How to: Get started as a landlord

5th June 2014

If you’re a new landlord and are unsure what the rules are, or if you’re setting up a flat management company and need a little guidance, this post lists some of the initial considerations required to make your experience a success.

Getting started as a landlord

A number of legal rules apply to leasing a property, although these will differ depending on whether you are letting out:

  • one or more rooms in your home
  • the entire property
  • your property while you live abroad.

You need to be aware of the rules and conditions that apply at each stage of the process, including:

  • taking out a buy-to-let mortgage
  • dealing with security deposits
  • buying buildings insurance
  • signing up and evicting tenants
  • paying tax on your rental income.

Setting up a flat management company

Flat management companies are usually set up by residents who decide to set up a limited company, which allows them to jointly manage the property. This makes the tenants involved responsible for communal areas such as hallways and driveways.

Flat management companies must ensure that services are maintained, bills are paid and legal requirements are met.

To set up and run a flat management company, you will need to: 

  • Register with Companies House
  • Update Companies House if any major changes occur
  • Make sure all company directors are familiar with their legal responsibilities
  • Keep accurate and up to date accounts
  • Register for self-assessment and submit annual tax returns to HMRC.

At Dunkley's, we can ensure you comply with the latest legislation as a landlord or as one of the directors of a flat management company. We will also help you keep accurate records and ensure that you don’t pay more tax than you owe.

Speak to the experts

Call us today on 01454 619900 or email advice@dunkleys.accountants for help and advice.

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