Owning a buy-to-let is a common part of many investment portfolios especially in Cambridge. We prepare accounts for many landlords of both residential and business propeties. New rules on Stamp Duty make this a challenging area especially for those owners who opt to run their portfolio through a limited company.
If you choose to let through an agency then they will normally provide a summary of the income and expenses which they have paid out. We work with these - adding in those expenses which have been paid by you. If you make your own direct arrangements with the tenant then you will be responsible for keeping proper accounting records. We can advise on that process - and provide access to our online accounting software if that is helpful.
With many years experience we can help you keep your workload to a minimum and ensure that you make the right decisions to minimise your tax liability.
If you are affected by the legislation to restrict tax relief on mortgage interest then you may want to investigate ways minimise the tax losses. Some clients are moving portfolios to companies - others are looking to find ways to sell part shares in their properties and reduce debt. If you need help then call us.