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Property accountants

Investing in property makes sense, and can generate significant income. However, there are many issues to contend with.

You must manage the property, liaise with tenants, and deal with property tax. In many ways, property tax is the hardest aspect of running property businesses and managing a property portfolio.

Thankfully, assistance is available from property accountants, and we can help you.

Property Accountants

Why do people invest in property?

People invest in generating income, and investing in the property sector and property assets is a dependable way to generate a good return on your money. When running a property business, you generate income from:

  1. Capital gains after selling the property
  2. Rental income from letting the property
Why do people invest in property?

What finances are associated with property investments?

There are immediate and ongoing financial factors to consider when investing in property. Most buyers must arrange a mortgage to purchase property, and there are upfront costs such as valuation reports, deposits and fees.

Ongoing property business expenses include monthly mortgage payments, maintenance and property improvement costs, and tax.

What finances are associated with property investments?

Do property investors need to worry about tax?

Everyone earning income needs to worry about tax, and property investors are no different. You must manage your tax requirements and liabilities, and you should familiarise yourself with:

  • Stamp Duty Land Tax or SDLT
  • Capital Gains Tax or CGT
  • Income Tax

Whether you are employed or run your own business, you might be familiar with income tax, but there are unique challenges for property investors to consider.

You must make tax decisions, and this is why hiring a property accountant with in depth knowledge when you generate rental income.

Do property investors need to worry about tax?

What accounting services does a property accountant offer?

There are many property accountants in the UK. Having so many professionals to consider creates choice, but not every professional offer the same range of accountancy services. If you are looking for property sector accountancy help, please check if your chosen professional provides this service.

Some of the most common property accountants’ services include:

  • Advice on property development matters
  • Guidance on Capital Gains Tax relating to property matters
  • Stamp Duty Land Tax advice
  • Advice on the rental sector and tax for rental property
  • Guidance on investing in property
  • Help for developing a business strategy
  • Tax planning consideration and opportunities
  • Tax returns and VAT considerations, if applicable
  • Managing tax calls

At Auditox Accountancy, as property tax specialists, we offer a comprehensive range of property accountancy services. If you would like to arrange an appointment to see how our advisory services help you, get in touch.

What accounting services does a property accountant offer?

What are the benefits of hiring property accountants?

Managing your tax implications is stressful, and it is easy to see property investors hire a specialist accounting for tax matters alone. However, there are many other reasons to hire property accountants with in depth knowledge.

Your accounts will be up to date and accurate

The importance of accurate and up-to-date accounts can be overstated. If you are busy or lack the confidence or skills to update financial records accurately, you place yourself at risk. There are severe penalties for late or incorrect tax submissions.

Property accountants ensure your accounts are in upstanding order, giving you one less thing to worry about.

Accountants analyse property businesses

Bookkeepers prepare accounts, which is an essential service, but analysts dig into this information. Accountants offer insight into your business performance. You can discover opportunities and minimise areas of concern with help from a dedicated team.

This insight is invaluable if it improves your work or prevents you from making a big mistake.

Many property investors and developers struggle with the financial aspects of running their businesses. Professional help in this area offers essential support and is often a factor in generating profits.

You can better plan for the future

The analysis provided by the accountant creates a platform for growth and development. If you’re looking to plan for future investment, it makes sense to seek guidance from someone who knows the industry and your business.

Many property developers and investors enjoy good instincts, but it always helps to discuss matters with an expert in this field.

Accountants speed up the accounting process without compromise

Even if you are confident about managing your accounts, how long will it take you to update and file records? This is time you could spend more productively on core business activities or having fun.

Specialist property accountants saves you time without compromising the quality of work. This comes through years of experience and perhaps even accounting software.

Chartered accountants give you confidence

Hiring specialist property accountants gives you access to their qualifications, skills and accounting software. This provides you with value for money and considerable confidence in the work carried out.

You can get help claiming expenses

There are many expenses that property investors can claim against their rental property income. There are many expenses related to letting property that can be claimed, including:

  • Utility bills such as electricity, gas and water charges
  • Council tax bills
  • Fees for letting agency services
  • Costs relating to repair and maintenance work at the property
  • Fixed monthly fee services, such as landlord insurance costs
  • Payments made to service providers such as cleaners or gardeners
  • The fees you pay the accountant

These are all areas where you can claim expenses, helping you lower your tax payments. In some cases, savings offset the cost of accounting services.

