Landlords and Property Investors
A large number of my clients are landlords and property investors.
I have been investing in property myself for over 10 years, so I am in a fairly unique position of being able to provide both practical and tax advice to clients.
Few accountants fully understand property investment, and so are unable to advise clients properly about how to manage their property business.
I offer a comprehensive service to property investors, including:
Ensuring your ownership structure is suitable for your circumstances
Should you own your properties in your personal name? If so, should your spouse (if relevant) jointly own your properties with you?
Or, it may be that using a property company may be better for you. I will work with you to explain the options, and advise you of the most suitable set-up structure for your circumstances.
Ensuring that your property rental profits are calculated correctlyFor tax purposes, property investors are running a business. This means that there is more scope to legitimately offset expenses against rental profits. I ensure that every possible expense, allowance and claim is made to minimise your property rental profits.
Constantly monitoring your tax strategy to ensure it remains appropriateI will ensure that I understand your property investment goals and strategy, so that changes can be made as necessary. For example, many property investors have been making unexpected substantial rental profits as a result of the fall in Bank of England and LIBOR interest rates. I have therefore had to ensure that appropriate changes are made to clients’ tax strategies to minimise the tax exposure. Adjusting the ownership structure, setting up a property company, and changing the property beneficial ownership structure are all tax planning options to be considered. I work with investors to develop a cost effective, sensible tax planning approach.
Staying at the forefront of new developments in the property businessThe property business is always changing, as new financing and marketing strategies are developed, and property investors need to understand the tax and business impact of these. For example, seller financing and lease options are now coming into use, as instant remortgage and No Money Down strategies fade. I ensure that I am fully up to date with new developments, and I proactively keep clients informed via my blog.
Keeping the ‘end game’ in mindMany investors are initially focussed on the acquisition aspects of property investment, and the process of building a portfolio. I will ensure that your long-term tax planning interests are considered. Proactive and careful capital gains tax and inheritance tax planning can make a huge difference to the ‘back end’ tax bills, as many investors wind down their portfolio and look to their retirement, as well as passing on their wealth to their family.
CIS Tax Refunds £250
The majority of Construction Industry Scheme subcontractors who have tax deducted via the CIS scheme are entitled to a tax refund at the end of the tax year.
Recent Blog Entries
- 10 Jan 2017Good excuse for being late submitting your tax return ?With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest...
- 16 Nov 2016RENTAL INCOME – When are pre-letting expenses allowed?A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capita...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation