Monthly Archives: February 2020

Regardless of how many rental properties you own, you might find it daunting to deal with taxes and accounting when you are too busy managing them. You can avoid the hassle of facing the HMRC and keeping records by outsourcing your accounting. Accountants for landlords can benefit you in these crucial ways: 

1. Save tax on rental income – They will take into account every possible expense you may have incurred, including travel, stationery and utilities between your properties. Deductible expenses are covered too, such as council tax, ground rent and letting agents’ fees.

2. Become tax efficient – With the help of accountants for landlords, you can experience maximum deduction of your expenses, especially if you are joint tenants with a partner.

3. Ensure tax efficient ownership for buy-to-let property – Changes to the tax structure of buy to let properties’ rental income were announced in the 2015 summer budget. This made properties more attractive to own via incorporation. However, you can still get good returns on a buy to let investment. Accountants can give you advice on the most efficient means to own a property.

4. LESA – Accountants for landlords can help you file the claim for the Landlord’s Energy Saving Allowance. It lets you claim against the money spent on energy efficiency measures like loft insulation, draught proofing, cavity wall insulation, floor insulation, hot water insulation and solid wall insulation.

5. Tax returns – Even landlords must file their tax returns, especially if rental income exceeds 2,500 quid. Accountants can help you with this.

Accountants for landlords can also serve as your agent and represent your case to the HMRC. They can argue on your behalf if the wrong tax code was applied or if there are any errors in HMRC’s calculations. If you failed to declare past rental profits, they can help you disclose your taxable income on better terms. They have experience in negotiating favourable terms for landlords.

is not uncommon for medical professionals to pay much more tax than usual, and they have no time to check why. Overpayment is usually the result of last-minute filings, which puts you at risk of filling in the wrong or inaccurate information as you are in a hurry. Late filings could also mean paying the penalties in addition to your taxes. However, you could also pay too much tax due to an incompetent accountant. That said, it makes sense to find the most experienced and credible accountant for medical professionals. Here are more tips to help you find the right one:

• Do you really need a medical accountant? – The quick answer is yes, you need an accountant for medical professionals because taxes for doctors, dentists, general practitioners and pharmacists are typically more complex. Moreover, you could be too busy with your practice that you will not have enough time to do your accounting and deal with taxes.

• Make sure they are qualified – Check that they are chartered accountants in the UK and that they have extensive experience in medical accountancy. Verify their experience by asking for or looking references. You could also explore client testimonials and reviews, but take them with a grain of salt. Consider someone who is based locally, so you can rely on their knowledge of local tax laws that apply to medical professionals.

• Choose all-around medical accountants – An accountant for medical professionals can find ways to legally minimise the tax you are paying, and aid in getting your refund. Apart from helping you with accounting and bookkeeping, they can also help with advanced tax planning to streamline your personal finances. Some of the best accountants can go beyond and give business advice to help you grow your practice too.

Finally, look for a guarantee. Make sure that the medical accountant can add value to your practice. They should be able to guarantee high-quality advice, responsiveness, fair and transparent pricing, and reliable communication. Should you be unsatisfied with their service, you will not have to pay for it.

Building a new property has its own unique challenges, and some of them can be easier to deal with when you get property accountants to help you out. These specialised accountants have extensive experience in working for construction-based customers, such as sub-contractors and main building contractors, developers, and tradesmen. They possess the understanding and knowledge necessary to navigate the ins and outs of property accounting, while serving as your trusty financial advisor too. This way, you can rely on them for risk analysis and gain the right resources to maximise your project’s potential.

To get the most from property accountants, hire a team that will not only help you with the accounting and bookkeeping. The best ones can serve as your partner in exhaustive and meticulous planning for your business. This way, you can maximise your profit margins and keep your business afloat, even in the most volatile markets. An experienced property accountant can help you across different property-related matters and transactions, including taxation, revenue generation, and surveying, no matter what type of structure you are building (i.e. commercial land, residential properties and private structures).

You can rely on property accountants for VAT planning, financing property transactions, capital gains maximisation and implication, land tax and stamp duty, and allowance (claims, reviews and reliefs). They can go beyond their usual bookkeeping and accounting services by helping you with inheritance and estate planning, treatment of tax where renewable projects are involved, and treatment of tax for renting.

Landlords can also benefit from hiring property accountants. Whether you have a single or multiple rental property, these accountants can take care of bookkeeping, maintaining accurate records, and dealing with the HMRC. With their help, you could minimise your expenses related to utilities, transportation, council tax, ground rent and service charges, mortgage payment interest, letting agents’ fees, accountants’ fees, and maintenance and repairs. They can aid in the reduction of basic tax rates and advise you on the most tax efficient means to own property.

Accounting is one of the challenges you must deal with, even as a medical practitioner. Often, you may find yourself not having enough time to manage your accounts. However, it is equally important for you to manage your accounting and taxes. Otherwise, you could be at risk of penalties with late filings. You also need to make sure that the information you input is correct, or you can attract the attention of HMRC. Accountants for doctors can help you in avoiding those problems, so you can focus on your practice.

Rather than hiring your own accounting team, consider outsourcing your account management to chartered accountants for doctors. This way, you can save money and not have to worry about their wages and benefits. Their expertise will be handy if you are paying more taxes than necessary. They have a deep understanding of Britain’s tax laws, so they can find ways to help reduce your taxes legally. Likewise, they can assist you in securing tax refunds within a reasonable time frame.

Dependable accountants for doctors can help you with your tax planning to improve your financial health. Their specialised knowledge will be useful in every aspect of tax planning, such as bookkeeping and accounting. You can rely on them to interpret sub-clauses, riders and clauses to identify your liability. With their help, you can streamline personal finances too. All their solutions will be tailored specifically to your unique situation and requirements to ensure a more personalised service and the best results.

Besides keeping you up-to-date with your accounting and taxes, accountants for doctors can be your business advisor too. Reputable and experienced accountants specialise in focusing on every business sector, making them capable of delivering reliable accounting, bookkeeping and business advice, which may be centred around earning extra profit, raising finance, management of year-end accounts, and much more. This way, you only have to rely on well-known professionals for everything you will need to keep your practice afloat and in good standing with the HMRC.