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I have read a lot about how not having an accountant would be a false economy, they are worth their weight in gold, can open your eyes to tax savings etc but how often do they?
In the past when I ran non-property companies I did feel that was certainly the case- suggested paying myself and my wife more in dividends etc. But since I moved into property there has never been a Damascus moment when they told me anything I didn't already know.
That doesn't mean I am an expert (and any knowledge I do have is mostly down to the rather brilliant Property Tribes) but I was wondering. How many of you got something really good from an accountant that saved you a lot of money or changed your way of thinking. Or if you don't want to be too confessional perhaps you have a "friend" who once benefited from such advice?
In today's investment world they are very important you now need strategy and cunning to make BTL work I have a tax consultant and two accountants one for my company and one for my personal tax business I could not work with out them
Learn Change and Adapt ?????
I think with a bit of savvy, PT and the web they are not indispensable.
The issue of tax makes my eyes glaze over! For that reason and also to ensure that I am as tax efficient as possible, I have always employed an accountant.They can support and advise on so many levels and in so many different areas of taxation that I regard my accountant as priceless.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I also would be interested to hear from anybody who thinks an accountant has saved them money, particularly for landlords who own properties in their own name.
I own a btl in my own name, well shared 50/50 with a family member. The last piece of tax advice I have received has potentialy saved me thousands... I was given a piece of knowledge that was a game changer for me.
That's great. What was the advice?
It was specific to me and my circumstances but it was based around strategy whether to put an existing owned property into a ltd company. This was my intention and I was prepared to pay the stamp duty to do it. Turns out there was a much more tax efficient way because of my quite specific circumstances... I have still set a ltd company up, but the existing property will stay outside of it.
The silence is deafening!
I would say that most circumstances would dictate how much support people needed. I would not have thought that a tax specialist is required if you are a property investor that is also a basic rate tax payer but a basic accountant may be sufficient to get the self assessments completed and limited company accounts.
People that have more complex affairs such as a) a high rate tax payer, b) have inheritance tax issues, c) have children to share the wealth then a tax advisor and an accountant is required to ensure they are structured in a tax efficient way and reduce tax now and in the future.
On top of all this people have different levels of comfort when it comes to numbers and tax. So, someone that is comfortable may not need as much support as those that do not understand numbers (we are all different let us not forget) and worries.
Simon Misiewicz | Business Development Manager
Telephone: 0115 939 4606
I get the odd snippet every now and again but only when I ask the appropriate question!