Do you rent out a property? This is why you need an accountant.

By 12/04/2023 October 2nd, 2023 No Comments

Property investment has always been a great way to make money. But in order to make the investment a successful one, good financial information and up to date advice is vital. No matter if you’re a setting out alone with a single property, or you are the director of a limited company with a growing portfolio of properties, hiring an accountant could help you considerably.

Reduce the admin workload with a property accountant

Getting your accounts in order is an admin heavy task. With one less item on your to do list you will be able to focus your time on growing your property portfolio and your landlord responsibilities. You will also be more equipped to make financially sound decisions as you will know exactly how your accounts are looking. This provides peace of mind that you won’t have to make big financial decisions alone.

Assistance with tax rules and ongoing changes to legislation

We know that knowing whether you are paying the right amount of tax can be a mind-field. By hiring an accountant will ensure pay the correct taxes and abide by the relevant legislation as a landlord. Make use of your accountants wealth of knowledge! They are well-versed in property taxes, the best way to maintain accounts and the HMRC reporting processes. An accountant is invaluable and can save a landlord money and time.

Guidance regarding your expenses

There are several expenses that landlords can claim against taxable rental income. Your accountant is  well equipped to provide you with advice regarding what you can and can’t claim. As a result, they can help you reduce your tax liability and ensure you remain fully compliant.

Accounting software

At M&L we operate as a cloud base accountancy firm, meaning we use the latest software to make keeping your accounts up to date as easy as possible. We use Quickbooks, Dext and Accountancy Manager to make the process as seamless as possible.

Having up-to-date financial information has never been easier, meaning you don’t have to wait until year-end to understand the financial position of your business.

We know it can be difficult for landlords portfolio to keep track of all outgoings and income. We aim to make this a problem of past by providing helpful reports and saving you time.

Get in touch with us today to find out how we can help you.

We believe that a personal approach to client management is important and we ensure that we always go the extra mile to make sure that your accounts are up to date and comply with all regulations. With our expert knowledge we are happy to advise you on all finance related matters.

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