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Found 12 results

  1. Hi all I purchased four small BTLs last year and plan to buy another four this year. These are purchased personally, in both mine and my wife's name. Separately, we run a small business (Ltd company) which provides us with a modest salary and dividends. I do the books, using Xero, and our accountants charge us around £2k per year to run the payroll, do the year end and do both our self assessment tax returns. Pretty normal stuff. I asked our accountant if he would take on the personal BTLs and he suggested setting us up on Xero, where I would reconcile the BTL transactions and he would charge £150 per property, per year to submit our tax returns. I don't know if I'm missing something here, but given that we'll end up with 10+ properties, £1,500 per year, to essentially fill out a couple of fields on our tax return, seems pretty high? I can see for those that choose to purchase BTL's through Ltd companies, having an accountant is a must, but for personal ownership, do I need help? I quite enjoy bookkeeping, and I've already researched the invoices that can and cannot be claimed back. It seems pretty straightforward... Any thoughts? Many thanks Jack
  2. Hi, Does anybody have a spread sheet template that they can share for recording investment activity through a limited company? We have set up our company, and are beginning to accrue costs through purchasing properties. Before this gets too far in I need to start recording it all ready for company returns at the end of the year. This is going to get more important as the properties are actually completed and regular costs and income start coming through. I'm not sure how others do this, but I guess that there needs to be some way of showing overall costs vs income for the income aspect of the accounts, but also some kind of record / distinction for capital costs accrued for each property so that this can later be offset against any potential resale. Given these moving parts I don't really want to make one myself as I can see it getting complicated! Any templates or other advice very much welcomed. Thanks Tom
  3. Hi All, I'm a new landlord and would like to set up a separate bank account for all incomings and outgoings exclusively for B2L. It would need a debit card. Does anyone have any recommended banks to approach? Are there any considerations I should be aware of other than not explicitly stating to the bank that this is for B2L purposes (and hence having to pay for a business account)? Thanks for your advice,
  4. 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
  5. Hi Together with the other 2 residents in my block, I'm in the process of purchasing the freehold from it's current owner Im Looking for an accountant to prepare the annual accounts etc for submission to HMRC. Does anyone have an accountant they would recommend for this activity? Thanks Sarah
  6. Hi everyone Apologies if this topic has been covered before, but I've done a search and couldn't find any info readily available. I have 5 BTL properties which are currently let, but have no proper bank account "system" in place when it comes to receiving rent and paying out mortgages and expenses, so I find that I'm losing track of my expenditure and income for each property. Do people generally have a single bank account per property, or one general bank account for all properties (for those who have more than one)? Appreciate anyone's input. Many thanks Ps I should also say that I do keep track by way of a separate Excel spreadsheet and have tabs for each property, but I find that only helps to a certain extent.
  7. Hi guys, I am setting up a portfolio using a ltd company - I have been quoted £300 + £95 for each additional property for reporting to HMRC and then an additional £125 for companies house reporting. Is this a normal price? Thanks!
  8. Hi All, Does anyone have a spreadsheet they'd be willing to share that takes into account the new s24 tax requirements?. I'm a basic rate tax payer with one btl and a little confused how to lay it out including allowable expenses. Happy to have a go myself if you can only share tips/advice thanks
  9. I'm looking for a bit of guidance on filing my first accounts to HMRC, without an accountant. I've had a good look through this forum and haven't found the answers I was hoping for so... I'm keen to do as much as possible myself, including my accounts. I've kept all the books but now It's time to file my first company accounts. Where do I start?! Below are a list of problems I encountered once I logged onto HMRC: 1. It's saying I can only file my Companies House accounts and that I need tax software to upload my HMRC accounts - why is this and how do it do it? 2. Do I file micro-entity, abridged or full accounts - and why?? 3. When on the 'Profits and Loss' page is my 'Turnover' all of my revenue income and 'Cost of sales' my revenue expenses? 4. When on the 'Balance Sheet' page, do my director's loans and mortgages fall under 'Creditors: amounts falling due after one year'? Also what's called up share capital? Essentially I feel a little out of my depth but it looks as though once I've got my head around it there should be no reason I couldn't do this myself. I appreciate I could just go to an accountant but I'd really like to try and figure it our for myself for now - I managed to do my own conveyancing myself after lots of research. Thanks in advance, Jordan
  10. Hi, Can anyone recommend a good/knowledgable property accountant in central Scotland? Ideally West Lothian/Edinburgh but would consider Glasgow. Thanks
  11. Hi Everyone, I am aware this has been discussed before but what recommendations are there to open a seperate business bank account? Are there no more of the annual fe accounts available anywhere?
  12. Hi Everyone, I am aware this has been discussed before but what recommendations are there to open a seperate business bank account? Are there no more of the annual fe accounts available anywhere?
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