Accountant recomendation sought

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    Accountant recomendation sought

    Hi

    I am just compiling the past 6 years letting accounts across a small portforlio of properties . I have already done accounts for the previous 5 years showing a large loss but I did not off set my tax allowance it was very roughly drawn up , I am looking to tie this down also .

    I need an accountant to help me get the best deductions ( I can provide all profit and loss accounts with expenses and services )

    I have no other income and wish to off set my tax allowance against the rental income .

    Anyone able to steer towards the correct accountant ?

    Thanks

    #2
    See the link below.

    http://www.landlordzone.co.uk/direct...ounts-taxation

    Comment


      #3
      If by what you have written you actually mean, I haven't completed a tax return / told HMRC about my rental income for 6 years, you want a different kind of accountant than simply a property expert.
      You want someone who's used to dealing with HMRC and sorting out this kind of issue.
      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).

      Comment


        #4
        I am by trade a professional gambler and all win/losses are exempt from tax and agreed by Hm Revenue . They did ask me to do 6 years of accounts on my flats 6 years ago .

        I filled out a form declaring what I had received and what the projects had cost me and I was losing tens of thousands .

        I did not include in those property losses my tax allowance which I assume I can also offset against property profits now and therefore against the same losses back then .

        So I need to show the last 6 years on a self cert ?

        Claim my tax allowance , carry forward my losses early years and get myself straight for future years as it is now a profitable operation and I wish to make it my full time occupation as far as Tax Office is concerened .

        Comment


          #5
          How do you intend to claim your Personal Allowance against your Rental Losses? Or have I mis-understood?

          There is no need to claim rental losses, as they are carried forward automatically. There is no need to complete a Tax Return unless HMRC have sent you one.

          Comment


            #6
            I had hoped I might carry forward the tax allowances with my rental losses . I guess I can't do that and I lose those allowances ?

            Yes I have a self cert to fill in as a result of briefly becoming a director in a a company and I registered for self employed .

            Now my properties make money I want to become either a full time land lord and use my allowance to offset against tax ,

            Comment


              #7
              Unfortunately, for Personal Allowances, there is no provision to carrying them forward - it's "use them or lose them".

              You can advise the previous years' rental losses in the 2013-14 Tax Return in the Additional Information section.

              Comment


                #8
                My recommendation for an accountant is to find someone local with a small office - maybe six or seven people in total, that looks like its been there for a while.
                Most accountants will have a 20 minute meeting with a new prospect to be able to estimate the charges they propose, and that's usually enough to get an idea of what they're like.
                If you like them and feel they know what they're they're talking about.

                I have a simple test for anyone professional I do business with, do they have a web site and do they respond to an enquiry from it within a reasonable amount of time.
                I use mostly email and businesses that do are usually comfortable online and their web sites work.
                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).

                Comment

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