Provestor - The Property Accountants
Provestor - The Property Accountants
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3 ERRORS Landlords Make with Their 1st Company Accounts & Tax Returns | The Property Tax Show E10
#companytaxreturns #landlords #propertyinvestment
Are you a new limited company landlord dreading your first tax return? Putting it off could cost you big time in penalties and stress.
In episode #10 of The Property Tax Show, Provestor CEO, James, and Head of Tax, Nadeem, reveal the 3 most common and costly mistakes landlords make when filing their first company accounts and tax returns:
00:00 Introduction
00:51 Mistake 1: Not filing accounts because you think you don't need to
03:22 Mistake 2: Underestimating what's involved in managing company compliance
11:01 Mistake 3: Not keeping proper records
17:10 Limited company FAQs
We'll explain why these errors are so detrimental and share our tips on how to avoid them. Missing tax deadlines can lead to fines of up to £1,500 and even get your company struck off!
Don't lose out on the tax benefits of operating as a limited company. If you're feeling overwhelmed about your company's finances and compliance, Provestor can help:
➡️ Provestor's smart tax software helps you easily manage bookkeeping, expenses, and file company accounts and tax returns yourself for just £14.99/month. Learn more: bit.ly/3UmsSVF
➡️ Our property accounting team provides full-service accounting and tax advice tailored for limited company landlords from £89. Learn more: bit.ly/49ROH44
Tackle your taxes head-on! Watch now and get your property business on the right track from day one.
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PROVESTOR - THE PROPERTY ACCOUNTANTS
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Start your limited company the right way with our tax-smart services
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Video

Budget 2024: Is this the end of holiday lets? | The Property Tax Show E09
zhlédnutí 2,4KPřed 4 měsíci
How will the furnished holiday let tax changes impact property investors? In the March 2024 Budget, the Chancellor announced the end of the furnished holiday let tax regime. Does this mean the end of holiday lets? And how will this affect holiday let investors both short and long term? In episode #9 of The Property Tax Show, Provestor CEO, James, and Head of Tax, Nadeem, discuss the furnished h...
Avoid These 3 Costly Mistakes When Starting Your BTL Limited Company | The Property Tax Show E08
zhlédnutí 3,9KPřed 8 měsíci
Are you buying your next buy-to-let property in a limited company? If so, don’t complete until you’ve watched this episode of The Property Tax Show and read our free tax-saving guide. ➡️ Download your FREE Limited Company Tax Mistakes Guide & bonus 16-point checklist for Starting Your Limited Company: bit.ly/ltdcomistakesguide In Episode 8, Nadeem Raziq, Head of Tax, and James Poyser, CEO, at P...
How will INTEREST RATES impact property investment in 2023? | The Property Tax Show E07
zhlédnutí 1,7KPřed rokem
What effect will interest rates, rental demand and the downturn have on property investment in 2023? If you're a property investor looking for challenges and opportunities in the coming year, don’t miss episode 7 of the Property Tax Show! Nadeem and Matt from Provestor, the property accountants, discuss interest rates, the rental market, how to find opportunities in a downturn and much more. Wa...
What do the recent #dividend #tax changes mean to you as a #landlord or #propertyinvestor #property
zhlédnutí 268Před rokem
What do the recent #dividend #tax changes mean to you as a #landlord or #propertyinvestor #property
Is BTL Still Worth It? 5 SMART STRATEGIES To Maintain Profits in 2023 | The Property Tax Show E06
zhlédnutí 5KPřed rokem
Is BTL Still Worth It? 5 SMART STRATEGIES To Maintain Profits in 2023 | The Property Tax Show E06
Here’s 3 tips to help minimise #property #tax #shorts
zhlédnutí 321Před rokem
Here’s 3 tips to help minimise #property #tax #shorts
5 HUGE MISTAKES Landlords Make with Tax Returns | The Property Tax Show E05
zhlédnutí 51KPřed 2 lety
5 HUGE MISTAKES Landlords Make with Tax Returns | The Property Tax Show E05
INCORPORATE Buy-To-Let Properties to SAVE TAX: LLPs vs Partnerships | The Property Tax Show E04
zhlédnutí 4,6KPřed 2 lety
INCORPORATE Buy-To-Let Properties to SAVE TAX: LLPs vs Partnerships | The Property Tax Show E04
Why Landlords Move BTL Property into a Limited Company to SAVE TAX | The Property Tax Show E03
zhlédnutí 13KPřed 2 lety
Why Landlords Move BTL Property into a Limited Company to SAVE TAX | The Property Tax Show E03
4 TAX SAVING Ways to Take Profit Out of Your Limited Company | The Property Tax Show E02
zhlédnutí 5KPřed 2 lety
4 TAX SAVING Ways to Take Profit Out of Your Limited Company | The Property Tax Show E02
3 MISTAKES Landlords Make When Setting Up a Limited Company | The Property Tax Show E01
zhlédnutí 14KPřed 2 lety
3 MISTAKES Landlords Make When Setting Up a Limited Company | The Property Tax Show E01
What Allowable Expenses Can Landlords Claim? | Intro to Property Tax
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What Allowable Expenses Can Landlords Claim? | Intro to Property Tax
Inheritance Tax Planning For Landlords | Intro to Property Tax
zhlédnutí 738Před 2 lety
Inheritance Tax Planning For Landlords | Intro to Property Tax
What Taxes Do Landlords Pay When Selling Buy-To-Let Property? | Intro to Property Tax
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What Taxes Do Landlords Pay When Selling Buy-To-Let Property? | Intro to Property Tax
What Tax Do Landlords Pay On Rental Income? | Intro to Property Tax
zhlédnutí 2,6KPřed 2 lety
What Tax Do Landlords Pay On Rental Income? | Intro to Property Tax
Stamp Duty Land Tax For Buy-To-Let | Intro to Property Tax
zhlédnutí 525Před 2 lety
Stamp Duty Land Tax For Buy-To-Let | Intro to Property Tax
Is It Better To Buy Property Through A Limited Company Or Personally? | Intro to Property Tax
zhlédnutí 956Před 2 lety
Is It Better To Buy Property Through A Limited Company Or Personally? | Intro to Property Tax
Three mistakes when starting a Limited Company for Landlords
zhlédnutí 5KPřed 2 lety
Three mistakes when starting a Limited Company for Landlords

