Trying to move away from using an accountant, and handle my own tax return.

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Trying to move away from using an accountant, and handle my own tax return.

    Dear all,
    I'm a landlord with one property.

    I'm paying an accountant about £600 p/a to take care of my self-assessment tax return. I would like to do it myself and save some cash.

    I'm sure I could get most of it right, but I'm anxious not to draw the gaze of inland revenue if I made a mistake. Not because I'm trying to avoid tax, but the cost and hassle of dealing with an inspection.

    So I can take the plunge. But I'd like to get some training, or get someone trained to review what I've done before I hand in my homework.

    Needless to say, my accountant doesn't like to answer questions. Especially when he senses that I'm trying to take work away from him.

    Apart from the property business, my tax situation is fairly simple. I have a small pension and some other minor income.

    Has anyone else out there tackled this ? and how did you get on ?

    thank you

  • Gordon999
    replied
    I would recommend that you use a separate bank ( current ) account for receiving your rental income and paying out all maintenance expenses.
    The 12 months statements will produce the total rental income and total expense figures for reporting on the tax return for 2018-2019.

    If you kept a copy of your last year's tax return, then you will know what form ( SA200 ? ) to expect for next time .

    Leave a comment:


  • BobbosHandle
    replied
    Thanks for all the advice so far. Book ordered. Considering the course.
    I'd be grateful for more opinions.
    Cheers all.

    Leave a comment:


  • jpkeates
    replied
    Lots and lots of landlords do their own tax return.
    HMRC are usually focussed on people who arent' paying tax, not on those who are and may make the odd mistake from time to time.

    I don't do my own return, and pay an accountant a similar amount to you.
    The costs are allowed against tax (even if they shouldn't be) and the peace of mind (and 20 minute discussion of my tax affairs each year) is worth the cost to me.

    Leave a comment:


  • theartfullodger
    replied
    Been doing my own for more than 10 years since my accountant (almost until I checked) was about to submit return and lose me £ks...

    re
    but I'm anxious not to draw the gaze of inland revenue if I made a mistake.
    You won't be in the clear if the accountant makes a mistake.

    Advice? By a book on property tax (there are more than 10 a landlord may pay..) e.g.
    https://www.amazon.co.uk/How-Save-Pr.../dp/1911020331

    & do a course from RLA or NLA e.g.
    https://www.rla.org.uk/landlord/cour...x_course.shtml

    - then see if you can do your own accounts and try almost getting to the end point with HMRC SA: Then ask your accountant to take a look and tell you what he'd suggest/save you.

    Leave a comment:

Latest Activity

Collapse

  • Stamp duty when changing the beneficial interest share
    Nick88
    My wife and I have a joint buy to let property, where the beneficial interest is split 50/50 and where we're both on the mortgage which is £210,000.

    As she isn't working at the moment and I'm a higher rate tax payer we want to switch the beneficial interest so she has 99% and I have 1%...
    22-09-2019, 22:40 PM
  • Reply to Stamp duty when changing the beneficial interest share
    AndrewDod
    To add: The jointly and severally liability bit -- is not relevant to anything here. All that has to do with is who mortgage company can sue for repayment of the whole (one or both) when things go wrong.
    It has to do with the liability for the loan - not ownership (in theory I can be liable to...
    23-09-2019, 09:38 AM
  • Reply to Stamp duty when changing the beneficial interest share
    AndrewDod
    - Stamp duty is not payable on gifts where not mortgaged
    - Stamp duty is payable on gifts where mortgaged (on the mortgaged part of the transfer)
    - The fact that transfer takes place via a Deed of Trust (which is the only way it can do) is totally irrelevant to the stamp duty position. The...
    23-09-2019, 09:18 AM
  • Reply to Stamp duty when changing the beneficial interest share
    Gordon999
    Check if your 50/50 ownership at Land Registry is registered under "joint tenants" or "tenants in common" ?

    If it is "tenants in common", no change is required ( and no stamp duty to pay ) .

    Then you can change ratio to 99/1 by using...
    23-09-2019, 00:10 AM
  • Name off title deeds to remove tax liability
    Edgarina
    I am a higher rate tax payer and my wife is not. I have removed myself from the mortgages of the two buy to let properties we have jointly owned and all the proceeds of the properties are now going into an account in my wife's name. Is this enough so I am no longer liable to pay tax on the income from...
    07-09-2019, 13:40 PM
  • Reply to Name off title deeds to remove tax liability
    Kape65
    It looks like I may have this wrong. It appears that the 3% surcharge may no longer be payable for spousal transfers, can anybody verify this?
    22-09-2019, 10:48 AM
  • Second payment on account
    dotcotton999
    Hello all,

    After paying my 2017/18 tax bill I was asked to pay the first payment on account for 2018/19. The first payment was due by the 31st July 2019. This payment goes towards my future tax bill.

    I paid that money owed by the deadline but it hasn’t reduced my 2018/19...
    02-08-2019, 05:58 AM
  • Reply to Second payment on account
    dotcotton999
    I telephoned HMRC... they said usually the amounts are worked out automatically but there had been issues with some accounts because payments on account hadn’t been generated correctly by them

    thanks for all the assistance...
    17-09-2019, 19:46 PM
  • Reply to Second payment on account
    Gordon999
    If you make your tax return online, then you can check the "statement " section showing your payments made to tax office against your own bank statements.
    17-09-2019, 00:01 AM
  • Reply to Second payment on account
    dotcotton999
    There’s me thinking it’s called self assessment...
    16-09-2019, 19:28 PM
Working...
X