Overview of the Real Estate
Are you a landlord, property investor or someone running a real estate business? Today, the real estate industry is experiencing several challenges. Due to this scenario, you may have been caught in the middle of a perfect storm. Some of these challenges plaguing the real estate industry are as follows:
- Low demand
- Rising energy prices
- Changes in legislation
- Soaring home loan interest rates
- Exit of the UK from the
- European Union
Being an accountancy firm, CoreAdviz understands these challenges quite well. In order to have enough money to adequately address the difficulties, you must also make earnest efforts to lower your overall tax obligations. Our accountants can genuinely assist you in maximizing your long-term profitability. Remember, we help all in the real estate industry!
How We Help Real Estate Investors
It does not matter whether you are a real estate agent, broker, builder, private or commercial property owner, property developer, or running an Airbnb business, we cater to your accounting needs diligently.
As a renowned accounting firm, we at CoreAdviz know that the real estate industry is complex. The need of the hour is specialist property tax advice, implementation of proven tax-saving strategies, and accurate management of your finances. Many more actions should be taken to help you overcome these challenges.
We are tech-savvy accountants who believe in keeping a tab on the changing tax regulations and legislations that can have an impact on you. So that when the situation is improved, you can grow your business!
SERVICES
Reliable Accounting For Real Estate Industry Players
Our accountants are helping business owners in and around London who are active in the real estate industry with their expertise and knowledge. We provide an array of accounting services in an affordable monthly bundle to have a widespread reach. Some of our services are not limited to the following ones:
- VAT optimization on the purchase and sale of properties
- Compliance with the government’s MTD initiative
- Cash flow monitoring and bookkeeping
- Bank and Credit Card
- Reconciliation
- Preparing financial projections
- Tax planning and advisory
- Payroll management
Real estate investment accounting is specific to the real estate industry. It not only keeps track of income and expenses but also aids in monitoring the financial performance of your property or investment portfolio.
There are actually two types of accounting used by real estate agents. These are cash accounting and accrual accounting. You can choose the method that suits you best and offer remarkable tax benefits.
Yes, real estate investors pay taxes, but it depends on their property cost and location, as well as; the kind of ownership. Some of these are the Stamp Duty Land Tax, Council Tax, Annual Tax on Enveloped Dwellings (ATED), Rental Income Tax, Capital Gains Tax, and Inheritance Tax.
Successful real estate investors never fail to ensure that an accurate record of their daily financial transactions is maintained. This helps in managing the investments and attracting new partners.
One method of avoiding the Capital Gains Tax is making the most of your tax-free annual allowance. It is at present £12,300 for individuals. So, if you keep your profits always below this threshold, you can avoid the Capital Gains Tax on your property portfolio.
We do the digits you live your Lifestyle
Accounting for eCommerce package starts at £45 per month
Our Guidance on the “To do list”
As accounting consultants for an eCommerce business, we would suggest you with the following
Standard accounting procedure
The inflow of funds can be recorded when a bill is raised or the actual amount is received. Maintain a single standard throughout
Keep your invoices organized
Invoices play an important role in determining your tax liability. Keeping them organized and chronologically minimizes the changes of computation errors.
Keep your tax records handy
Tax invoices and receipts of the last 5 years are required to be preserved. In case the HMRC wants to verify data, they will ask for previous receipts.
Know your company’s status
As an entity your taxation will depend on your size. If your eCommerce is a private limited company, then its taxation policy will be different from self-employed and partnership.
