When is it the right time to use a property accountant?
Property investment has always been one of the best ways to make money, making it a great business opportunity. Whether you are investing as a private investor or as a business, it’s definitely worth considering using property accountants. Our specialist property accountants at Alexander & Co look at how a property accountant can benefit you.
Property accountants provide specialist knowledge
Ask yourself, would you want someone unprofessional looking after your property portfolio? The modern accountant specialises in plenty of areas, so making sure you have one on your side, with an in-depth knowledge in property accounting will be a huge bonus.
It’s the same with any industry or niche. For detailed knowledge, you want a specialist for that specific sector. Property accountants have the most extensive knowledge as to what works in the industry, meaning you get the best service possible.
Accountants for the demanding nature of property
A key reason you need someone with expert knowledge is that the property market is famously demanding. With constant tweaks and changes to the market – including the new Spring Budget property tweaks – you will definitely need assistance from someone with up to date knowledge.
The property market, although usually a safe investment option, can also be volatile. Therefore, it’s vital that you find ways to keep yourself protected against any unforeseen circumstances. Property accountants can aid you in keeping your investment safe, so your property doesn’t become a burden.
Reduce the admin workload with property accountants
Just like any accounting work, when you have a property accountant on your team, you will have more time on your hands and fewer jobs to worry about it. Property accountants help remove the burden of administration for you. Not only will you have to spend less time worrying about administration work, you will also be more equipped to make financially sound decisions. This provides peace of mind that your property portfolio is in safe hands and that you won’t have to make big financial decisions alone.
Property accountants for buy- to- let landlords
Buy-to-let landlords may have more than one property generating income and expenses. Landlords may also be developing properties, looking to add to their portfolio, or possibly looking to sell in order to release the equity. The expenses, duties and the tax on profits can be a whole web of confusing figures. If you don’t know the rules, it can be tricky to grasp.
There are some major gains to be made from careful tax planning. In order to minimise how much tax you pay and to stay compliant with the law, expert advice will be necessary.
Spring Budget changes to the rules on income tax relief mean that income tax relief is now only restricted to the basic rate of tax. Expected to be fully in motion by 2020/21, the process will be phased over 4 years. These changes essentially mean you will have to pay more tax than before.
It makes a lot of sense to use a property accountant, in order to make the very most of your rental property. For financially viable solutions and extra peace of mind when it comes to the financial aspects of managing your property, get in touch with the property experts at Alexander & Co.