Keeping track of your in-comings and outgoings can be a daunting task. Not always one you want to do. However, DMT Accountants are an accounts company in Warrington who can undertake this business for you. DMT Accountants offer a number of services including Tax Consultancy, Accounting and Tax and Financial Planning.
You could be looking for an accountant due to some financial and tax advantages you wish to undertake, such as owning property to let out through a company. This could be a good investment for you, however it could be quite daunting, especially as new rules are coming in in April 2017. This could make the task of buying a property confusing as you look into the current rules and new rules.
Over the next few years, higher and additional rate tax relief on mortgages for residential properties will be phased out. Only basic tax relief will be allowed from 5th April 2020.
However, if you own a property through a company that will mean that interest relief is not lost when the rules change, but any profit you do make from the rent coming from the property will belong to the company.
There are further tax advantages to owning a property through a company. You may be able to reclaim VAT on costs like repairs and maintenance if you have an existing trading company that is registered for VAT.
One piece of advice is to draw up a 5 or 10 year plan and take it to your accountant who can help you to compare the tax outcome and understand the investment you plan to make further.
If you are looking for an accountant in Warrington for any financial services then DMT Accountants are the accountant company to go too. Contact them today for a chat as to how they can help you.
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