Komentáře

  • @nagi7566
    @nagi7566 Před 23 hodinami

    Contract number please?

  • @nagi7566
    @nagi7566 Před 23 hodinami

    How to contact you.

  • @celiahall6168
    @celiahall6168 Před 5 dny

    Great content. So is this still true given the new Government please?

  • @BarbaraHarris-oq4cu
    @BarbaraHarris-oq4cu Před měsícem

    What about CGT

  • @ardittin
    @ardittin Před měsícem

    Very useful

  • @rongchenjia
    @rongchenjia Před měsícem

    can landloard claim all those taxes through PAYE online portal?

  • @ThereseHayden-kd8dl
    @ThereseHayden-kd8dl Před měsícem

    if you have a profit loss one tax year on revenue allowances, can you carry that loss forward to the next tax year, to deduct from the next tax years revenue profit?

  • @doctorlove2022
    @doctorlove2022 Před 2 měsíci

    Is it possible to book a phone call with your selfs , would love you help on moving forward with my portfolio

  • @CheenaSingh
    @CheenaSingh Před 2 měsíci

    In your video you referenced an example where someone has moved from their primary residence and let this out. Subsequently they have tried to claim the interest in their existing mortgage. Can you please clarify if a primary residence is remortgaged and the funds used for personal use, the primary residence is subsequently let. Can the 20% tax credit for interest on the mortgage repayments be claimed?

  • @deepdalepropertymanagement9586

    Hi, under FRS105 on disposal of a property do we just show the capital gain as other income in the profit and loss account?

