X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    Accountants charges

    I had a discussion with my accountant about disposing of my BTL properties and minimising capital gains tax. .

    I only have 5 btl properties which I am disposing off and am going to concentrate purely on development. I've had various discussions with tax experts and the conclusion I've reached is to bite the bullet and pay the capital gains tax as required, as I don't want to spread out the disposal over many years.

    I was expecting a chat with my accountant about this, however they have come back with a proposal "strategy for reviewing my property portfolio and determining the best strategy from a tax point of view" -  and a suggested fee of £600 plus vat.  

    I know that our accountants earn their fees by saving us more but in this case I don't think im going to get much value from this - any one have different views?

    0
    0

    Contact Mark Alexander at Property 118. He will more than likely give you excellent advice and generally charges £400. He came up with excellent advice for me.

    0
    0

    do u get a kick back?  strange recommendation...

    0
    0

    No, I was just trying to be of help. Heather G has fully answered the question. He does seem to know a lot to do with property and an expert in this field. I only mentioned the name so that he knew that I appreciated his advice but will take that bit off after this comment if I am able to edit it as, I don't want anyone to get the wrong impression. It was written in haste and did not realise the implications.

    0
    0

    NOTED, BUT WHY DO YOU THINK HE IS AN EXPERT?

    IVE ANSWERED HEATHER.  WILL YOU BE ANSWERING VANESSA?

    0
    0

    I have been reading property 118 for around two years prior to which, I have been reading all types of property articles including those from various landlord associations and I try to keep up with all tax strategies and in saying that he is an expert; is only my opinion however, if you go onto the property 118 website and do a bit of reading, you can form your own opinion.

    Over the years, I have spoken to many accountants and have quite a reasonable knowledge on property tax and fill my own tax returns where I have a fairly large portfolio. Having dealt with Mark, I really did he feel he knew his stuff.

    Will have to leave you to decide for yourself.

    1
    0

    Hi Qualo,

    What advice did Mark Alexander come up with for you?

    0
    0

    To be very brief, it involved incorporating without paying capital gains or stamp duty using a beneficial trust and creating a director's loan. £400 is obviously only for the advice and how to create the structure. It would obviously cost a lot more to create the structure as specialists are required in each area to implement it all. 

    My requirements are quite different from that of roogy123 and possibly to many other portfolios so it is not very easy to generalise but what I have written in the first paragraph is applicable to many portfolios given the size, loans and what the requirements are. 

    Hope that is of some help

    1
    0

    Hi Joe,

    I don't think Mark Alexander does kick backs!  I was also going to suggest he contact Mark as I know he does portfolio/strategy reviews for £400 (don't know if that includes VAT).  I think he may also provide some sort of guarantee (ie if he doesn't save that for you you get it back/£400 off something else they offer).  I haven't used him myself but judging from his forum, there's very little he doesn't know about the financing of property.  Certainly worth a chat at least.

    1
    1

    I don't think Mark Alexander does kick backs! 

    HOW DO YOU KNOW?

    I was also going to suggest he contact Mark as I know he does portfolio/strategy reviews for £400 (don't know if that includes VAT). 

    THATS DIFFERENT TO CGT.  HE IS NOT AN ACCOUNTANT.

    I think he may also provide some sort of guarantee (ie if he doesn't save that for you you get it back/£400 off something else they offer). 

    TYPICAL MARKETING RUBBISH...THAT IS WHAT HE IS GOOD AT!  ESPEC. SELF-PROMOTION.

    I haven't used him myself but judging from his forum, there's very little he doesn't know about the financing of property. 

    AGAIN THAT DOESNT COVER CGT.  AND DONT FORGET HE DOESNT PERMIY ANY CRITICISM OF HIMSELF ON 118.  AND HIS VIEW IS HARDLY UNBIASED.

    Certainly worth a chat at least.

    NO, NOT REALLY.  GO TO A PROPER, QUALIFIED TAX EXPERT RATHER THAN AN EX BROKER.

    0
    1

    You seem to know a lot about Mark Alexander that I don't know. Have you dealt with him before or is there something that we are missing in the forums or is it just the opinion you have formed above.

    I would be interested to know as although, I paid the £400 for the advice just before the autumn budget, I did not act on it as yet as I am not absolutely sure what I intend to do although, the strategy appears to be the best way to go but then there is no going back from there. I am still considering going ahead with the strategy put forward to me.

    0
    0