Landlords have been impacted more than most in recent years from changes in tax law and tightening up of legal measures. Whether you have a substantial portfolio or a few houses being let out, the importance of good advice has never been more vital. Our specialist tax Partners and Consultants are proactive when it comes to these changes and work with you to develop the right strategy, whatever your size of operations.
We work with many local groups including the Eastern Landlords Association where our Managing Partner, Colin Fish regularly hosts events and Q&As.
We pride ourselves on balancing proactive advice and specialist input from highly experienced and qualified experts with a competitive, locally administered, personal service. We can deal with any eventuality in a concise manner but are also proactive when it comes to advice and changes in the tax laws and regulations.
- Capital Gains Tax advice around the sale and transfer of properties
- Advice on the use of limited companies for owning and letting property
- Reacting to tax changes including transferring property into corporate ownership
- A specialist VAT consultant, ensuring the right advice for your range of projects
- Tax tips and guidance for renovations or repair projects
- General compliance administration from our accounting and tax teams
Different because you are
We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.
To understand our full range of services go to our Services page and if you are also involved in the construction or renovation of property our Construction and Property sector page can highlight further relevant points to builders. Otherwise feel free to get in touch to discuss your needs with one of our local specialists.
How easy is it to change accountants?
It is generally very straightforward to move to Lovewell Blake from another accountant. We will write to your previous adviser for professional clearance and also obtain copies of selected historic information such as last years accounts and tax references. We will then issue a letter of engagement and register as your tax agent direct with HMRC.
Should I set up my business as a limited company?
When setting up in business, the structure you adopt is important. Limited companies are common but add a level of compliance to affairs which many small business owners can do without at the start of their business journey. In basic terms there are three things to consider and discuss with your accountant or adviser:
1. Cost - A limited company is a separate legal entity which has to prepare accounts and file a corporation tax return each year. As a sole trader your only compliance obligation is to prepare and file a personal tax return each year. As such, administering a limited company is likely to add cost to your overheads.
2. Tax - Limited companies pay tax on profits at 19%, extraction of profit can be done by salary, dividend or a mix. With the correct strategy there can be savings compared to a sole trader structure where tax and national insurance are payable on profits.
3. Risk - Limited companies provide a layer of protection as they are a separate legal entity. Whilst there are provisions to target Directors who behave recklessly, generally speaking the 'veil of incorporation' can offer legal protection to Director / Shareholders compared to unincorporated business structures.
Whether to incorporate will be a decision based on a balance of these three factors. Speak to one of our experts to discuss the best solution for you.
What is the difference between outsourced bookkeeping and cloud accounting?
Cloud Accounting is the use of integrated, online software solutions to administer your bookkeeping and finances. At Lovewell Blake we have a team of Cloud Accounting specialists across our offices who can recommend the right software for you, help you get set up and provide training so that you can take advantage of the technology to administer your own systems in a modern and efficient way.
Taking the support one step further, we have a team of bookkeeping administrators who can undertake all the weekly, monthly and quarterly work needed. From scanning and posting your invoices and receipts to reconciling your bank accounts and providing trading summaries and KPI's so you can track your business performance. Our fully tailored outsourcing packages provide true peace of mind.
Whichever option you select, or even a hybrid of the two, we will ensure cutting edge technology merges with great service to provide you with the best solution to your business need.