Landlords and contractors should have accountants

Accountants are mandatory

 For example, did you know you may get a rebate on the Stamp Duty Land Tax you paid? If you acquired a property within the previous four years and it needs maintenance to make it habitable, this is something you can claim, if eligible.

How can they help you?

 Landlord

• An accountant has various areas of specialism, so having one on your team who is well-versed in property accounting will be a significant advantage. Any industry experiences the same issue. You need a professional in that area for in-depth understanding. Utilising a specialised accounting team will receive the greatest service, since property accountants have the most complete understanding of the market’s rules and regulations, helping you claim back what your owed. For example, if your home is your office, you may be eligible for a tax credit for business phone calls, gas, and electricity. Also, other reclaimable charges for landlords cover ground rent, service charges (if sub-letting) and council tax. In addition, If the renters are responsible for paying utility bills, you can only recover this expense when the property is vacant.

Contractor

• A Leeds based contractor accountant, like a professional property accountant, will be knowledgeable with how a contractor’s business should be handled and the best way to legally and tax-efficiently organise a limited company’s capital. They may give proactive tax planning and advise that is tailored to your unique circumstances and business. For contractors who drive to a client’s location, for example, collecting a mileage allowance from their business will normally work out as the most tax-efficient choice. Contractors can claim 45p for the first 10,000 business miles driven in a tax year.

Tax advisor vs an accountant

Hiring an accountant may be more beneficial if your company is just getting started since, they can assist you with virtually all financial concerns related to your company, as well as tax planning and compliance guidance.

If your tax issues are more difficult, a tax advisor is more likely to be able to give more in-depth expertise, which may result in greater levels of tax compliance and savings.

Finally, tax advisors should be utilised for more detailed and specialised tax help, but you will you require an accountant for guidance in a broad field of finance.

Luckily here at Valor we offer both 😉

Valor property accountants, in Yorkshire, specialise in landlord and contractor accounts. An award-winning team with expert advice on submitting tax returns in Leeds and Bradford.

Taking the stress and hassle out of your self-certified claim with inland revenue, choose Valor accountants for your tax advice:

Email: info@valorproperties.co.uk

Telephone: 0113 222 4537

Or you can come in and see us!

Angela wing 3

Glasshouse street

Hunslet

Leeds

LS10 1AF