need for an accountant

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    need for an accountant

    Just a quick ask - is their a bit of a rule of when to appoint an accountant - i spoke to one who was going to charge £250 a year yet my tax return was less than this. However as things are progressing i was wondering when would be best time to appoint one. My return initially appears quite straight forward in so much as i declare my profit minus my expenses. Im soon to have 6 properties. which will generate an additional income to my day job which is PAYE.

    I have made mistakes in teh past re self assessment which where genuine enough and not catastrophic. I will not be seeking to run an business re the letting of these properties i will be i assume a sole trader, Yet would the advice be to start looking at this venture as a business from the very beginning. My mortgage adviser suggests it would cost to register the properties in a business as apposed to solely in my name.

    any advice welcome.

    You may want to include a decent chat with your accountant as part of the fee - I meet up with mine every year and walk through the business and any changes that might make sense.

    Whether you run your businesses as a company or as an individual is an important one, I would run my businesses as a company if starting now, for example, which was not the case when I actually did start out, but the transition cost would wipe out the benefit of change.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


      so could i run my current portfolio of properties as an individual and future purchases as a potential business. I definitely need an accountant.


        If you are already paying 40% rate tax on your income , the fee of £250 quoted by one accountant is actually costing you only £150 p.a


          it won't actually cost you anything if you put it down as an allowable expense and your tax bill comes to more than that in any case.


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