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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[@ipprp7898]

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.

[@darrenfrankland6581]

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]

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]

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