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  • Tax

    Do I need an accountant for one BTL property?

    Hello,

    Does anyone know a good and inexpensive tax accountant? I only have 1 buy to let property ? How much on average should a return cost to prepare?

    Thanks

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    I would say that the most inexpensive tax accountant is yourself . With one property I would feel inclined to sort your own .

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    With one property you can do it yourself

    ask Hmrc they are helpful

    the only difficult part is s24 it's not straight forward as the past

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    Learn Change and Adapt ?????


    We manage in excess of 1300 properties and have to prepare accounts for certain Limited Companies which we manage on behalf of. The cheapest out there is probably going to be around £400 plus VAT for an annual return.

    We use a local Tax Assist Accountant branch and they do it for that much. However, probably best to do it yourself as suggested by Spiritual!

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                     Harvey Pearson - Lex Allan Chartered Surveyors

                            Commercial Property Advisor / Investor


    learn it from a book and do it yourself.

    best book - landlord tax from Property Tax Portal by Arthur Weller and Amer Siduque

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    It depends if you are operating as a limited company or an individual.

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    try Wayne Ashcroft 07828882400

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    RGR

    Thank you for the support.

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    Wayne Ashcroft

    Accountant | Wayne Ashcroft Limited

    Tel: 07828 882400 | Email: wayneashcroft69@outlook.com

    If its a case of just completing a tax return it is easy enough to do yourself.

    But generally there are lots of questions you will need to ask, especially with the current changes.

    Are you a higher rate tax payer? Are you a close to being an higher rate tax payer? What do you want to do with the property in the long term? How much is your mortgage interest?

    All of these questions have an impact on the tax you pay now and in the future.

    It appears the taxman is out to get landlords so you will want to be proactive and ready for changes in tax law.

    If you are doing it yourself and you have time that is great, if you would rather spend that time doing more fun things and want to pass the job onto someone else, then you pay an accountant.

    If you are a company then £400 plus VAT is a good price. If its for some rental accounts, a tax return and not too much else in terms of additional income, its quite steep for one tax return.

    But that is just my opinion and I undoutedly will not have the overheads as I am on my own so can charge less.

    For a tax return and a set or two of rental accounts I would charge £200, but its negotiable on the amount of work you want me to do. If its a company then its more but can be negotiated on the amount of work I have to do.

    I hope that helps. Always happy to discuss if necessary.

    Wayne

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    Wayne Ashcroft

    Accountant | Wayne Ashcroft Limited

    Tel: 07828 882400 | Email: wayneashcroft69@outlook.com


    Hi David,

    A good property accountant will help ensure you claim all you are entitled to, and reduce your tax liability.

    Our tax partner is Rental Income Tax Advisors, or RITA for short, and they are also the official tax partner of the RLA.

    You can contact RITA for a quote on 0800 1 22 33 57.

    By using our suppliers of products and services, you are helping in maintaining this site as a free to use community resource. So if you have got value from Property Tribes, you may like to reciprocate and show your appreciation in that manner.

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