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Hi everyone

I've just had an offer accepted on my first BTL which should go through in the next 8 weeks or so. I'm a PAYE earner and have never had to do my own tax returns. I've set up an account with Natwest for my property transactions and just wondering if i should start thinking about getting some accounting software to help me keep track of my transactions to ease the pain when I try to do my first tax return?

The house needs a full refurb so I guess the main thing in the short term is to obtain and keep invoices and record all the expenditure. I would love to get an accountant but reading the forums it seems fairly easy and not necessary for just one BTL purchased in my name. 

Currently reading the tax books from Taxcafe so hoping to get my head around it all soon!

Any advice will be greatly appreciated.

Thanks

James

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Hi James, you should get FreeAgent free with NatWest? That'll help you track the expenses and income. You should also keep all records of capital expenditure (purchase price, SDLT, solicitors fees). Watch out for things like mortgage arrangement fees that are tapped onto mortgage balances and sometimes missed although allowable as finance costs for income tax purposes. Good luck!

Jerome

Jerome@TaxAntics.co.uk

www.TaxAntics.co.uk
 

 

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Hi James. Have your considered getting an accountant to do your tax returns? (I'm not an accountant!). 

If the property is in your own name, an accountant will only charge a few hundred pounds for return. However, a good accountant will save you more money than that, with their advice. They will deal with HMRC, keep abreast of case law and they should know what you can and can't do in practice. You can't get the same information from books. 

I use FreeAgent from Natwest and I think it's pretty good. I also use Xero (£10/month), which I also think is good. 

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  • 2 months later...

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