How good are your accountants at tax planning?

How good are your accountants at tax planning?

12:06 PM, 3rd March 2017, About 5 years ago 1

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I am constantly amazed at the poor service most accountants provide in terms of tax planning. How good are your accountants at tax planning

I’m generalising of course, but my experience is that around 90% of accountants simply accept the status quo and report information to HMRC on the basis it is presented to them.

For example, my consultations often reveal that accountants have provided no tax planning advice whatsoever in terms of utilising the nil rate tax band of spouses. I’ve also seen many instances where one spouse is paying higher rate tax on rental income whilst the other is well below the higher rate tax limit.  No thought whatsoever appears to have been given to strategies to move income and assets between spouses to minimise tax payable. In many cases people are paying thousands more in tax than they need to be every year.

Another example is where landlords manage their own properties and pay the higher rate of tax. I ask them why they haven’t set up a property services company to divert a percentage of their gross rents to a lower tax environment with a view to taking £5,000 of tax free dividends for each shareholder. the answer is usually that nobody has ever explained this is even an option. Again the tax savings can be massive, especially as share in the management company can be held in trust for children.

I am so confident that I can identify tax savings that my consultations now come with a total satisfaction guarantee. If I can’t direct you to tax savings over the next year of more than I charge for a consultation I will refund fees paid in full.

My reports are written tactfully so that you can show them to your accountant for review, discussion and implementation of strategies. I only recommend moving to another accountant in the most extreme cases.

When you book a consultation I will write to you to advise you what information I need. On receipt of this information I will then prepare a bespoke report for your consideration and then arrange a 30 minute follow up call to answer any questions you may have.

I look forward to hearing from you.

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  • Landlord Tax Planning Consultancy is the core business activity of Property118 Limited (in association with Cotswold Barristers).


Comments

by Jack Craven

0:34 AM, 7th March 2017, About 5 years ago

Hi Mark, I am a pensioner with a small portfolio in partnership with my wife, My question is does setting up a property services company still work with basic rate tax paters?
Jack.


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