Our Manchester property accountants are ready to take enquiries from potential student landlords on issues relating to property tax.
The period between the publication of A-level results and the start of the new academic year is bound to be a busy one, and it is worth remembering that not all first-year students choose to live in halls of residence.
In some cases they – like their second and third-year counterparts – may opt for privately rented accommodation, and this allows for some last-minute tenancy agreements to be signed by landlords who might otherwise be facing vacant properties for the coming year.
We recognise too that some parents choose to invest in property for their son or daughter to live in while at university, and rent out the spare rooms as a source of additional income.
For those families – especially if you have never been a landlord before – we would urge you to consult our property accountants on issues like property tax.
Depending on whose name the property is in, there may be different rules to abide by, and there may even be a different capital gains impact if you choose to sell the property at the end of your time at university, so consult a professional now to make sure your property is purchased in the most tax-efficient way possible.