If you own more than one property, it will be difficult for you to keep track of the accounts of them. Hence, the need for accountants for landlords. Though it is highly rewarding, maintaining the accounts is very tedious. It will be time-consuming and stressful to do your own accounts and tax affairs. All those who are having various personal rental accounts can go for professional accountants who will provide them with the best services. Being a landlord is a big responsibility. When you hire professional accountants, they will take care of the following obligations:
- Landlord specific tax reliefs
- Investment advice
- Rental accounts
- Tax returns
- SPV accounts
- Capital gains tax
Let’s see why you need to hire the services of accountants for landlords.
- Maintaining rental accounts is quite demanding i.e. they are intimidating and daunting. But when you hire the services of a professional accountant, they will provide you with the necessary advice and help in maintaining your rental accounts.
- They will have a wide knowledge and vast experience in maintaining rental accounts which can be used for your benefits.
- They help in saving money. At the same time, they also provide professional advice at a reasonable cost.
- If you are a landlord and you haven’t declared past rental profits, then with the help of the professional accountants you can disclose your rental income to HMRC on better terms rather than those available in HMRC enquiry.
- The accountants for landlords can liaison with HMRC and can represent your case and solve any problems related to any issues.
- If you are a landlord, you have to file a tax return, if your rental income is more than £2,500 after deducting all the allowable expenses.
You need to keep copies of invoices, proof of payments, etc. for a period of six years once you pay your first rental income tax. This is mainly because if the HMRC has any enquiry, they will ask for written proofs.
Thus, you can maximise the property investment with the help of dedicated and specialist landlord accounting done by a professional accountant.