  • @TomKite-cg2we
    @TomKite-cg2we Před 2 měsíci

    The big bit missing from this example is that once you have sold a property and paid the tax on one that is personally owned, the money in your pocket is your own. However, if you sell a property via a Ltd and pay the tax on the gain, the money is STILL inside the Ltd Co. To get the money back out, you then need to salary/dividend/pension yourself to get access to the money. The absence of this information makes these 2 situations look comparable when they are not!

  • @SerYoga1
    @SerYoga1 Před 2 měsíci

    Thank you 😊 please advise is it better to own properties via limited company or a trust? Many thanks in advance👍

  • @FiscalWoofer
    @FiscalWoofer Před 2 měsíci

    45p/mile no way covers the cost of business travel,

  • @johnporcella2375
    @johnporcella2375 Před 2 měsíci

    I noticed that the Chancellor kept referring to FHLs. Would SAs that are not strictly FHLs be caught up in the new legislation?

  • @ipprp7898
    @ipprp7898 Před 2 měsíci

    Tlove your videos, have leant so much from all those advises. Thank you! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything? I think it's of the most important matters that not many CZcamsr investers mentioned it on here. Thank you.

  • @Endurancecamp-official
    @Endurancecamp-official Před 2 měsíci

    As a beginner where do i start from

  • @ipprp7898
    @ipprp7898 Před 3 měsíci

    I love your videos, have leant so much from all those advises. Thank you ! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything ? Thank you.

  • @nixodian
    @nixodian Před 3 měsíci

    Got to love equality, irrelevant royal family pays 0taxes, 0 IHT

  • @Ahappymindahappylife
    @Ahappymindahappylife Před 3 měsíci

    Thank you very informative

  • @hal4135
    @hal4135 Před 3 měsíci

    I'm a homemaker (unemployed) and I'm not planning to work the next 4years. my husband and I are buying our first investment property to rent out (cash) and the predicted rental income £700 per m. What's the best option for us 🤗

  • @darrenfrankland6581
    @darrenfrankland6581 Před 3 měsíci

    Hi guys this is really insightful many thanks. I am completely relevant to this topic; I’ve set up a Ltd company & bank account, and I’m waiting for my property purchase to complete. I actually do not have a property accountant as yet - I assume your company could act as this on my behalf? Secondly, I’ve set up my Ltd company and bank account with a company called Get Ground. They advise that with any additional property purchases in the future, I should set up another Ltd company ie. 1 Ltd company per each property. My worry for the future here, would be that I’ll be filing for each property, and I’ll be paying out for each property I purchase. Things could get out of control very quickly if I’m totally not on top of things! Some advice would be appreciated! Thanks

    • @provestor
      @provestor Před 3 měsíci

      Hi @darrenfrankland6581 - we're glad you liked the video, and thanks for the comment! We'd be delighted to act as your accountant! Head over to our website and you'll see we offer a good range of services, so we're sure you'll find the service level that's perfect for you. Given you're in the early stages and the cash isn't flowing yet, you might benefit from our low-cost service at £14.99 per month. You'll at least have a tax return solution in place. If you need in-depth tax advice as a one off, we have an on-demand service that's pay as you go, and really well priced. It means you only pay for what you need right now. Once your portfolio's up and running, you can upgrade to our top-end advisory service, delivered by our amazing professional services team. We're ready when you are. As for one company per property - that's the policy mandated by Get Ground. There is very limited benefit of doing this. Remember, Get Ground is more like a real estate broker: they want 1 property neatly inside a company they can sell on your behalf in the future. If you're selecting Get Ground as you want them to sell your property in the future, then that's cool - you should stick with their model. At Provestor, we're going to help get it right for you, as an individual, first. If you want one company for your entire portfolio (as 90%+ of our clients do), that we can do that. If you want one per company for some reason, then of course we'll take your money multiple times over :-)

    • @johnporcella2375
      @johnporcella2375 Před 2 měsíci

      Is there some issue with HMRC not liking t4ading and investment companies being mixed together?

