When it comes to accountancy, it’s very important to have all of your affairs in proper order to avoid numerous common tax problems that could arise. Sometimes, people might be aware of certain tax services, but could be unaware that they require it. This is especially true of tax planning services – those who need […]
- Portfolio management
- Property management
- Self Assessments
- Tax Planning
As a property owner, there are a variety of different accountancy services that you need to be aware of. You need to keep track of all rent received and all expenses (landscaping, maintenance, etc.) which can be difficult to wrap your head around. Today we’re going to help you wrap your head around it.
Bookkeeping refers mainly to the record-keeping aspects of financial accounting and involves preparing source documents for all transactions, operations, and other events of a business or property owner.
Whether you have one property in your portfolio or hundreds, you must keep accurate records of all in-comings and outgoings relating to your portfolio. These records are used to calculate how much tax you owe.
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.