Hi all, I’ve recently started letting out my property. Do I need an accountant for tax purposes and do I need monthly income slips made up for the rent I have coming in? Thank you
I think most LL use an accountant although some do it themselves. You will need to keep receipts for income and expenditure. I am also just starting out and have opened a digital bank account which I use for all transactions to do with the property, which keeps my business records separate from my personal expenses.
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It depends how competent you are with finances. I read quite a lot about tax for landlords and I do everything myself. You don’t need receipts for the rent. Just keep a log of payments and use this with all your relevant expenditure to complete your self-assessment with HMRC.
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I have used an accountant for about 50 years . Depends how many jobs or busineses you have , or how complicated . it saves me a lot of hassle I just write all info in a big book. Staple all receipts together monthly. Write them in the book under various headings and leave them to add it all up and tell me how much tax to pay. Always accepted by the I R
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That’s exactly what we do Colin
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