Fair Rents (Scotland) Bill or Artificial state manipulation of free market rent?10:34 AM, 6th November 2020
About 4 weeks ago 36
You wouldn’t expect your family Doctor to perform major surgery on you, so why do most landlords expect their accountants to provide tax planning advice and recommend the optimal structure for their business?
Most accountants work with all types of businesses, they are general practitioners in tax. Their speciality is to ensure you have recorded your income and expenses accurately and claimed for everything possible to minimise your tax bill. However, rarely will your accountants advise you to restructure your business, because that would also require them to understand property, finance and law and how it relates to the operational aspects of your business. That’s not what they are trained or qualified to do. It’s a job for a specialist landlord tax consultant.
Unless your accountants are landlords themselves, with a similar size property business to yours, it is highly unlikely they will share the same mindset as you either.
If your accountant does have all of these qualities then you have hit the jackpot because they are extremely few and far between. That said, nobody can know everything so a second opinion could prove to be extremely beneficial anyway. Nobody has a Monopoly on good ideas.
Engaging a Property118 Landlord Tax Planning Consultant does not replace the work of your accountant. We provide complimentary specialities and services, in much the same way as a specialist medical consultant or surgeon does when your family Doctor refers you. Property118 tax planning consultations also come with a guarantee of total satisfaction or a full refund.Show Form To Book A Tax Planning Consultation
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