Top Accounting Tips from Allenby Accountants for Landlords in 2023

 

Landlords face numerous challenges, often juggling property management, accounting, finances, taxes, and tenant relations all at once. It's a demanding role that goes far beyond what many people might assume. But the good news is that landlords don't have to manage all these responsibilities on their own. Our specialised accountants for landlords are here to help.

Allenby Accountants specialises in providing support for landlords, tackling the complexities of record-keeping and HMRC-related matters. Our experts offer advice that's tailored to each client’s specific requirements and concerns.

Are you a landlord looking to save on taxes or ways to overcome your accounting woes? Keep reading for accounting tips from our property accountants:

Note all the possible incurred expenses this year.

List all deductible expenses to minimise taxes on rental income. These expenses include council tax, ground rent, service charges, mortgage payment interest, letting agents’ fees, maintenance, repairs, and accountant fees. If you’re too busy for this, our accountants for landlords can take care of everything.

Know about the basic rate tax band.

Are you and your partner Joint Tenants of your property? If there is an income gap, greater rental income can be allocated to one with a lower income to avoid the higher rate tax band.

Consider owning properties by incorporation.

The 2015 summer budget brought significant changes to the rental income’s tax structure from buy to let properties. Our accountants for landlords suggest owning properties via incorporation to maximise returns on buy-to-let investments. In addition, we can recommend tax-efficient ways to own property, such as joint ownership as tenants, individual ownership, LLP, limited company, or using a SIPP.

Claim LESA

Our accountants can help you claim the Landlord’s Energy Saving Allowance. It’s a claim against the money spent on energy efficiency efforts, like cavity wall or loft insulation, draught-proofing, and tank and pipe lagging.

Consult Allenby Accountants

No matter how many properties you own, our accountants for landlords will take the guesswork out of accounting, taxes, and bookkeeping. Call 0208 914 8887 or request a call back here. We support landlords across London.

Source URL : https://www.allenbyaccountants.co.uk/top-accounting-tips-from-allenby-accountants-for-landlords-in-2023/

Perks of Hiring Hotel Accountants for Your Hospitality Business

When you own a hotel, you need to be able to make smart business decisions that will ensure your compliance with Britain’s evolving tax regulations. Hotel accountants can help, especially if they came from a leading small accounting firm that has a proven hotel industry experience. These accountants work with business advisors to provide all-in-one services and advice for hotels and other leisure business. The best time to get in touch with a hotel accountant is before you open your business, but you can still hire them somewhere along the way, after you have opened your business, especially if you are planning to expand and open a chain of hotels.

Hotel accountants will provide reliable accountancy advice, payroll services, and bookkeeping. When you leave those tasks to them, you will have more time to focus on other important things, like running your hotel. Their objective is to provide you with an array of services, like effective auditing to satisfy regulatory requirements and ensure compliance, while maximising your value by auditing specific areas and advising you on relevant procedures. They also provide compliance and tax insight at par with the most up-to-date hotel taxation regulations.

Chartered accountants can assist in developing strategies that can reduce your hotel’s tax costs, or provide an all-in-one solution for property ownership, capital allowance claims, financing, and tax structuring. Payroll health checks and VAT are critical to any hotel business, and hotel accountants will make sure that you are constantly compliant with taxation regulations and laws. They can offer custom employer advice to optimise the way you manage employee-related costs.

When required, advice on corporate governance and risk management can be provided to you and your team. If you decide to sell or buy a hotel, hotel accountants can help you manage the risks. You can rely on their knowledge and expertise in assisting and advising you throughout the process. If you own a chain of hotels, you can get expert advice on equity placing, re-organisation, and re-financing from chartered accountants.

Source URL: https://www.allenbyaccountants.co.uk/perks-hiring-hotel-accountants-hospitality-business/

Tax Consultants—Managing Tax Return with Ease

If you are running a small business or a quickly growing company, managing finances— especially taxes—can be downright confusing. It often makes sense to take on the services of tax consultants to ensure that you stay updated and compliant with all the tax and financial reporting laws that apply to your industry. A tax consultant can help you in many ways.

    ·         Meet the deadlines.

Keeping track of tax return deadlines can become impossible especially if you are an extremely busy business owner whose calendar is always packed. With tax consultants on retainer, you don’t have to worry about missing deadlines and facing the often-expensive consequences of filing late returns. Tax consultants can proactively manage your tax returns to prevent complications down the road.

