Complicated tax rules and a hunt for savings have led more landlords to discuss key property decisions with accountants, according to a new survey.
Buy to let lender Kent Reliance says 58 per cent of landlords have turned to a tax professional for tax help – with 29 per cent just starting to work with an accountant and 10 per cent ready to make the move.
Adrian Moloney, sales director at OneSavings Bank notes;
“This is clear evidence of the growing professionalisation of the sector. As portfolio and full-time landlords take more of the market share, we could see the use of professionals like accountants increase further. This is good news for the sector as landlords have the benefit of access to even more advice ahead of key property decisions, particularly on the tax implications.
Previous research conducted by Kent Reliance back in 2018 also found that 19 per cent of landlords had recently set up a limited company to offset changes for buy-to-let landlords.
Find out more about the latest tax changes for landlords in Hamilton Fraser’s new tax guide for 2019/20.
In addition, you can listen to more tax advice in Hamilton Frasers latest property podcast featuring tax expert, Tony Gimple, Founding Director of Less Tax 4 Landlords.
Property tax is a complicated business and so landlords are reminded to always seek professional tax advice before making any changes to their finances.