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sheryldene dunne

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About sheryldene dunne

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    Account & Client Manager

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  1. Hi Benji Most people use an accountant for a Ltd because of the need to prepare annual accounts in a certain format and then complete the tax return. If you don't know what format to use and aren't familiar with the latest accounting standards this can be difficult to do. No matter how many properties you have in a Ltd, the basic reporting requirements are the same, but there will be additional work required for 10 properties vs 3 properties, which is why some accountants would charge more.
  2. Hi Mark, speaking as an accountant, I'm not sure an accounting course would necessarily add value for you. Any good accountant that you deal with would take the time to make sure you understand what they have done and to explain the tax implications to you.
  3. Hi Artur Theoretically any accountant that is appropriately qualified ie ACA or ACCA would be able to help you, but some people do find it beneficial to choose an accountant that specialises in property. Lots of accounting services are offered remotely now, so you don't have to 'settle' for a local accountant.
  4. Hi You are entitled to claim for all expenses that are wholly and exclusively incurred in managing your property business. So long as you can justify your claims / support them with invoices HMRC cannot object to you claiming them. The cash basis is supposed to simplify the accounting, but it is not always the most beneficial for tax purposes. You should contact your previous accountant and clarify what basis was being used, as it could have an impact on your tax.
  5. Hi Fola As the Hubbers above alluded to, it s better to get your structure sorted out before buying and make sure you have a SPV set up if you are going to go down the Ltd Co route. It could cost you more money to transfer into a Ltd at a later stage.
  6. Hi Cube Any funds that you transfer to or on behalf of your Ltd Company will be reflected in your Directors loan account within the SPV. This will be accounted for correctly when your accountant prepares your annual accounts.
  7. Hi Natasha When you flip a property the profit you make is taxed as income - not a capital gain. So you will not be able to offset your annual exemption against it. If you own it personally you will both pay tax on your share of the profit at 20% or 40% (depending on your rate). When you start buying properties to use as BTL's you will find that if you hold them personally you will not be able to claim all of the mortgage interest you pay as a deduction. However as haf1963 mentioned above, Ltd Company mortgages will still need to have some guarantee from di
  8. Hi Helen Most of my clients just use an excel spreadsheet - it doesn't have to be complex - a simple list of date / cost / description (include enough info here so that it is easy to determine if the cost is revenue or capital) Scan all your receipts in, then you can share them with your accountant via dropbox at the end of the year - Simple! Good Luck Sheryldene
  9. Hi Greg, hard to say if they look reasonable without having more info on type of property you will be buying, and what else is included in the price. If you have a browse around the forum, you will see that a few members have posted prices for other accountants - You're welcome to contact us at tax@thepropertyhub.net and we can have a chat about the service that Property Hub Tax offers. Sheryldene
  10. Hi Lee Welcome to the Forum. Property Hub Tax has an accounting service and a consultation service. If you'd like more info on either you're welcome to email me on tax@thepropertyhub.net and we can arrange a chat. Kind Regards Sheryldene
  11. Hi Mark, Welcome to the Forum. If you have any specific questions feel free to post them and we will do our best to answer! Good Luck Sheryldene
  12. Hi Ross Any expenses wholly and exclusively incurred in running your property business - In addition to what Jose mentioned, you could also claim for any travel expenses , if you manage the property yourself, you could claim a small amount for use of your home office too. However, you can't claim for your own time. Keep a record of all costs and your accountant will be able to advise you when you complete your tax return. Sheryldene
  13. Hi Claire Property Hub Tax now offers an ongoing tax / accounting service as well as one off consultations. If you'd like to email me on tax@thepropertyhub.net I'd be more than happy to arrange a call so we can have a chat about our services.
  14. Hi Claire It sounds like you've been very busy, and you seem to have a really clear idea of what you want to achieve, which is great. Speaking as a Tax accountant here at The Property Hub, I would say it's really important to get your tax structure right from the beginning. Especially with recent changes to mortgage interest relief, its better to make sure that you structure how you will own the properties before buying - changing from personal ownership to Limited Company ownership at a later stage can be expensive. Chatting to an accountant before buying a property is
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