Is the Tax Man taking a huge bite out of your rental income?

Is the Tax Man taking a huge bite out of your rental income?

5:54 AM, 20th November 2021, About 3 years ago

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Are you one of those people who is now wishing that you had sought professional tax advice from us several years ago?

Maybe you’ve just received your 2020/21 accounts and tax returns back from your Accountant and you’re stressed about how much tax you need to pay in January and July next year?

Or, perhaps you’re one of those people who dreads getting the numbers and seeing what you owe? If so, you probably get your everything to your Accountant at the very latest possible date in January or prepare and submit your own tax returns on 31st January. Is this saving you stress and money or causing you stress and costing you money?

If you are one of these people, just imagine the ‘peace of mind’ you would get from consulting with Property118 and Cotswold Barristers and understanding the alternative property holding structures to save you tax and how you can effectively transition into them. Better still, imagine the ‘peace of mind’ of knowing that you have already completed the transition!

If you read the Testimonials page from our existing Clients and their Accountants, the one common theme that shines through so brightly is that they wish they had done something sooner.

You cannot expect your Accountant to give you advice on transitioning between legal structures, because that’s not what they are trained, qualified or insured to do. If they do try to steer you in the right direction, chances are that they will refer you to Property118, but you would have to be lucky enough to be with one of 200 Accountants who regularly do that. Most of the others choose to do nothing, because they see it as “not their place”.

The primary role of Accountants is help you report your historical profits in the best possible way to keep you fully compliant with the law. Their whole life is spent recording historical events. Most do not give tax advice and I have yet to come across a qualified practicing Accountant who is equally qualified and experienced as a Property118 tax consultant or a Member of the Cotswold Barristers team to advise on the legalities of restructuring a business for tax efficiency. The bottom line is that we all need to work together, i.e. Property118 for property related business and tax planning, Cotswold Barristers for property tax law, your Accountant so that they are knowledgeable about our recommendations and how to keep you compliant moving forwards and, most importantly, YOU, to tell us all what your most important aspirations and what it is you’re trying to achieve. Maybe you don’t think even know what that is yet, but  we know deep down that you do and we are experts in helping people just like you to get focussed.

Our role begins by establishing facts and then goes on to ask searching questions. That’s the beginning of a Property118 tax Consultation. The next step is to consider all business structures, the implications of a transition and the one that’s the best fit for you. This isn’t achieved on one call, it a process we call the Property118 Landlord Tax Planning Consultation.

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  • For the avoidance of doubt, we are able to assist landlords who own properties in England, Northern Ireland, Scotland and Wales. Where you reside is not a problem, even if you are resident outside the UK.

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