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Found 14 results

  1. Hi all With the forthcoming plans for Making Tax Digtial I am starting to look at moving away from spreadsheets to a specialist accounting software designer for landlords. At present I have 5 HMO’s with a combined unit of 19 lettable rooms/units with 2 more properties in the pipeline to take it to 25 lettable rooms/units. Currently I am using spreadsheets which works. I have seen that there are softwares such as Landlord Vision, Landlord Studio UK but also traditional software such as Quickbooks and Xero. Does anyone use a specialist accounting software and what are your views and recommendations?
  2. Hello, On the HSBC Business Account (Purpose of Account) it mentions: 1) Holding funds to be invested in the UK 2) Holding funds to be invested abroad Are holding funds mean like this: Bonds, stocks, private equity, hedge funds, pension funds, options, portfolio, mutual funds, futures, real estate, savings, personal funds, assets, shares. Is it any funds? The business account is for a private imited company. Thank you
  3. Hey Can anyone recommend a software program that will allow me to me to measure how my business and property portfolio is doing? I'd really like it to measure both things in one program (general business performance, and portfolio performance) and it's vital that it will allow me to forecast/test the effect that potential purchases would have. I'd love to - Be able to test what happens to my business cashflow if I buy/remortgage specific properties at a specific points in the year. Compare the performance of two possible purchases to see which is likely to perform best for me in 5/10 year's time Keep track of the overall health of my investments As a bonus, it would also be great to be able to do basic accounting things like create Profit/Loss statements etc Is there a program / app / web-service that will allow me to do all of these things? I could probably fashion something myself in excel, but it'll likely take days of work to build and test and there are better uses of time if it already exists Any pointers gratefully received!
  4. So looks like the ball has started rolling on the expected tax grab needed to pay for this pandemic mess. Sunak has clearly voiced property transactions as an area that escapes CGT when compared against income tax brackets. He has clearly called our second home owners. Now in my view this is going to massively effect the plans of those that are coming towards their investment journey / looking to sell up. For those who are planning on being in the market for the next 20years and potentially beyond - is it fair to say that you shouldn’t base your long term investment decisions based on today’s CGT rules as surely these will change and evolve over time anyway?
  5. Hello new on here! My name is Jack and I am Quantity Surveyor, I have worked for a private developer project managing there developments from acquiring the land to end sale but I am now looking to work independently with investors. This could be either hands off or hands on for the property investor and I am happy to work either directly for you to manage the project or even a joint venture if that is an option! If anyone is interested please do not hesitate to make contact with me.
  6. Hi all, When reconciling P&L accounts for your property ltd company, what is the correct way to categorize a director's loan received (specifically for the purposes of funding the deposit for a BTL)? Same question for mortgage interest repayments. Thanks
  7. Hi all. My wife and I have three properties. I have one, she has two. Mine is in Worcester and my wife's are in Wolverhampton near where we live. We want to build on our portfolio to a net income of at least £2000/mth We both work full-time as civil servants. I project managed the total renovation of our farmhouse including successfully obtaining government grants. What a faff that was but worth it in the end. I listen to the podcasts and subscribe to the property hub website / magazine. I'm looking for advice on accounting. We have started using Go Simple Tax as our previous accountant wasn't at all property friendly and expensive. We have not previously claimed for all the fiddly stuff like percentage of house use, percentage of mobile bill, travelling expenses as we rarely visit the properties and so on although we do make a lot of calls, send emails and I do repairs now and then on my wife's houses. Is it really worth it? And if we do when we haven't before, will this be flagged by HMRC? If it is, will it be a problem? Are we better to say we use Cash Basis Accounting or Traditional Accounting? We don't exceed the threshold for Cash Basis but as I don't really understand how each would apply to us or what our previous accountant said we we using. Would welcome any help /pointers with this. Thanks
  8. Hi guys, I'm looking for accountant recommendations who specialise in BTL investing via SPVs/Ltd Co's. I'm a self employed independent contractor (based in London) and looking for the best way to transfer deposit funds between companies. Any recommendations would be most welcome! Thanks in advance
  9. Hi guys, I'm looking for accountant recommendations who specialise in BTL investing via SPVs/Ltd Co's. I'm a self employed independent contractor (based in London) and looking for the best way to transfer deposit funds between companies. Any recommendations would be most welcome! Thanks in advance
  10. Hi, Can anyone recommend a good/knowledgable property accountant in central Scotland? Ideally West Lothian/Edinburgh but would consider Glasgow. Thanks
  11. Good afternoon I had a question regarding capital gains allowances. I am a higher tax payer, but my wife is on a lower band. I am buying a property with which I'd hope in the next few years I'll be able to take out £22000ish (2 peoples CGT allowances). If the mortgage was placed in my wife's name only (for income tax reasons), and I put my self on the mortgage nearer the selling time ( to get two CGT allowances) would I be subject to paying stamp duty again? On the other hand, if I placed myself on the mortgage now but owned say 10% of the house, will income tax be divided proportionally 90/10? Would we both then get a full £11000 allowance on CGT. Accounting is a nightmare. Whatever way I think I have it right the government seem to have found another way to extort me. Thanks in advance Gareth
  12. Hi all I have a portfolio of 6 properties so far and have spent months educating myself about property and its management - thanks to the great resources on here and the podcast. They have really helped to fuel my passion for property and now I have a plan for adding to my portfolio over the coming years. I'm an accountant who works in industry as a contractor (systems, management consultancy etc) and I've done a fair bit of research on tax rules and company structures etc. So I'm thinking about combining my passion and experience with a friend who is a Chartered Accountant in Practice and forming a specialist property accounting company. I've noticed several posts where people are looking for recommendations. I'd love to get your feedback on what you look for in a property accountant and what makes you think they're worth their salt! thanks Daryl
  13. Hi all I am looking for a ‘bank account aggregator’ or budgeting app that links to my accounts that also allows me to categorise my cash spending and provides up to date remaining budget information instantly on my phone. I know a recent resource of the week was Toshl but I don’t believe this has the bank account link. I have been frustratingly trying to align all my spending in one place for the purpose of tracking spend and budgeting. I have used budget apps and basic spreadsheet apps to input spend made from cash withdrawals ‘on the go’. I also have a main spreadsheet where I copy in my bank statements and copy in the ‘on the go’ cash spending, but the overall process is rather tedious and retrospective. It does not give any ‘budget remaining’ information. I thought Google sheets was the answer but drop down boxes (for categorising quickly) do not work on smart phones and again this does not auto link to my accounts. I have also used Money dashboard but the app does not allow you to split the cash withdrawals made into what it has been spent on. Any potential solutions would be greatful. Thanks Grant
  14. Reading many blogs, posts and journals and also listening to various podcast still hasn't really given me a definitive answer to the question "when do you need an accountant?" various sources have said "you only need one after purchasing your 5th property" yet some say "you need one from the outset" surely having an accountant from the beginning would be the best option, so that you are not losing out on any tax advantages on you whole portfolio? what i do know, going on with my portfolio is that i am going to use a property specialised accountant. if your going to pay for an accountant you may as well use an expert. any opinions on this matter would be greatly appreciated! thanks, James
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