gains tax (CGT), landlord's income tax, value added tax (VAT), corporation tax, inheritance tax (IHT) and many more. We are providing services for accounting issues surrounding property investment, development, and dealing and management. We provide one-stop solutions including preparing company accounts, partnership accounts, finance function, business plans, bookkeeping, etc.


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When you rent out property you may have to pay tax. The first £1,000 of your income from property rental is tax-free. This is your ‘property allowance’.

Costs you can claim to reduce tax

There are different tax rules for:
residential properties
furnished holiday lettings
commercial properties

Residential properties
You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.

Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:
letting agents’ fees
legal fees for lets of a year or less, or for renewing a lease for less than 50 years
accountants’ fees
buildings and contents insurance
maintenance and repairs to the property (but not improvements)
utility bills, like gas, water and electricity
rent, ground rent, service charges
Council Tax
services you pay for, like cleaning or gardening

Allowable expenses do not include ‘capital expenditure’ - like buying a property or renovating it beyond repairs for wear and tear.
You may be able to claim tax relief on money spent on replacing a ‘domestic item’. This is called ‘replacement of domestic items relief’.
Domestic items include:
crockery and cutlery
You must have only bought the domestic item for use by tenants in a residential property and the item you replaced must no longer be used in that property.
Information Source: GOV Website.