  • @jagdishladhani6296
    @jagdishladhani6296 Před 4 měsíci

    How do I get in touch with the tax consultant

  • @keithvers569
    @keithvers569 Před 4 měsíci

    How do you make a new limited company credit worthy enough to be able to borrow the funds to buy the property if it has no history of trading?

  • @lhg2353
    @lhg2353 Před 4 měsíci

    Thank you for sharing this. Sorry i missed what you said about getting one to one tax advice, please can you advise please.

  • @1292liam
    @1292liam Před 4 měsíci

    Im selling a B2L property now, that was bought 12 years ago. I didnt claim the mortgage arrangement fee against rent then - Can I do this now (IE in the year that Im selling it, 2024)? The HMRC CGT calculator asks, 'How much did you pay when you began owning this property?' - It seems strange that you can't include this fee, included in the total figure, for this box.

    • @provestor
      @provestor Před 4 měsíci

      Hi, thanks for your question! Unfortunately only Capital costs are allowable against your CGT bill when selling a property. Revenue costs are not allowable at this stage.

  • @hjhiraniify
    @hjhiraniify Před 4 měsíci

    Do FHL changes affect owners that have properties overseas as well as domestically?

  • @arrowequestrianclub8233
    @arrowequestrianclub8233 Před 4 měsíci

    Good show but I am still confused! Does this mean that my holiday lets are no longer a business? I have other property that is let long term so are they all the same now? Yet they are completely different as for the long term lets there are very few expenses as they are all covered by the person renting them whereas the holiday lets have loads of expenses - laundry, cleaning, heating, repairs etc.... not to mention the admin hours I put in. Plus while I run the business on my own and do all the work, , the property is part owned by my brother and my partner so while at the moment I get 80% of the profit, in the future i will only get 33%. Unfair!

    • @provestor
      @provestor Před 4 měsíci

      Hi, thanks for watching! Draft legislation will be published in due course where we hope HMRC will clarify the true treatment of FHLs on tax returns. It's not clear whether they will be reported with long term lets or whether they will remain to be reported separately as a FHL business.

  • @claraboomday
    @claraboomday Před 4 měsíci

    Hi I earn £40,000 per annum in rent and £7,000 in a pension which equals £47,000 So does my personal allowance of £12500 come off £40,000 or £47,000?

    • @provestor
      @provestor Před 4 měsíci

      Hi, the current tax-free allowance of £12,570 is deducted from your total taxable income for the year.

    • @FiscalWoofer
      @FiscalWoofer Před 2 měsíci

      £47000 but you are highly likely to have expenses associated with the Rental income that will reduce the 40K.

  • @jaybee1655
    @jaybee1655 Před 4 měsíci

    what about SDLT incurred when moving into a company. Business Rates? If we are not a business then we can get bins collected and pay Council tax??

    • @tourrhythmgolf-3to1
      @tourrhythmgolf-3to1 Před 4 měsíci

      Double council tax for second homes in many area's from next year

    • @alextaxi2593
      @alextaxi2593 Před 4 měsíci

      Can you sell fhl in uk get cg rekief byying a fhl overseas?

    • @provestor
      @provestor Před 4 měsíci

      This is a question for your local council and how they treat properties in that area. SDLT will be incurred if you move the property into a company.

  • @grassroot9771
    @grassroot9771 Před 4 měsíci

    Excellent video for this topic,covered all aspects we are not clear about. One question, will the current FHL tex regime still valid for the 2024-2025 year tax return? Thanks.

    • @provestor
      @provestor Před 4 měsíci

      As we understand, yes. However, HMRC will be publishing draft legislation in due course and it could include an anti-forestalling rule for CGT.

  • @paulroberts1519
    @paulroberts1519 Před 5 měsíci

    Thank you guys, please can you advise me on how to take my property portfolio into partnership for tax benefits purposes. I currently have about 7 BTL property. Many thanks, Paul Roberts

    • @provestor
      @provestor Před 4 měsíci

      Hi Paul - this can be done but we suggest you take tax advice on this matter. It can be quite a complex area and we will need to understand your personal situation to see if this is viable.

