2. Landlord finance function management
As well as vital tax planning, we also offer a landlord finance function management service. As part of this service we use the latest cloud-based technologies and apps to take away the hassle of accounting and VAT and tax compliance.
Our aim is to allow you to run your property business smarter, so you have time to concentrate on realising your property ambitions.
As part of our aim, we will also look to help you plan for the future as the worry for many landlords is the up-and-coming MTD (Making Tax Digital) changes due to take place in 2024. These changes could mean that landlords would have to report rental profits to HMRC on a quarterly basis through an electronic reporting system. By using our latest cloud-based technologies you will be fully ready for MTD well before 2024 arrives.Â
FAQs
What are the benefits of cloud-based accounting?
The primary benefit of using Cloud Accounting is mobility. You can access your data wherever you are, on any device, so long as you have an internet connection.Â
This means you can now generate invoices on the go or process payments immediately, saving time and effort. Â
Your data is always safely secured and backed up online, meaning you never need to worry about your computer crashing and losing key data.
Furthermore, with little or no need to keep paper records anymore, you will be playing your part in helping the environment.
What is MTD (Making Tax Digital) and how will this affect me as a landlord?
MTD is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world.Â
MTD is making fundamental changes to the way the tax system works – transforming tax administration so that it is more effective, efficient and easier for taxpayers to get their tax right.
Self-employed businesses and landlords with annual business or property income above ÂŁ10,000 will need to follow the rules for MTD for income tax from 6 April 2024; generally more regular reporting of the data is expected.
If you have any questions or need further advice in this area, please get in touch and we will be happy to discuss furtherÂ
Blogs
On 2 October, our dedicated team stood shoulder to shoulder with some of the Accounting industry’s finest at the Accounting Excellence Awards at the Roundhouse, London....
On Sunday 24th September 2023, we swapped our calculators and spreadsheets for running shoes and race bibs, as Telic proudly sponsored the Moor Park 10k fun...
A delightful token of appreciation from a client. This pair of chocolate gifts and heartfelt thank-you are a testament to the strong relationships we’re proud to...
Last week, the Telic team decided to swap the office for the outdoors and headed to the golf driving range for a refreshing team summer social....
We are delighted to sponsor this year’s Moor Park 10k and Fun Runs on Sunday 24th September. The company is a long-term supporter of Mount Vernon Cancer...
✨We are thrilled to share some exciting news! ✨ The Telic team is honoured to be announced as finalists for not one, but three prestigious industry...
We are pleased to announce with immense pride the well-deserved promotions of Akshi Maroo and Muki Khan, who have been promoted to the roles of Senior...
