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Accountants for HMO landlords
Multi-let properties, or HMOs, have exploded in popularity in recent years. Young professionals are attracted to high quality properties in good locations, whilst landlords can enjoy excellent yields from letting individual rooms.
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Accountants for HMO landlords
Multi-let properties, or HMOs, have exploded in popularity in recent years. Young professionals are attracted to high quality properties in good locations, whilst landlords can enjoy excellent yields from letting individual rooms.
In-depth, tailored property tax advice
Award-winning property accounting app
Fast, expert support from our accountants
Tax returns and accounts prepared and filed
A complete HMO accountancy service, from just £59/month
Our all-inclusive accountancy service has everything you need to manage your HMO property finances, and ensure you remain compliant with your tax obligations.
Tailored tax advice
One-to-one tax consultation phone calls with our property accountants are included, as standard.
Personal support
Your named account manager is just a phone call or email away, whenever you need them.
Tax returns included
Our team of experienced and qualified accountants will prepare and submit your accounts and returns.
Start-up or switch
We can help you buy your first property, tax-efficiently, or help you get more from your existing portfolio.
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Manage your HMO finances with our innovative accounting app
There's no need to struggle with clunky spreadsheets, or complex software like Xero or QuickBooks.
Our service is built around our award-winning (and easy-to-use) property accounting app. From collecting rent to tracking tax, it's the only app you'll need.
Room database
Keep all of your important data in one place, and track tenancy expiry dates.
Automatic rent invoicing
Set up and forget - we'll automatically email invoices to tenants.
Expenses & mileage
Track and reclaim your property and personal expenses.
Bank statement feeds
Connect to your bank, securely, and keep your accounts up to date.
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Everything you need, for a fixed monthly fee
Our fixed-fee accountancy service includes everything you need to manage your property portfolio's tax, accounts and compliance.
Personal Advisor
For personally owned portfolios
Includes:
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Your personal tax return
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Named account manager
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Online accounting app
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4 tax consultations per year
Company Advisor
For company owned portfolios
Includes:
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Company tax returns
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Named account manager
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Online accounting app
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4 tax consultations per year
Growth Advisor
For mixed or complex portfolios
Includes:
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All tax returns
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Named accountant
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Online accounting app
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Unlimited tax consultations
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Annual tax reviews
Interested in Provestor? Let's have a chat!
If you've got questions about our services, chat with one of our friendly team members today.
We'll talk through your goals, make sure we're the right fit, and help you choose the perfect Provestor service for you.
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The changing face of HMOs
In recent years HMO properties have changed beyond recognition. Long-gone are the days of damp student digs in undesirable areas. Stricter regulations and local licensing have increased the quality and managed the density of HMOs, whilst demand from young professionals with greater expectations have driven the finish (and yields) of HMOs to new highs.
HMO tax considerations
From a tax perspective, HMOs are largely the same as conventional buy-to-let properties, with legal ownership playing a significant role in determining how profits are taxed.
The biggest difference normally stems from the fit-out costs to convert properties into HMOs. This may be as simple as furniture, fixtures and fittings, but often involves larger capital expenditure to increase the number of bedrooms or bathrooms, or to comply with national and local regulations. For the most part, tax relief is no longer available for this expenditure, although it will often reduce your tax liabilities should you go on to sell the property. For larger HMO conversions there may be a case for pursuing tax relief on certain expenditure in communal areas.
Some HMO landlords, faced with the removal of mortgage interest relief (known as “section 24”) are choosing to convert their properties into furnished holiday lets (for example, to let via Airbnb or holiday websites), which includes serviced accommodation. If the furnished holiday let criteria is achieved, mortgage interest relief is available, along with additional tax reliefs which better suit this operating model.
Tax advice
Our Property Tax Consultations can help you navigate HMO tax. Find out more here.