Do landlords need an accountant, or can they handle their tax affairs independently? For many landlords, the answer will come down to time, knowledge, and willingness to take on a skilled job such as accountancy. Some will choose to do it, especially if they are experienced in finance and accounting and only have a small portfolio, while others will need professional help. Let’s take a closer look.
The changing BTL landscape
Property ownership and buy-to-let used to be viewed as a clear and easy path to long-term wealth building, especially as part of a retirement plan. Today, the picture is less clear. Compliance and tax regulations have changed, and the buy-to-let sector has become more crowded, complex, expensive, and regulated, especially with the increased cost of borrowing, rising maintenance costs, and uncertain house prices. Property is no longer a guaranteed investment, and professional financial advice is more important than ever.
What does this mean for accounting?
Increasingly, landlords are turning to Gloucester accountants such as https://www.randall-payne.co.uk/services/accountancy/gloucester-accountants to handle their affairs and ensure they are making use of all the tax allowances, schemes, and potential routes to a minimised tax bill.
Often, the key to doing this is having the kind of in-depth taxation know-how that only professional accountants possess; after all, even allowable expenses are a complex topic.
Why landlords need accountants
More and more landlords are turning to accountants to save time and money and to access expert advice. A good accountant can help a landlord maximise every legal route to tax efficiency with the right expenses, allowances, and schemes to make owning a property as profitable as possible. Of course, accountancy is a taxable expense for a landlord running a business, so it is a worthwhile service and an investment in its own right.
Contact your local Gloucester accountants to find out how they can help you make the most from property and ensure your time and efforts pay off with a successful, profitable business that is as tax-efficient as possible. Why pay more tax than you are obliged to?