How many LL's here employ a tax adviser to deal with their tax affairs?

[Jaybee542]

Specifically, in order to deal with the tax on rental income? If you do, is it worth the money (i.e. do you generally save more on taxes than the cost of employing them?) Are you a small BTL investor (say 1 to 3 properties) or do you have a bigger portfolio?

I am thinking about taking advice to make sure I am really getting the benefit of all deductions I am entitled to. I think that the cost will only end up being 60% of the full price as I think the cost would be tax deductible? Anyway, just looking for views / experiences.

Thanks

[Always Problems]

When I was in business I had 3 accountants over a 30 year period, now I am a landlord with 3 properties, and although I can do my accounts myself I prefer to have them finalised by a qualified accountant and submitted to the revenue. Purely for peace of mind. And they might spot something I have missed. I prepared my accounts to April 09. took them to a new accountant who submitted them for me for £150 + Vat. And its deductible.

[Jaybee542]

Thanks always problems. £150+VAT seems like money well spent. I am in London and assumed I would be looking at something like £500.

[Lawcruncher]

Thanks always problems. £150+VAT seems like money well spent. I am in London and assumed I would be looking at something like £500.

May well be more expensive in London. Shop around.

[mind the gap]

Thanks always problems. £150+VAT seems like money well spent. I am in London and assumed I would be looking at something like £500.
For an accountant to sort out a jumble of of B & Q receipts, plumber's invoices and bank statements showing rental income in order to fill in your return for you, it may well cost more than £150... but that amount sounds about right for having them professionally checked and submitted.

London prices : I agree with LC. Come and live in Yorkshire. It's much better value up here.:)

[Always Problems]

As "Mind the Gap" says it would probably cost more if the Accountant had to sort out all the receipts but what I do is (on a spreadsheet) I list and add up all the bills under the separate headings which appear on the "Profit and Loss Account" format which Accountants use, ie., Rent & Rates, Heat Light Utility, Telephone Postage Stationery,Professional Fees (Solicitors & Accountants etc). Motor and Travelling. Repairs and re-newals. I then print and submit MY additions to the Accountants without all the receipts etc, (But dont forget that EVERY receipt has been listed, filed, and added up). I then let the Accountant check my 2 page analysis of my expenses, they then produce their own Balance Sheet which they then submit to the revenue on my behalf. Job Done.

[rmmc]

At least the accountant would not have made the mistake as this claimant made. http://business.timesonline.co.uk/tol/business/economics/article7096690.ece

And suffered heavy penalty.

The fees would also depend on what level of advise you require. If just filing the return, based on the information provided than you may be looking at £350 upwards. You may need to pay extra for any calculation to be done such as CGT liability if you were to sell a property.

[Jaybee542]

NatWest seem to offer a tax filing service for £375+ VAT (£250+VAT for checking).