Accountancy in the property industry is complex and multi-faceted, but high-quality accounting is vital for the success and efficiency of the industry. There are a wide variety of ways professional accountancy services are used to aid agencies, companies, and individuals working in the property industry. Let’s take a look at just a few examples of property accountancy common in the industry today:
Accountants for Estate Agents
Estate agents live in a world of data, stats, and numbers. Whether advising a landlord on letting out their property, helping a couple buy their first home, or finding the ideal flat for searching tenants, estate agencies must be skilled in managing budgets, investments, and taxes. A property accountant is ideal for any estate agency looking for help managing their finances, offering expert advice on tax and investments, and keeping up to date with relevant legislative changes and emerging regulations.
Accountants for HMO Management
HMO (house in multiple occupation) management is far more complex than letting out a single property; not only due to managing multiple occupancies within the same address, but also because HMOs are subjected to their own set of additional laws and regulations concerning licensing, electrical appliances, and fire safety. An accountant can aid any landlord or estate agent with their HMO management, ensuring compliance with relevant regulations, efficient tracking of tenancies, and accurate tax returns.
Accountants for Property Investors
Property investors both foreign and domestic wanting to invest in British property will need to be well versed in the inner workings of the UK property market and the relevant laws and regulations relating to their investments, income, and taxation. A professional accountant can help property investors, whether companies or individuals, understand their investment opportunities, minimise their legal tax burden, and maximise their return on investment (ROI).
The above examples are just a few of the many ways that a professional property accountancy firm can aid and support individuals and businesses within the property industry in managing their finances, taxes, and legal compliance. If you’re an estate agent, landlord, or investor in the property industry looking for an accountant, don’t delay! Get in touch with the best accountants Manchester has to offer and chat to our expert team today.