Fenella8173 Posted November 8, 2006 Report Share Posted November 8, 2006 Hi All, I'm just about to start letting my first property and have a second (one I lived in for 5 years before moving in with the boyfriend) & I'm not sure what to do about tax and accounting? Is it normal to employ an accountant as my friend does? This seems a bit much to me? then again I don't know where to start! Is it that difficult to do yourself? Any help MUCH appreciated! Link to comment Share on other sites More sharing options...
plym77 Posted November 9, 2006 Report Share Posted November 9, 2006 Hi All, I'm just about to start letting my first property and have a second (one I lived in for 5 years before moving in with the boyfriend) & I'm not sure what to do about tax and accounting? Is it normal to employ an accountant as my friend does? This seems a bit much to me? then again I don't know where to start! Is it that difficult to do yourself? Any help MUCH appreciated! Hi Fenella Some people employ accountants and some do the work themselves. Thing is, if you don't know what you are doing you are better off employing an accountant would maximise any potential reliefs etc. People often think they know what they are doing, but then don't know the 'extra bits' which, whilst an accountant charges, could mean that ultimatley less tax is paid. If you decide you want to do it yourself, visit HMRC website for the Property Income Manual : http://www.hmrc.gov.uk/manuals/pimmanual/index.htm although quite frankly this does not say enough and you could possibly miss something, or fail to optimise potential, but it is of course your choice. I am a Chartered Tax Adviser and a Property Tax Specialist and should you wish to have a no obligation quote to prepare the necessary tax return and paperwork, please email me on sherena.glanton@horwath.co.uk Regards Sherena Link to comment Share on other sites More sharing options...
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