    ·         Avoid penalties.

Taxes are a burden enough to pay—even worse, you might have to pay penalties if you miss a deadline or make errors in your submissions. If your tax returns are not accomplished on time and correctly HMRC (Her Majesty's Revenue and Customs) imposes fines that can quickly pile up and impact your cash flow. Don’t let this happen.  Hire a tax consultant.

    ·         Keep your records organised.

Small businesses need to keep and secure records of transactions, payroll, proof of rental, savings, expenses, records of benefits like insurances and maternity pay, and many more. The bigger your company becomes, the more tax and finance related documents you need to manage. It’s key to retain professional help if you are serious about growing your operations. Keeping your financial house organised is key to scaling up your business while staying compliant with all applicable tax laws.

Hiring a tax consultant is always a good idea if you run a small business. A certified expert will not only be able to help you with your taxes but also will assist you in managing cash flow, payroll, and other functions vital to growing a company. They can help you lower your taxes, provide financial advice on tax exemptions, and even provide tax deadline reminders, among many others.

3 Things to Help You Choose the Right Tax Advisors

Small business owners in the United Kingdom are required to pay taxes correctly and on time. The government makes everything sound so simple, but let’s face it—all the numbers, penalties and deadlines can be daunting. Are you confused and not sure how to proceed with your tax returns? Can’t find the time for accounting because you’re busy with day-to-day operations? The good news is that you can always hire people to help you fix and pay your taxes properly. They are called tax advisors, and they can certainly take the stress out of managing your tax returns and save you from steep HRMC penalties. Here are three things to keep in mind when choosing the right tax advisor:

    ·         Do your research.

In this age of social media, it is easier than ever to find out if a prospective accountant can be trusted with your finances or is a phony. Is he or she qualified and authorised? Check some customer reviews. Tax advisory firms are regulated by the ICAEQ, ICAS, ACCA, AAT, CIOT or other regulating institutions for accountants in the UK.

    ·         Match your need with their expertise.

Most accountants could also be tax advisors, and some lawyers could be tax advisors. But you will want someone who can provide exactly what you need. There is no need to overpay for a lawyer, for example, if you don’t need legal tax advice.

    ·         Lastly, ask for a quotation.

You will want a financial and tax advisor who can help you maximize your profits from your small business. Hire someone you can afford. Some firms offer instant quotations for their accounting services in their website.

There are thousands of small business owners in the UK who are just as baffled as you are. If you’re panicked at the thought of a fast-approaching tax filing deadline, call a tax advisor right away. Better yet, don’t wait until the last minute. Retain a tax advisor year-round to ensure that your business is always prepared.

Three Reasons Your Company Might Be Paying Too Much Tax

It is highly important for a business to have proper tax planning done at the beginning of every financial year. This helps the business owners to understand the tax structure specifically for their company and optimise their finances to pay only the minimum tax required.

There are many reasons that may make your business pay more taxes than it should. Some of them are mentioned below so your firm can avoid paying more taxes than necessary and instead use the money to focus on its operations.

You have not selected the right structure for your business:

There are four major ways in which a business can be set up. The business can be a sole trader, in partnership, a limited company, or a limited liability partnership. The structure plays a key role in the tax your organisation will have to pay. The tax structure for each type of business is categorised by law and the tax payable is calculated under specified guidelines that are laid down under these statutes. Choosing and developing a business structure makes a great impact on tax payments. A smart business should start by entering the minimum payable tax category, develop the business and in time change its structure for larger operations that attract more tax. This gives them an opportunity to make profits and raise capital for further investments.

No classification of shares:

Businesses have different classes of shares in their company and they have the right to control the dividend. They can choose to pay a dividend to a particular class or not to do so. If they are not doing it efficiently then they might have to pay more tax than necessary. Paying dividends in a well-managed manner allows a business to extract more profit and have better tax management practices.

No involvement of shareholders:

New business owners often do not use their right to authorise shareholders in their family. With increased number of shareholders, the dividend will also increase and you can save more money from becoming eligible for tax. Business owners can employ their families and pay them a salary up to their personal allowance. This will also utilise their unused personal allowance and reduce tax for the business at the same time.