Role of Accountants in Maximising Your Income
Posted by Amit Gupta on April 1st, 2021
The services provided by accountants for landlords are crucial in maintaining healthy business and maximizing income as a rental property owner. Hiring an accountant is one of the best investments you can make, especially if you are lending out multiple buildings or properties. The following points further explain the role of accountants for landlords and why you should start looking for one now:
Make sure that you are fulfilling your landlord duties
Being a landlord in the UK can indeed be lucrative, but this job involves a long list of responsibilities that can be really challenging to fulfil without a pro working beside you. As a landlord, you have legal obligations to pay taxes while keeping your property and your tenants safe. With an expert accountant for landlord, you can be rest assured that you are following the best practices and meeting the standards of the law.
Keep financial records
Every financial transaction must be recorded for computing tax liabilities and filing tax returns. Your accountant will be in charge of this task, so you have all the things you need at the time of income tax filing. When you have complete and accurate records, you can avoid problems with the taxman. Some of things that must be included in the records are rental income, losses, capital expenditure, bank statements, as well as expenses incurred in relation to the property (ex. legal fees, accountant fees, and mortgage interest.)
Reduce tax liabilities
Working with someone who is knowledgeable about tax laws is the key to reducing your tax liabilities. Accountants know various legal ways to help you save on landlord tax. They will see to it as a landlord can claim all property expenses to gain full relief. This may include a possible claim for the landlord’s Energy Saving Allowance for the money you have spent to make your property energy efficient, among other things.
Providing all the accounting and financial planning help you need
The biggest advantage of hiring an accountant is that you have access to immediate financial advice. Your accountant will be just one call away to provide the necessary assistance and answer any questions you have in mind. Aside from taxes and day-to-day bookkeeping, they can also advise you on preparing for future property investments.
About the Author:
Amit Gupta, Director, Allenby Accountants.
Allenby Accountants is a firm of Chartered Accountants in Uxbridge, West London. We offer tax advice, business advice, financial advice and support our clients in achieving their life ambitions such as buying a home, sending kids to a good university, living a happy retired life, etc. Our range of services includes accounting, bookkeeping, tax planning, VAT advice, inheritance tax planning, succession planning, business buying & selling, etc. We specialise in sectors such as medical & healthcare, hospitality, media, ecommerce, professional services, property & construction, charity and not-for-profit and more.
About the AuthorAmit Gupta
Joined: December 9th, 2016
Articles Posted: 59
Store Bitcoin and a Earn Passive Income
Miny CC allows you to store your Bitcoin, Litecoin and Ethereum on their platform and pays you 10%-19% in monthly returns based on your stake.
Passive Income - Effortlessly | Honeygain
Honeygain is the first-ever app that allows users to make money online by sharing their internet connection.
Coin Farm - online farm with money withdrawal
Coin Farm - online investment game with real money withdrawal. Buy birds, sell eggs for real money. Your passive income is here.
Get Paid to Write Reviews!
BravoCoin is a review app that pays its community for writing & rating reviews of restaurants, hotels, services, movies, video games & more. Signup and claim 10 FREE Bravo coins!
CryptoBits - Welcome to the World of Crypto!
Explore the world of Crypto and learn to invest and earn, play games and become a part of the decentralized world today!
Earn Crypto with the COIN App!
Earn crypto on your Android or iOS Smartphone! Signup through this link and receive 1,000 free coins!