How THP can help you as a Landlord
Landlord Tax Advice for THP clients
If you are a THP Platinum Service Landlord client and we prepare your Self-Assessment Tax Returns, then you qualify for our specialist landlord tax planning service. It's designed to help make your portfolio profitable, tax-efficient and in good shape for the future.
We offer this planning service only to our existing landlord tax clients because to be able to provide you with the best advice it's essential for us to be familiar with your overall financial situation.
As a Landlord you can obtain an instant quote for our Platinum Landlord Service here which includes the use of FREE SPECIALIST LANDLORD SOFTWARE, preparation of your Self Assessment Tax Return and much more besides.
Once you have signed up and are onboarded, you'll be able to tap into expert tax advice from people who have a wealth of knowledge about all the problems landlords encounter when managing a Buy-To-Let portfolio.
Whether you’re thinking of selling or transferring your properties to your spouse or a limited company, or you simply need help when the tax man comes knocking, our tried-and-tested services can get the results you need.
Below are the main services we offer to our landlord clients but if you need any other accountancy or landlord tax advice please talk to your account manager.
1.Transferring properties to your spouse
Transferring properties to your spouse can help cut your tax bill significantly. But it’s a strategy that won’t work for everybody. If you are a THP client, we can prepare a Spousal Transfer Suitability Report for you. In it, we will analyse your individual circumstances and tell you:
- How much tax you could save each year
- What potential (one-off) costs to expect
- Factors to take into account when deciding whether to go ahead
- Our recommendation on whether the process will benefit you
To get started and find out whether you can make tax savings, talk to your account manager.
2. Advice on transferring properties to a Limited Company
The web is full of recommendations that tell landlords to transfer their properties to a limited company. It’s not that simple! You might save tax, but you could inadvertently be hit by major costs that could take years to recoup.
THP clients who are thinking of setting up a new company can ask us to prepare a Limited Company Suitability Report. We’ll use our knowledge of your financial circumstances to take a close look at your portfolio and circumstances. We'll then alert you to the hidden costs - as well as the tax savings you can expect - if you:
- Retain personal ownership of your properties
- Transfer ownership to a new limited company
- Set up a new limited company for future property purchases
Thanks to this analysis, we can recommend the most efficient ways to hold your current and future properties – making sure your portfolio is in good shape for the future.
Once you have signed up to our Platinum service for Landlords you will be able to benefit from these comprehensive tax planning services for Landlords.
3. Property transfer assistance
If it is shown to be beneficial in your case to transfer your properties to your spouse or a limited company, we can take the hassle out of the process by dealing with the paperwork and liaising with third parties, such as solicitors and mortgage brokers. As an added bonus, if you are making the transfer on the advice of one of our Suitability Reports, we’ll deduct the cost of the report from our property transfer fee.
4. Capital Gains Tax and selling advice
If you sell a rental property, you could face a hefty Capital Gains Tax bill of 18% (or 28% if you are a higher rate taxpayer). You are also likely to face other charges such as early mortgage repayment fees and Stamp Duty Land Tax (SDLT). Before you sell a property, you need to know the full extent of your liabilities so you can make an informed decision whether to put it on the market. We can do these calculations for you, ensuring you have all the facts and figures at your fingertips.
THP now provides a CGT Fastrack Service to help Landlords calculate their CGT on sale correctly and claim all the CGT reliefs that are available.
5. Dealing with HMRC and tax investigations
Whether you need help keeping your accounts in order and your tax returns up to date, or you need expert backup to deal with a tax investigation, our experienced team is here for you. We can:
- Make your buy-to-let accounts run like clockwork. From personal Income Tax and VAT returns through to bookkeeping services, we know how to make sure the taxman stays happy with your paperwork and payments.
- Resolve tax investigations. If HMRC does decide to investigate your tax affairs, we can deal with them on your behalf – making sure they get the right information quickly and resolve the case as quickly and painlessly as possible.
- Keep ‘Let Property Campaign’ penalties to a minimum. The HMRC Let Property Campaign offers landlords the chance to declare undisclosed income. Our experience in this area can help you negotiate the best terms with the taxman and keep penalties low – or even avoid them altogether.
If you are a THP client and would like to learn more about any of our services for landlords, please give us a call today or fill in the simple form below. We’re looking forward to helping you.
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More in this series:
- Making Buy-to-Let More Profitable
- Why Buy-to-Let Incomes are Dropping
- Should I transfer my BTL properties into a limited company?
- Married Landlord? You could reduce your tax bill.
- Strategies for improving Buy-to-Let income
- Personal Buy-to-Let mortgages & re-mortgages – the facts
- Selling your BTL property – things to look out for
- How THP can help you as a Landlord
