Why you need a Specialist Property Accountant
Property investments are a very popular form of investment and can achieve very good returns when properly managed. However they require specialist accounting skills to achieve the best results. How do you structure a deal, how do you obtain the best finance, how do you manage your portfolio? These are all key questions MCC Accountants have many years experience in dealing with.
Our team of specialist property accountants have worked in the sector for the last decade and have helped many investors and landlords build their property portfolios into excellent income generators and businesses.
What does a Property Accountant Do?
Our team will provide practical advice and solutions to a range of accounting and business activities you will need to undertake. We advise both investors and landlords on their financial planning and provide tax advice in what can often be a highly complicated area of tax legislation. Choosing the right property accountant can have a significant impact on the amount of income generated.
Our areas of expertise include:
Financial Planning for Landlords
Landlords have an entirely different set of financial planning and accounting needs compared to other businesses. This is because landlords are subject to a wide range of complicated rules and legislation, both local and national. Failing to follow these rules can lead to fines and other financial penalties but following them correctly can lead to a boost in finances.
Structuring the deal and advice
Property and property investment inevitable deals with large sums of money and structuring your deals correctly is a key part of the process. From funding the initial investment, through to correctly managing and then disposing of assets, our property team will assist you in managing your finances. This includes all elements of tax mitigation and planning together with asset management.
Our Property Accountants Can Help You with Changing Legislation
With new regulations seemingly being introduced every month, a specialist property accountant will be able to keep you up-to-date with the latest legislation.
Our team of accountants will always be in a position to inform you about any updates that you the landlord must know about and how they are likely to impact your business. By keeping abreast of future changes to legislation we can advise you well in advance of their introduction how best to change your business to maximise any benefits they may have and minimise any negative areas.
Your Accounts are Always Up to Date
Accurate accounting records are of course essential to all types of business but for landlords dealing with multiple properties, tracking the many small and repeating bills can be time consuming.
As property accounting professionals, we already deal with well over 1000 properties and have the systems in place to ensure your accounting is both accurate and up to date.
We can also audit your current properties and suppliers to ensure that you are working as efficiently as possible and money is not being wasted where a better more cost effective alternative exists.
Property Accountants Reduce Your Workload
Accounting involves a lot of different tasks, which are often repetitive and time-consuming. Thankfully, we are well-versed in all of these and can handle your accounting and day to day management. This reduces a lot of the accounting workload which you as a landlord or investor must produce.
We are familiar with a range of accounting software including Sage, Xero and QuickBooks.
Looking After Your Expenses
We work with landlords across the country and as such deals with hundreds of different suppliers. These day-to-day expenses are necessary but if not properly managed can become a drain on your profits.
Our property team can help you with areas such as:
- Utility bills – water, gas, electricity and so on
- Agency fees
- Property and landlord insurance
- Maintenance, repair and renovation costs
Wages provided to people who are taking care of the property, such as gardeners, cleaners and other staff
- Professional services fees such as surveyors
Some landlords might not be aware of which of these costs are deductible and others that are not.
Property Accountants Help Landlords Save on Taxes
Many landlords are unaware of the tax relief options available to them. It is a complex and ever changing set of rules and regulations and one that we spend a great deal of time understanding and advising on.
We can carry out a tax audit on your existing arrangements to ensure you are structured correctly and taking on the benefits of current UK tax legislation.
MCC Accounts – Expert Property Accountants in Manchester and the North West
Our tailored property accounting services to individuals, landlords and companies across Manchester, Salford and the North West are fuelled by our expert knowledge and years of experience. We help simplify the complicated and ever-changing dynamics of property for landlords, including tax and legislation as well as your day-to-day accounting needs.
Whether you are an established landlord or someone who is planning to venture into the sector, you are well advised to hire a professional property accountant so you can make the smart choices for your future.
MCC Accountants are just a call away.