A1 Professional Accounting are proud to be the best accountants for buy to let landlords. Purchasing property is of course a major investment and doesn’t happen without serious and careful financial planning as well as shrewd analysis from a lender. As a landlord, whether this is a first time jump into it or you’ve got a vast portfolio, you’ll need to have a strong grip and understanding of your financial positions. Here at A1 Professional Accounting, we take you through every step of the process and are always there to help avoid any hurdles that may occur. Our property accountants have a wealth of knowledge in this area and are the perfect outlet for you to keep on top of your work as well as relieve some stress in this area too. We offer a straightforward but comprehensive and thorough approach to accounting, with a clear and viable package in place.
We are coherent in communication and always make sure you’re in the know which is of extra importance when it comes to purchasing and letting expensive purchases such as property. We will keep an eye on your monthly revenue activity, deliver regular financial health checks and offer guidance on the best steps to take.
Bookkeeping For Buy to Let Landlords
Bookkeeping is super important for any business owner and especially for buy-to-let landlords. Great emphasis should be placed on this because it’s so easy to get wrapped up in other matters that the regular bookkeeping can get left behind if you’re not careful. We have experience in this sector and can help you in many different areas. Periodically updating your accounts is one way we can help. Landlords should consider updating their accounts the same day of every month so that events like rent earned, expense incurred, adjustment for deductions, etc., are handled monthly. Piling all data for the last month may result in factual errors and confusion. By doing this you are repeatedly keeping the focus on your figures and know exactly what your position is at all times. Managing expenses, organising documents and differentiating incomes are all other things we can help buy-to-let landlords with here at A1 Professional Accounting.
Company Formations For Buy to Let Landlords
We can even help you right at the very start of your property journey by making sure your company formation is done correctly. This is crucial to ‘starting as you mean to go on’ so getting a professional team on board to help with this can be key. Many factors can determine how your business may need to be set up, so we sit down and have a lengthy discussion with you to find this information out. We will then use this information to best inform you on your route forward. In addition to this, you may need to look at a specific Shares structure which is something we also help with. At A1 Professional Accounting, we have a series of packages that can also be tailored to your exact requirements, so be sure to get in touch to find out more.
Capital Gains Tax For Buy to Let Landlords
We’re the experts when it comes to capital gains tax, so check this out. If you decide to sell your buy to let property, you may need to pay capital gains tax (CGT) on the money you make. Many people ask if there are ways to avoid capital gain tax when you sell a rental property? The honest answer is, probably not – however, there may be some things you can do to reduce your bill. Essentially, once you decide that your property is no longer desirable or you feel it’s a good time to sell, you understandably need to pay tax on the sale of that asset, aka capital gains tax. It is worth mentioning that you only pay capital gains tax on the rise in value of the asset. For example, if you bought a property at £100,000 and then sold it 10 years later for £180,000, you’d pay capital gains tax on the difference, in this instance being £80,000. As a firm who deals with this sort of thing daily, we always put your best interests at heart by examining the situation and making sure you pay what is owed, on time with some added benefits along the way.
Tax For Buy to Let Landlords
Much like in every other job or company, there is tax to be paid from buy to let landlords too. Landlords are required to pay tax on Buy-to-Let properties that they rent out to tenants. There are a variety of types of Buy-to-Let tax, all dependent on elements of a property and their location (England, Scotland or Wales). Regardless of these things however, landlords need to pay tax on profit of renting out a property, after deductions for ‘allowable expenses.’
Contact Us Today
We will go through all these things with you including what counts exactly as allowable expenses as well as the best ways to keep your tax calculations organised. Choose A1 Professional Accounting as the number one choice for accountants for buy to let landlords. Feel free to call us on 0203 740 4055 or email us at firstname.lastname@example.org – we always monitor our social media channels regularly too.