
A standard single let has one tenant, one rent and a short expense list. An HMO has several tenancies moving at different times, rent that includes bills, and a maintenance cycle that never stops. Done badly, the accounts miss costs and overstate profit. Done properly, the genuine running costs of a shared house reduce the tax on its higher income.
Most larger HMOs need a licence and many boroughs, including those covering Woolwich and Plumstead, run additional schemes for smaller shared houses. Licence fees, safety certificates and works required by the council belong in your accounts, and we make sure they get there.
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