  • @plavanvali
    @plavanvali Před 5 měsíci

    I i have a property brought inside LTD already, is that adding to the 20 hours weekly work on the property businesses to incorporate my other two properties? As i have totally less than 5.

    • @johnporcella2375
      @johnporcella2375 Před 2 měsíci

      The issue is whether those held in your own name are a business. Those not held by you are neither here nor there.

    • @plavanvali
      @plavanvali Před 2 měsíci

      ​@@johnporcella2375..and what if I transfer a part of the property ownership to my company, is that considerate partnership to later fully incorporate without CGT and stamp duty?

  • @landlordstudio
    @landlordstudio Před 5 měsíci

    Great tips!

  • @mickeychilds9946
    @mickeychilds9946 Před 5 měsíci

    What a gem. I was unaware of the deed of trust.

  • @1414141x
    @1414141x Před 6 měsíci

    These 'grey areas' are ridiculous. Why should it be down to a matter of 'opinion' as to whether an expense is capital or chargeable ? Items that a landlord may need to replace once every 10 years or more (windows' kitchens, bathrooms for example) should be chargeable irrelevant of whether they are actually 'improving' the property. Of course they are, otherwise you would not be replacing them !

  • @katharinechilds615
    @katharinechilds615 Před 6 měsíci

    The video was helpful, thankyou, For the 'Deed of Trust', when owning a property and claiming through Self-Assesment, you say 50/50 for a married couple but what if our 2 children are entited to 10%. Does that mean a 40/40/10/10 split?

  • @PKSiAMiAM
    @PKSiAMiAM Před 6 měsíci

    Great advice, would I be able to do this and attribute some of the tax to any of my dependents?

  • @fayefaye5703
    @fayefaye5703 Před 6 měsíci

    The video is brilliant. My friend bought a new house without carpet or wood floors. So she bought the wooden floor herself and asked workers to install it. If wooden floors are capital, are workers’ installation fees also considered capital? The carpet price includes installation, is it considered capital? So are curtains and installation fees also capital? If the installation fee is not capital, what is its category? Thanks

  • @user-lw1me7ur8t
    @user-lw1me7ur8t Před 6 měsíci

    Can I claim the fees added by my letting agent ?

    • @marissakeynes2532
      @marissakeynes2532 Před 6 měsíci

      Agents' commission & management fees yes. If there are additional charges for sending out someone to carry out repairs also yes.

  • @gordonadam7051
    @gordonadam7051 Před 6 měsíci

    Hi, great channel and helpful vids. I’d love a short call with Nadeem to discuss further. Can I arrange that through here? Thanks

  • @Nubia567
    @Nubia567 Před 6 měsíci

    Super helpful!

  • @shazoids
    @shazoids Před 6 měsíci

    10% is not a bargain based on the higher mortgage repayments.

  • @albermaraslioglu1243
    @albermaraslioglu1243 Před 6 měsíci

    MAKE MORE VIDEOS DONT STOP

  • @danrobinson4162
    @danrobinson4162 Před 6 měsíci

    if a person spends £35000 to extend lease by 150 years ,pays all at once, is part claimable or is it capital ?

  • @carlknibbs2849
    @carlknibbs2849 Před 7 měsíci

    great information thanks

  • @learnsomethinguseful
    @learnsomethinguseful Před 7 měsíci

    I understood you cannot use profit from rental income to fund a pension ?

  • @umist123
    @umist123 Před 7 měsíci

    is mortgage product fee an allowable expense?

  • @sebastiangreen1316
    @sebastiangreen1316 Před 7 měsíci

    Thanks, do you know how to identifty just the interst (excluding capital) in a repayment mortgage? I have an interest rate but that seems to incude the capital

  • @tomd5678
    @tomd5678 Před 8 měsíci

    "Global Financial Crisis". Caused by subprime lending in the US with Credit Default Swaps. Additionally caused by "Sovereign Debt Crisis " in the Euro Zone. In the UK the impact was interbank lending, where banks didn't trust the "Capital Adequacy " of other banks