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.
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.
This means you can now generate invoices on the go or process payments immediately, saving time and effort.
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.
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.
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 £10,000 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 further