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I've got 3 rental flats in Herts. I own them all outright and thus my finances are fairly simple, and up to this point I thought my they didn't necessitate the cost of a tax advisor. However, some recent consideration of whether my monies are in the right place, and whether my 'portfolio' is as balanced in terms of location and property type as it should be, have made me aware that either now or in the future I'll be subject to some hefty taxes if and when I need to sell my flats (and higher still with the removal of letting allowance next April) and thus I think it is time - better late than never! - that I consulted a tax adviser.
With the preamble over (which may be relevant), I would be grateful for any recommendations any of you may have. I'm not sure whether the best advice is via face-to-face, or whether advice can be as given effectively at a distance. Although my properties are in Herts, I live in east Kent, so if face-to-face advice is recommended, then I'd be looking for someone within 20 or so miles of the east coast, ideally.If you can't give a recommendation but can point me in the direction of a means to find a recommended firm, that would also be great!Many thanks in advance!
Alas, even a property tax advisor will not be in a position to advise you on whether your portfolio is balanced in terms of location and property type.The advisor will only be able to suggest ways of arranging your affairs to mitigate your tax liability now and in the future
Hi Don Frump,
Many thanks for your wise response. Sadly, it appears I wasn't clear in my goals wrt tax advice. I want a tax adviser recommendation so that they can offer me guidance as to the best ways of limiting my tax liabilities. Consideration of whether my 'portfolio' is balanced was mentioned as it was what led me to realise the importance of the latter.
If you were on the south coast i would recommend my own accountants as excellent property tax advisors.
However, i believe an initial face to face meeting is most important so hopefully, you will get a good recommendation close to you
Your affairs to me as a layman do not appear to be at all complicated
That's a shame that your recommendation is on the south coast. As you suggest, I will look to find a local adviser who I can meet in person.
I own an accountants on the south coast and currently looking to outsource certain work to a property tax specialist Most accountants I know, including me, are generalists Where on the south coast are you and do you mind recommending your accountant. Private message if you prefer
Rita4Rent are the tax sponsors for this site
J Stuart Thomson debbief and Tony Gimple are regular contributors and very knowledgeable.
Hi Brian,As Gary kindly indicated above, Rental Income Tax Advisors are the tax partner of Property Tribes and also the Residential Landlords Association. RITA specialise in property and landlord tax.RITA are based in Herts. and do "face to face" meetings over Skype. In this digital age, there is no need to get in your car at all!! However, if a F2F meeting in person was very important to you, I am sure they would be able to accommodate that.Give the RITA team a call on 0800 1 22 33 57.You can also visit their website by clicking on the various banners found around the site.Hope that helps and best of luck.
general operations director, site owner and moderator - propertytribes.com
Thanks, Gary, Nick! I will give RITA a call.
I have had several meetings with a tax adviser over the past couple of years and they have all proved to be of value. I always meet face to face and I am sure this helps. If you ask a question by email you might not be asking the right question; a good adviser will direct you towards the question, not just the answer. There can also be nuances about advice, what is said in one situation may not apply in another.
Many thanks for replying. Your comments make a lot of sense. As you say, sometimes you need to be jolted out of your own narrow mode of thinking, and a face-to-face is a good platform for that. I will aim to find an adviser who can meet this requirement - perhaps a Skype chat is a reasonable compromise....