Published: 25/06/2018It may not be the first profession that springs to mind thinking about property professionals, but an accountant can be mightily handy!
If you are involved in buying property to let – accountants can assist you with tax-related work and make sure you pay the least amount of tax possible on buy-to-let or holiday homes. A good accountant will also help you consider your overall approach to wealth management, estate and income planning, to maximise your overall position from owning property and other assets.
So you do need a good accountant – some questions to ask in finding one:
· How long have you been practising?
· Are you a property specialist/have you got experience in this area?
· Can you please give me a written quote with a full cost breakdown?
· What cloud software do you use (for property accounts) and how do I upload data to you?
· Do you bill for phone calls and e-mails or are they included in the service?
· Are you willing to set a job rate as opposed to an hourly rate?
Typically we advise on the following:
· Recent changes to mortgage interest relief and stamp duty
· Restructuring arrangements
· Capital Gains Tax planning/ER relief/roll over
· S24 and spousal tax planning
· Incorporation and/or use of trusts
· Dealing with HMRC property tax enquiries and investigations
· Considering longer term inheritance tax planning
· Dealing with all compliance issues
· Tax planning and support for families involved in buy to let businesses
· Non resident landlords
· Tax on Airbnb (rent a room exemptions)
· Furnished holiday let’s
As you can see – it is quite a bit and can be quite complex – hence you need an expert.
If preparing property accounts we use QuickBooks & can work with you to make data upload simple and effortless (no more bags of receipts or losing things).
Give our property team a call on 020 8661 7878 or come in for a property related chat