We hope you find some of the answers you’re looking for here, but if not, please get in touch and we’ll be happy to help.
Frequently Asked Questions
You’ll need a business bank account, especially if you’re operating as a limited company because it is a separate entity from you personally. Generally you want to be able to distinguish personal finances from those of your business.
As part of setting up your company, we’ll assist you in getting this set up.
Why should I invest in property?
Property is a physical asset that provides steady income and long-term gains. It also protects against inflation. Moreover, property is a top asset for capital growth. It shows consistent growth and quickly recovers from price drops, usually caused by supply and demand.
If you are looking to find your first property or grow your portfolio, we will be happy to assist find the right investment property for you.
Basically it depends on a number of factors like your medium to long term goals, your personal tax position and property interest and your exit plan.
We have put together a summary of some factors you can consider to come to the best and most tax efficient decision for you.
Yes. Property accountants advise on market timing and structuring deals. They ensure strategies are optimized for success. Additionally, they help manage landlord tax returns. This is crucial for property investors aiming to expand their portfolio.
If your turnover is below the current threshold (£90,000) in any 12 months then no, however, you could benefit from voluntarily registering. Being registered for VAT also gives you access to the Flat Rate Scheme which can provide the business with additional profit
What sort of expenses can I claim as tax-deductible?
There are many expenses you can claim if you’re running a business , but some of the more common ones are:
> Mortgage Interest (not principal payments)
> Tenant sourcing and management costs (Advertising, Management Fees, etc)
> Insurance (and/or Body Corporate, which usually includes general insurance)
> Rates (Land & Water)
> Repairs (but not capital improvements – can be a tricky distinction)
> Accounting & Legal Fees
> Travel and Management Costs (proportional use of private vehicle, phone, etc)
Can you assist with a remortgage of my property?
Yes we can. While we do not offer any mortgage services ourselves, we can recommend brokers that we regularly work with and they can assist you when you’re ready.
My property purchase has not yet completed. Do I still need to submit company accounts?
Yes. Company accounts reflect your financial state, even if projects are incomplete. If there are no transactions, you still need to file. Our accountants will prepare statements based on your input, whether there are expenses or not. This process ensures your financial reports are accurate.
Where Can I Find More Information?
We are more than happy to assist with any other question you may have. Please contact us to get started.