You will receive property tax advice

Property accountants help you manage business issues. Their guidance is likely to be correct and up-to-date. A property developer or investor can make informed decisions concerning tax liabilities, helping buy to let investors maximise profits.

Specialist property tax guidance matters

As an example, a specialist property accountant is aware of changes to the Finance Act 2015. There have been changes to residential mortgage interest relief claims when determining tax from income. A skilled tax specialist knows this, but a general accountant might be unaware.

Get help dealing with HMRC

You can avoid issues with HM Revenue and Customs by hiring an accountant who liaises with them and has experience in dealing with them.

For peace of mind, it is best to hire a property accountant when investing in UK homes.

What are the benefits of hiring property accountants?

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How do property investors manage stamp duty land tax?

The simplest way for property investors to manage Stamp Duty Land Tax is to employ a specialist to do this work for them. If you are buying property to let, SDLT is applicable.

SDLT impacts property investors

There is a higher rate of SDLT applicable when buying a residential property in the UK for £40,000 or more, and you already own your main residence worth at least £40,000. This applies to most property investors, so it is a charge you must contend with.

A specialist will analyse the purchase to see if any deductions are applicable. This isn’t always the case, but you’ll appreciate help from an expert if this situation arises.

How do property investors manage stamp duty land tax?

Accountants and tax experts reduce the stress of managing finances

As specialist accountants and tax advisors, we can advise you on your current tax position and if there are applicable tax breaks available. While working towards your tax return is essential, tax advisors ad accountants help you manage day-to-day financial activities.

Reduce your stress levels

Controlling your personal tax return is difficult for many people; the work is more complicated when you also have property issues to consider.

It makes sense to seek assistance from accountants and tax experts.

Accountants and tax experts reduce the stress of managing finances

Tax planning opportunities and being tax efficient

You want to spend as little money as possible when you pay tax. Managing your finances in the most tax-efficient way is helpful, and there are tax planning opportunities for property investors.

Issues to consider include:

  1. Can transferring income and property ownership to a partner improve your tax position?
  2. Will investing in a Venture Capital Trust (VST) offer tax benefits?
  3. Is it sensible to invest in Enterprise Investment Schemes (EST)?

In many cases, the answer is yes to all three questions. Specialist tax advisors know this and will ensure you manage your tax liabilities effectively.

Tax planning opportunities and being tax efficient

Reduce stress with help from accountants and tax advisors

If you are scared by tax matters, you need help from an expert. Not managing tax aspects will cause problems in the long term. Tax advisors know the subject and can help you enjoy tax breaks. Property tax is an important issue, but it doesn’t have to be taxing.

Reduce stress with help from accountants and tax advisors

Making tax digital – Are you ready?

A concern for property investors is the need to be ready for the making tax digital (MTD) process. MTD is effective from April 2024, and it impacts how you submit your annual accounts and tax returns. To prepare for this, please speak with a tax and accountancy specialist.

Making tax digital – Are you ready?

Are property investments worthwhile?

Even when property prices are rising, most industry observers believe property investment is worthwhile.

When property prices rise, which sees property investors pay more for property, many people find themselves priced out of the market. This increases demand for rental property, which makes it more likely you will avoid void periods and let property each month.

Of course, rising property prices offer confidence in the long term. Knowing your property will be worth more in years to come is a reasonable cause for investing in property. This isn’t always the case, and you need to maintain the property, but it is easy to see why long-term property investment pays off.

Professionals help you enjoy stronger property returns

Calling on the support of local and skilled letting agents, property valuers, maintenance specialists, and property accountants increases your chances of investing in property.

Traditionally, “bricks and mortar” is recommended as a sound investment decision. There are many investment opportunities in the current climate, but no one can speak with confidence over their longer-term suitability.

What can be said is people always need homes. As demand for homes won’t diminish, there is an argument that property investing makes sense.

Are property investments worthwhile?

Property accountants enhance your chance of investment success

If you want to maximise the return you enjoy from UK property now and in the long term, it makes sense to call on property accountants for guidance.

At Auditox Accountancy, we work with many landlords and property investors. We offer bespoke accounting and tax services that are tailored to your needs and budget. If you want to feel confident about your next property investment opportunity, call for specialists in the field, and we will be more than happy to assist you.

Property accountants enhance your chance of investment success

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Property accountants FAQs

Do I need an accountant as a landlord?

Do I need an accountant for capital gains tax?

What is the property accounting group's responsibility?

Property accountants FAQs

Do I need an accountant as a landlord?

Do I need an accountant for capital gains tax?

What is the property accounting group's responsibility?

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