Landlord accounting is becoming more and more complex, with many landlords looking to leave the rental sector behind as a result. However Warr & Co can help ensure your rental business is tax efficient and compliant with the latest legislation, taking the work off your hands to allow you to continue your business in the knowledge that experienced professional accountants.

For many landlords, renting is a secondary income source. This means that typically landlords are busy with other work, and the business administrative side of property letting can be time consuming.

The team at Warr & Co can help to reduce your time spent on bookkeeping with or without a cloud accounting service, allowing you to spend more of your time focussed on what you do best.

And for professional landlords whose primary role rental property management, bookkeeping for a larger portfolio can become complex. The Warr & Co team can help you manage your bookkeeping tasks in an efficient and effective way.

In April 2024, MTD will be applicable to landlords whose income from property is over £10,000 per annum. You can find out more about MTD on this page, but essentially this legislation requires businesses to keep digital records in an approved cloud bookkeeping software. Warr & Co currently work with five leading providers, so there will be a suitable service for all business types.

While 2024 might seem a long way off, it is wise to prepare early. There are plenty of additional benefits to starting to use a cloud bookkeeping service; such as reduced time on administrative tasks, better visibility for your accountants, and a clear overview of your incoming and outgoing payments. It is far less fiddly than using a spreadsheet and most landlords appreciate the ability to upload receipts directly instead of manually recording expenses.

You can find out more about MTD for landlords here, where you can also watch our webinar on this topic. Click below to read about our cloud bookkeeping partners and reach out to us if you’d like to set up ready for your MTD deadline.

Landlords wishing to sell a rental property must be aware of Capital Gains Tax (CGT) and how it will interact with their individual tax position. Our team of chartered accountants can assist in managing your tax exposure when considering the sale of a property to ensure you are operating as tax-efficiently as possible.

There may be changes coming to CGT (predicted for Spring Budget 2021 – but not yet materialised) which could hit landlords hard with respect to selling a second property. If you are considering selling any of your properties please do contact us for advice well in advance.